01—Abstract
Summary
Summary of the 8-K filed May 24, 2024. Cited figures are marked; the original filing is the authoritative source.
Raymond James Financial, Inc. (NYSE: RJF) disclosed in this Form 8-K filed May 24, 2024 that its Board of Directors appointed Senior Vice President and Chief Accounting Officer Jonathan W.
("Butch") Oorlog, Jr. as Chief Financial Officer, effective October 1, 2024. He succeeds President Paul M. Shoukry in the CFO role as part of a planned transition in which Shoukry is expected to be appointed Chief Executive Officer.
Oorlog has served as Chief Accounting Officer since January 2023 and as Controller since September 2020, and will continue as principal accounting officer. He joined the company in 2004 and has held roles across financial reporting, asset management and capital markets accounting. On May 20, 2024, the Board appointed Cecily Mistarz, a former Executive Vice President and U.S. Chief Risk Officer of BMO Financial Group, as an independent director, effective immediately, and named her to the Audit and Risk Committees.
On May 21, 2024, the Board also appointed Paul M. Shoukry as a director, and the Board size was increased from eleven to thirteen directors. Mistarz received a restricted stock unit award with a prorated value of $150,000a that vests at the first anniversary of the grant date.
The filing also discloses that Shoukry's brother, Christopher Shoukry, serves as a director with Alex. Brown, a division of Raymond James & Associates, Inc., and received cash compensation of $765,634.52b and LTIP contributions of $41,900 from October 1, 2022 to the present. The filing also furnishes (under Item 7.01, not deemed filed) a May 20, 2024 press release declaring a quarterly common stock dividend of $0.45 per share, payable July 15, 2024 to holders of record on July 1, 2024, and a quarterly dividend of $0.3984375 per depositary share of the 6.375% Series B Non-Cumulative Perpetual Preferred Stock, payable July 1, 2024 to holders of record on June 14, 2024.
02—Key points
Key Highlights
- Jonathan W. ("Butch") Oorlog, Jr., currently SVP and Chief Accounting Officer, was appointed Chief Financial Officer effective October 1, 2024, succeeding Paul M. Shoukry.
- Shoukry is expected to be appointed Chief Executive Officer as part of a planned leadership transition.
- Cecily Mistarz, former U.S. Chief Risk Officer of BMO Financial Group, was appointed an independent director on May 20, 2024, joining the Audit and Risk Committees.
- Paul M. Shoukry, President and CFO, was appointed to the Board on May 21, 2024; the Board expanded from 11 to 13 directors.
- Mistarz received an RSU award with a prorated value of $150,000, vesting in full at the first anniversary of the grant date.
- Quarterly common stock dividend of $0.45 per share declared, payable July 15, 2024 to holders of record on July 1, 2024.
- Quarterly dividend of $0.3984375 per depositary share on the 6.375% Series B Non-Cumulative Perpetual Preferred Stock declared, payable July 1, 2024.
03—Questions
Frequently Asked Questions
Who will be the next Chief Financial Officer of Raymond James and when does the change take effect?
Jonathan W. ("Butch") Oorlog, Jr., currently Senior Vice President and Chief Accounting Officer, was appointed CFO effective October 1, 2024. He will also continue as principal accounting officer and succeeds President Paul M. Shoukry in the CFO role.
Is Paul Shoukry leaving Raymond James?
No. The filing states that the CFO change is part of a planned transition in which Shoukry is expected to be appointed Chief Executive Officer of the Company. He was also appointed to the Board of Directors on May 21, 2024.
Who is Cecily Mistarz and what committees will she serve on?
Cecily Mistarz, age 62, is a former Executive Vice President and U.S. Chief Risk Officer of BMO Financial Group, where she served from September 2014 until her retirement in April 2021. The Board determined she is independent, and she was appointed to the Audit Committee and the Risk Committee.
What dividends did Raymond James declare?
On May 20, 2024, the Board declared a quarterly common stock dividend of $0.45 per share, payable July 15, 2024 to shareholders of record on July 1, 2024. It also declared a quarterly dividend of $0.3984375 per depositary share of the 6.375% Series B Non-Cumulative Perpetual Preferred Stock, payable July 1, 2024 to holders of record on June 14, 2024.
Does the filing disclose any related-party relationships involving the new appointees?
The filing states that Christopher Shoukry, brother of Paul M. Shoukry, serves as a director with Alex. Brown, a division of Raymond James & Associates, Inc., and was paid cash compensation of $765,634.52 and LTIP contributions of $41,900 from October 1, 2022 to the present. The filing states no transactions requiring disclosure under Item 404(a) for Mr. Oorlog or Ms. Mistarz.
04—Continue