Raymond James Financial has announced a significant leadership transition, with CFO Paul Shoukry set to take over as CEO within nine months. The transition plan, unveiled on March 19, 2024, outlines a succession strategy that will see Shoukry assume the role of president immediately, with current CEO Paul Reilly stepping down in 2025 to become executive chairman.
At 40 years old, Shoukry's promotion to president marks a swift ascent within the company. He has been lauded by Reilly as an exceptional leader and a key driver of Raymond James' sustained growth and financial stability. In his written statement, Reilly emphasized Shoukry's commitment to keeping the firm's Private Client Group, advisors, and clients at the forefront of business plans while maintaining a steadfast adherence to the company's values.
Shoukry, who will become the fourth CEO in Raymond James' history, reiterated the firm's focus on the wealth management business, underscoring its core principles and priorities.
As part of the leadership transition, Scott Curtis, currently leading the firm's private client group, will assume the role of COO effective October 1, 2024. Jeff Dowdle, the current COO, will retire following a transition period. Additionally, Tash Elwyn, CEO of Raymond James & Associates, will succeed Curtis to lead the Private Client Group, while Jim Bunn will become president of the capital markets unit.
Raymond James, with its expansive network, serves nearly 5,000 independent brokers and over 3,700 employee advisors, as reported in its most recent earnings report.
The succession planning has been a strategic focus for Raymond James, evident in the company's efforts to incentivize Reilly's transition to his successor by 2025. In December 2022, Reilly received a $15 million one-time bonus for this purpose, while Curtis and Elwyn were awarded $5 million each in retention awards paid in 2023.
Tom James, the retired CEO preceding Reilly, will continue his involvement with the company as chair emeritus.
Reilly, who joined Raymond James in 2009 and assumed the CEO position in 2010, brings a wealth of experience to his executive roles, having previously served as executive chairman at recruiting giant Korn/Ferry International and as CEO of KPMG International.
Shoukry's journey at Raymond James began as an assistant to James and Reilly before he assumed the role of CFO in January 2020. His background includes prior experience at Baldwin Bell Green, a strategy consulting firm specializing in financial services.
The leadership transition underscores Raymond James' commitment to continuity and effective succession planning, ensuring a smooth transition of leadership for continued growth and success.
