- After almost 14 years in the position
- Praise for Reilly
- Paul Shoukry taking over
- Reilly will remain as executive chair at Raymond James
- Reilly said 97 words
(exechange) — St. Petersburg, Florida, March 20, 2024 — Paul Reilly, chief executive of Raymond James, is set to leave his position. As announced by Raymond James Financial Inc. in a news release published on Tuesday, March 19, 2024, and in a regulatory filing published on Wednesday, March 20, 2024, Paul C. Reilly will leave his post as chief executive officer at the financial services company, after almost 14 years in the role, effective sometime during fiscal 2025, following a transition period.
Paul Reilly’s duties as CEO will be taken over by Paul M. Shoukry, previously Chief Financial Officer at Raymond James Financial Inc.
It is a generational change. Paul Shoukry is about 29 years younger than Paul Reilly.
Paul Reilly’s move coincides with a management shake-up also involving the positions of Chief Operating Officer; President of the Private Client Group; and President of the Capital Markets segment.
“Multi-year succession planning process”
The planned management change is explained as follows. Raymond James stated: “The Raymond James Financial (NYSE: RJF) Board of Directors announced today that as part of its multi-year succession planning process, effective immediately, CFO Paul Shoukry is appointed president of Raymond James Financial. It’s expected that he will become the firm’s CEO sometime during fiscal 2025, following a transition period.”
Reilly will remain as executive chair at Raymond James
Raymond James stated: “Once the planned succession process is complete, Shoukry would become only the fourth chief executive in the company’s history, and current Chair and CEO Paul Reilly would remain on the board as executive chair.”
“Retirement”
Raymond James said: “The Company noted that it expects Mr. Shoukry to be named Chief Executive Officer upon Paul C. Reilly’s eventual retirement from the role following a transition period.”
Share price increase since May 2010
The announcement follows an increase in Raymond James Financial Inc.’s share price of 486% since May 2010. May 2010 is the month in which Reilly’s tenure as CEO began.
In the position of CEO since 2010
Paul Reilly became CEO of the Company in 2010.
Paul Reilly became chief executive officer of Raymond James Financial in May 2010 after joining the firm’s management team as president and CEO‐designate in May 2009.
He has served on the firm’s board of directors since 2006 and was named chair in 2017.
From July 2001 to April 2009, he was executive chairman of Korn/Ferry International, a global provider of talent management solutions with more than 90 offices in 39 countries throughout North America, Latin America, Europe, the Middle East, Africa and Asia‐Pacific.
Reilly began his tenure with the company as chairman and CEO in 2001.
Prior to Korn/Ferry, he was the first CEO of KPMG International.
Based in Amsterdam, he was responsible for the overall strategy and international implementation of the firm’s global products and services.
Before being named CEO at KPMG, he ran the firm’s financial services business and previously held senior management positions in its real estate consulting group.
Reilly holds his Bachelor of Science degree and MBA from the University of Notre Dame and remains active with the school, serving on the Business Advisory Council and having formerly served on the Mendoza Graduate Alumni Board.
He was a recipient of the Distinguished Alumnus Award in 2004‐2005.
In addition to his degrees, he earned the Certified Public Accountant designation.
Reilly is a financial services industry leader, serving as chairman of the American Securities Association, an executive committee member of SIFMA and a member of the Bank Policy Institute.
He is also active in charitable causes, including involvement with the National Leadership Roundtable on Church Management and Our Lady of Divine Providence House of Prayer in Clearwater, Florida.
He has been an active member in the community, contributing to local organizations, such as the St. Petersburg Chamber of Commerce, Florida Council of 100, the American Heart Association and United Way.
Reilly also serves on the board of Willis Towers Watson.
He and his wife, Rose Baker Reilly, have six daughters and reside in St. Pete Beach.
97 words by Paul Reilly
In the release announcing his planned departure as CEO of Raymond James Financial Inc., Paul Reilly received praise.
In announcing his departure, Paul Reilly said 97 words.
“Meet the demands of a dynamic marketplace”
Paul Reilly stated: “Paul has been an exceptional leader and major contributor to Raymond James’ steady growth and financial stability. 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. In addition to Paul, we have an outstanding leadership team who similarly embrace our vision for the future and are well-equipped to meet the demands of a dynamic marketplace.”
The above text is an excerpt from the exechange report 13.2024 ($), publication date March 25, 2024.