01—Abstract
Summary
Summary of the 8-K filed March 20, 2024. Cited figures are marked; the original filing is the authoritative source.
Raymond James Financial, Inc. announced on March 19, 2024 that its Board of Directors appointed Chief Financial Officer Paul M.
Shoukry as President of the Company, effective March 19, 2024. The company expects Mr. Shoukry to be named Chief Executive Officer upon Paul C. Reilly's eventual retirement following a transition period, and he will continue as CFO until he assumes the CEO role.
The press release states the CEO transition is expected to occur sometime during fiscal 2025, and that Reilly would remain on the board as executive chair afterward. The filing also discloses a Chief Operating Officer succession. Jeffrey A.
Dowdle will retire from the COO role effective September 30, 2024, and Scott A. Curtis, President of the Private Client Group, will succeed him as COO effective October 1, 2024. Dowdle will then become Vice Chair in an advisory role.
Related changes described in the press release include Tash Elwyn becoming President of the Private Client Group and Jim Bunn becoming President of the Capital Markets segment, both effective October 1, 2024. The filing states that the Compensation and Talent Committee will approve compensation for Mr. Shoukry and Mr. Curtis in their new roles at a later date.
It also discloses that Mr. Shoukry's brother, Christopher Shoukry, serves as a Director with Alex. Brown, a division of Raymond James & Associates, Inc., and reports cash compensation of $665,936,a LTIP contributions of $41,900 and restricted stock units with an aggregate grant date value of $47,293 for the period from October 1, 2022 to the present.
02—Key points
Key Highlights
- Paul M. Shoukry, CFO since January 2020, was appointed President of Raymond James Financial effective March 19, 2024.
- Shoukry is expected to become Chief Executive Officer upon Paul C. Reilly's retirement, which the press release says is expected sometime during fiscal 2025 after a transition period.
- Reilly would remain with the firm as executive chair after the CEO transition, and Tom James will remain as chair emeritus.
- Jeffrey A. Dowdle will retire as Chief Operating Officer effective September 30, 2024, and become Vice Chair in an advisory role.
- Scott A. Curtis, President of the Private Client Group, will become Chief Operating Officer effective October 1, 2024.
- Tash Elwyn will become President of the Private Client Group and Jim Bunn will become President of the Capital Markets segment, both effective October 1, 2024.
- Compensation for Shoukry and Curtis in their new roles will be approved by the Compensation and Talent Committee at a later date.
03—Questions
Frequently Asked Questions
Who is replacing Paul Reilly as CEO?
The company expects CFO Paul M. Shoukry to be named Chief Executive Officer upon Paul C. Reilly's eventual retirement from the role, following a transition period. The press release says this is expected sometime during fiscal 2025. Shoukry will continue as CFO until he assumes the CEO role.
What happens to Paul Reilly after the transition?
According to the press release, Reilly would remain on the board as executive chair once the succession process is complete.
Who will succeed Jeffrey Dowdle as Chief Operating Officer?
Scott A. Curtis, President of the Private Client Group, has been appointed to succeed Dowdle as Chief Operating Officer effective October 1, 2024. Dowdle retires from the COO role effective September 30, 2024, and will be appointed Vice Chair to serve in an advisory role.
Are there family relationships or related-party arrangements involving the new President?
The filing states Mr. Shoukry has no family relationship with any director or executive officer, and no arrangements with any person under which he was selected. It discloses that his brother, Christopher Shoukry, serves as a Director with Alex. Brown, a division of Raymond James & Associates, Inc., and reports cash compensation of $665,936, LTIP contributions of $41,900 and restricted stock units with an aggregate grant date value of $47,293 for the period from October 1, 2022 to the present.
When will the compensation for the new roles be determined?
The Compensation and Talent Committee of the Company's Board of Directors will approve compensation for Mr. Shoukry and Mr. Curtis in connection with their new roles at a later date.
04—Continue