Raymond James Financial announced that CEO Paul Reilly is set to retire by October 2025, with CFO Paul Shoukry stepping into his shoes as the successor.
Since taking the helm in 2010, Reilly, aged 69, has been the third CEO in the firm's storied history.
In a deliberate stride towards a seamless transition, Raymond James has elevated Shoukry, 40, to the role of president, a position he will fulfill concurrently with his responsibilities as CFO.
With its footprint as one of the leading wealth management entities in the United States, Raymond James boasts a robust network of approximately 8,700 financial advisors and manages client assets totaling $1.38 trillion.
Shoukry's 14-year tenure at Raymond James, culminating in his role as CFO since January 2020, has seen him at the forefront of the firm’s banking division and as a pivotal member of the executive committee.
Highlighting Shoukry's instrumental role and leadership, Reilly praised, "Beyond Paul, we're supported by an exceptional leadership team, united in our vision for the future and adept at navigating the complexities of a vibrant marketplace."
Reilly is slated to continue his association with Raymond James as executive chair, with Tom James, the long-standing leader of the firm, maintaining his position as chair emeritus. "The core values and our unwavering commitment to wealth management have always been the hallmark of Raymond James," Shoukry remarked. "The legacy of Bob James, Tom James, and Paul Reilly, fortifying these values, has consistently empowered our advisors and staff to prioritize client interests for over six decades."
Further leadership transitions within Raymond James were disclosed, including the retirement of COO Jeff Dowdle at the fiscal year's end in September. Scott Curtis, currently President of the Private Client Group, is set to step into the COO role. Meanwhile, Tash Elwyn, leader of the employee advisor division, will assume the presidency of the Private Client Group, encompassing both employee and independent financial advisors.
Jim Bunn, the President of Global Equities and Investment Banking, will take over as president of the capital markets segment, with these transitions becoming effective on October 1, 2024, as per the firm’s announcement.
