Paul Reilly, who replaced Tom James as CEO of Raymond James Financial Inc. in 2009, is stepping down sometime next year and will be replaced by the firm's current chief financial officer, Paul Shoukry. Shoukry, a 14-year veteran of the firm, will become president of the firm effective immediately.
According to the company, once the succession process is complete, Shoukry will be only the fourth chief executive in the company’s history, and current chair and CEO Reilly will remain on the board as executive chair. Shoukry will retain his current responsibilities until he transitions to the CEO role.
Under Reilly, Raymond James has grown to work with 8,710 financial advisors in various business lines and seen its stock price increase almost 10-fold, closing at $122.19 per share on Tuesday, a new 52-week high.
As part of the firm’s succession plan, Raymond James is announcing other key leadership changes and appointments.
Jeff Dowdle, the chief operating officer, has announced that he will be retiring and stepping down from the COO role at the end of the fiscal year this October.
As part of this change, Raymond James Financial private client group President Scott Curtis will become COO of Raymond James Financial, current Raymond James & Associates CEO Tash Elwyn will become president of the private client group, and global equities and investment banking president Jim Bunn will become president of the capital markets segment.
These changes will also be effective this October, at which time Dowdle will be named vice chair and serve in an advisory role to facilitate a smooth transition.
The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.
The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.
Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.
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.
