01—Abstract
Summary
Summary of the 8-K filed December 9, 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 December 9, 2024, that Chair and CEO Paul C.
Reilly will step down as CEO effective at the close of the Annual Shareholders Meeting to be held on February 20, 2025, and will transition to an Executive Chair role for a period to be determined by the Board. The Board unanimously appointed President and director Paul M. Shoukry (41) to succeed him as CEO, effective upon Mr. Reilly's transition.
Jeffrey N. Edwards will continue as Lead Independent Director. The change follows the previously disclosed leadership succession plan.
Mr. Shoukry has been working closely with each business unit head as President. He served as Chief Financial Officer until September 30, 2024, a role he held since January 2020, and he oversees the firm's Bank segment. Earlier roles included treasurer from February 2018 and senior vice president of finance and investor relations from January 2017.
The filing states that the Compensation and Talent Committee will approve compensation arrangements for Mr. Reilly and Mr. Shoukry at a later date, so no compensation terms are disclosed here. The filing also discloses a family relationship: Christopher Shoukry, brother of Paul M. Shoukry, serves as a Director with Alex.
Brown, a division of Raymond James & Associates, Inc., and received cash compensation of $767,310a plus LTIP contributions of $23,016 from October 1, 2023 to the present. The press release attached as Exhibit 99.1, dated December 4, 2024, describes the firm as having approximately 8,800 financial advisors and total client assets of $1.54 trillion.
02—Key points
Key Highlights
- Paul C. Reilly will step down as CEO effective at the close of the February 20, 2025 Annual Shareholders Meeting and will become Executive Chair for a period to be determined by the Board.
- Paul M. Shoukry (41), currently President and director, was unanimously appointed by the Board to succeed Reilly as CEO, effective upon Reilly's transition.
- Shoukry was Chief Financial Officer from January 2020 until September 30, 2024, and oversees the firm's Bank segment.
- Jeffrey N. Edwards will continue to serve as Lead Independent Director.
- The change follows the leadership succession plan previously disclosed in March 2024.
- Compensation arrangements for Reilly and Shoukry in their new roles will be approved by the Compensation and Talent Committee at a later date.
- Christopher Shoukry, Paul Shoukry's brother, is a Director with Alex. Brown and received $767,310 in cash compensation plus $23,016 in LTIP contributions since October 1, 2023.
03—Questions
Frequently Asked Questions
Who will lead Raymond James as CEO after February 20, 2025?
Paul M. Shoukry, currently President and a director, will become CEO effective upon Paul C. Reilly's transition at the close of the February 20, 2025 Annual Shareholders Meeting.
What role will Paul Reilly hold after stepping down as CEO?
Reilly will transition to an Executive Chair role for a period to be determined by the Board, according to the filing.
What was Paul Shoukry's previous financial role at the company?
Shoukry served as Chief Financial Officer from January 2020 until September 30, 2024. Before that he was treasurer from February 2018 and senior vice president of finance and investor relations from January 2017.
Has the compensation for the new CEO and Executive Chair been set?
Not yet. The Compensation and Talent Committee will approve compensation arrangements for Reilly and Shoukry in their new roles at a later date.
Is there a related-party relationship tied to this leadership change?
The filing states that Christopher Shoukry, Paul Shoukry's brother, serves as a Director with Alex. Brown, a division of Raymond James & Associates, Inc., and received cash compensation of $767,310 and LTIP contributions of $23,016 from October 1, 2023 to the present.
04—Continue