Important executive leadership announcement
Paul Reilly, Chair and CEO, announces leadership change.
Putting clients first, thoughtful planning and a measured approach – always with a long-term view – are at the heart of what has set Raymond James apart since our founding. These values shaped a culture of independence for advisors and a strong and stable business model that has delivered above-market growth and exceptional shareholder value, benefiting all of our stakeholders. It should be no surprise that the same approach has informed the deliberate and disciplined process for selecting and developing the people who lead the firm.
Following our board of director’s robust multi-year CEO succession process, Tom James and I are pleased to share that current Chief Financial Officer Paul Shoukry has been appointed president of Raymond James Financial. Similar to my transition with Tom 15 years ago, Paul and I will work closely together in the coming year before he is expected to become CEO sometime during fiscal 2025. Until then, he will maintain his existing responsibilities. I will remain CEO until Paul’s transition is complete and after, plan to continue with the firm as executive chair to support Paul and our leadership team.
Paul has been a key member of our leadership team since joining the firm in 2010 to work for Tom and me in the Assistant to the Chair program. He has done an outstanding job as CFO and more recently, in his oversight of our Bank segment. He brings deep industry and institutional knowledge to this role, as well as a proven record of success with both strategy and execution in all aspects of the business.
He has also played a critical role in managing the firm’s strong balance sheet through unprecedented market and economic conditions including through the COVID pandemic and regional bank crisis – further bolstering the respect of our regulators, institutional investors and analysts – and was key in the firm attaining A-level ratings from each of the major credit rating agencies.
Most importantly, Paul understands that Raymond James is a PCG-centric firm and the importance of serving advisors as clients. He also has a deep appreciation and understanding of our Capital Markets, Asset Management and Bank businesses. Just like Bob James, Tom and me, he believes that our continued success begins and ends with putting clients first, with laser focus on supporting financial advisors and associates to provide high-quality advice to clients in each of our business segments. Paul has a sharp understanding of how decisions influence the long term, a thoughtful, intelligent approach to management, and he embodies the firm’s values and our culture. I’m confident he will contribute to the continued growth, success and independence of Raymond James for many years to come.
Of course, our success has never hinged solely on any one person and throughout my tenure, I have been blessed to have partnered with an exceptional leadership team. Paul is keenly aware of the importance of a strong team, and critical to our succession planning process, he is appointing key Executive Committee members to expanded roles, all effective with our new fiscal year, October 1, 2024.
Independent of the CEO succession planning process, RJF Chief Operating Officer Jeff Dowdle has announced his intent to retire and spend more time with his family. Jeff has made invaluable contributions since joining Raymond James in 1991, and while we will certainly miss him, we wish Jeff the very best in retirement. He will step down from his role, becoming vice chair at the end of this fiscal year.
At that time, Private Client Group President Scott Curtis will become chief operating officer of Raymond James Financial. As many of our advisors know, even before leading our domestic wealth management business, Scott had a remarkable set of leadership experiences including serving as president of Raymond James Financial Services. We are fortunate to have someone with his strong values and experience taking the reins of this critical leadership role.
Raymond James & Associates President and CEO Tash Elwyn will take the Private Client Group helm as president. Tash is a Raymond James “lifer” beginning his career with us over 30 years ago as a financial advisor trainee out of college. After building a successful practice, he became an assistant branch manager in Atlanta and subsequently a branch manager in Chattanooga. He has overseen RJA for 12 years, including leading the successful integrations of Morgan Keegan advisors and Alex. Brown to the Raymond James family, and recently assumed leadership of our RIA custody business. He has a passion for supporting financial advisors, reinforces and strengthens our firm’s values each day, and is exceptionally qualified to lead our firm’s largest business.
Global Equities and Investment Banking President Jim Bunn will be appointed president of the firm’s Capital Markets segment. Jim joined us 15 years ago as part of an acquisition and was co-head of our Investment Banking Technology Services group. He was then head of Investment Banking before becoming president of GEIB. In every role, Jim has established a track record of growth and success, developing teams that are widely respected in the industry, in a way that exemplifies the firm’s values and management principles.
Paul and I couldn’t be more confident in the future of Raymond James, its leadership team or our collective ability to build upon our proven record and shared commitment to our values and vision for the future. Please join us in congratulating Scott, Tash and Jim on their new roles.