Raymond James Financial Chief Financial Officer Paul Shoukry will succeed Paul Reilly as CEO in fiscal 2025, the company announced Tuesday. Shoukry, who will serve as president in the interim, will be the fourth CEO in the company’s history.
Reilly will remain on the board of directors as executive chair, and Shoukry will retain his current duties until he becomes CEO.
“Paul has been an exceptional leader and major contributor to Raymond James’ steady growth and financial stability,” Reilly said in a statement. “Serving as the firm’s CFO, as well as overseeing our Bank segment, he has consistently demonstrated that even as we grow, keeping our Private Client Group, advisors and their clients at the center of our business plans, while always embracing our values, will continue to be essential to our future success.”
The leadership changes are part of a “multi-year succession planning process,” the company said. As part of that, effective on Oct. 1, 2024, Jeff Dowdle will retire from his role as COO with Scott Curtis, president of the private client group, taking over that position. Tash Elwyn, the current CEO of Raymond James & Associates, the firm’s employee advisor channel, will take on Curtis’s role. Jim Bunn, current president of global equities and investment banking, will become president of the capital markets segment. Dowdle will become vice chair in October. Tash’s role is expected to be filled later this year.
Reilly joined Raymond James in May 2009, when he was named president and CEO-designate. He then became CEO in May 2010, succeeding Tom James, who led the firm for 40 years. He replaced James as executive chairman in 2017. Prior to joining Raymond James, Reilly was executive chairman of Korn/Ferry International, a global provider of talent management services.
Shoukry was hired 14 years ago through Raymond James’ assistant to the chair program. He has served as CFO since January 2020. Prior to joining the firm, he worked for Baldwin Bell Green, a strategy consulting firm.
The firm was founded in 1962 as Robert A. James Investments. It now has about 8,700 advisors across multiple affiliation models and $1.38 trillion in total client assets.