Tom James will step down as chairman of the board of Raymond James Financial, the firm his father founded in 1962, the company announced Thursday.
The 74-year-old Mr. James, who will officially relinquish the chairman's seat at the company's annual meeting in February, will spend more time opening his art museum.
Mr. James will become chairman emeritus and retain a seat on the board.
Mr. James has served in a number of leadership roles since the firm's founding, including as chairman and CEO for over 40 years until six years ago when Mr. Reilly became CEO.
“The timing is right for this transition for several reasons,” Mr. James said in a statement. “First, as chairman, I worked with the board on the decision that it was time for Paul to hold both titles and oversee our board meetings with the support of our lead director, Susan Story. Furthermore, my wife, Mary, and I have become very involved in the work to establish the James Museum. I am looking forward to opening the museum in the coming year and spending more time with Mary and our family.”
Raymond James has close to 7,100 financial advisers and approximately $600 billion in client assets.