Following a previous statement in March, Raymond James has unveiled fresh details of a shakeup in its executive leadership.
The broker-dealer giant is making those changes, effective October 1, 2024, as it embarks on its path to long-term succession.
"Together, those taking on new responsibilities represent over 100 years of experience with Raymond James," Raymond James Chair and CEO Paul Reilly, who’ll be relinquishing the chief executive role sometime next year, said in a statement. "These talented leaders are committed to our firm’s values and have each played an important part of our past success."
Butch Oorlog, currently the chief accounting officer, will take over as chief financial officer, succeeding Paul Shoukry, who is set to become the firm's CEO.
Tom Walrond, senior vice president and division director, has been named president of Raymond James and Associates’ private client group, succeeding Tash Elwyn.
As previously announced, Elwyn will become president of Raymond James Financial’s private client group, with Scott Curtis assuming the role of chief operating officer.
In the banking division, Steve Raney, CEO and chair of Raymond James Bank, will oversee the firm’s bank segment as executive chairman. Amanda Stevens will step into the role of CEO of Raymond James Bank.
Steve Hufford, currently chief operating officer of investment banking, will lead the investment banking division following Jim Bunn’s appointment as president of the capital markets segment.
The firm also announced Bella Allaire, currently the firm’s executive vice president of technology and operations, will become chief administrative officer. Allaire will be succeeded by Vin Campagnoli, the current chief information officer, who’ll in turn be replaced by Andy Zolper, the current technology COO.
Additionally, Tarek Helal, senior vice president of investments and strategy, has been appointed the firm’s chief strategy officer. Helal will oversee corporate development, cash solutions, and cross-border activities, along with new product and business initiatives.
"Being able to fill all of these senior leadership positions with internal promotions is a testament to our firm’s longstanding focus on talent development and succession planning," Shoukry said. "Most importantly, these leaders all share a commitment to reinforce and strengthen our unique values and culture at Raymond James."
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
