01—Abstract
Summary
Summary of the 8-K filed February 26, 2025. Cited figures are marked; the original filing is the authoritative source.
Raymond James Financial, Inc. (NYSE: RJF) reported a leadership transition effective at the close of its Annual Shareholders Meeting on February 20, 2025.
Paul C. Reilly stepped down as Chief Executive Officer and became Executive Chair of the Board, and Paul M. Shoukry assumed the CEO role, as previously disclosed under the company's leadership succession plan.
Jeffrey N. Edwards continues as Lead Independent Director. The Board approved a reduction in Mr. Reilly's 2025 annual base salary from $750,000 to $500,000,a effective March 1, 2025.
Shareholders at the meeting elected all twelve Board nominees by a majority of votes cast. They also approved, on an advisory basis, the compensation of the named executive officers, with 89.39% of votes cast in favor, and ratified KPMG LLP as the independent registered public accounting firm for the fiscal year ending September 30, 2025, with 96.60% of votes cast in favor. On February 21, 2025, the Board declared a quarterly common stock dividend of $0.50b per share, payable April 15, 2025 to shareholders of record on April 1, 2025.
The Board also declared a quarterly dividend of $0.3984375c per depositary share of its 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (NYSE: RJF PrB), with a record date of March 14, 2025. The dividend announcements are furnished under Item 7.01 and not deemed filed.
02—Key points
Key Highlights
- Leadership change: Paul C. Reilly moved from CEO to Executive Chair of the Board, and Paul M. Shoukry became CEO, effective February 20, 2025.
- Compensation: Mr. Reilly's 2025 annual base salary was reduced from $750,000 to $500,000, effective March 1, 2025.
- Board election: All twelve director nominees were elected by a majority of votes cast at the February 20, 2025 Annual Meeting.
- Say-on-pay: Shareholders approved the named executive officer compensation on an advisory basis, with 89.39% of votes cast in favor.
- Auditor ratification: KPMG LLP was ratified as independent registered public accounting firm for the fiscal year ending September 30, 2025, with 96.60% of votes cast in favor.
- Common dividend: A quarterly dividend of $0.50 per share was declared, payable April 15, 2025 to holders of record on April 1, 2025.
- Preferred dividend: A quarterly dividend of $0.3984375 per depositary share was declared on the 6.375% Series B Non-Cumulative Perpetual Preferred Stock, with a record date of March 14, 2025.
03—Questions
Frequently Asked Questions
Who is now running Raymond James Financial?
Paul M. Shoukry assumed the role of Chief Executive Officer effective at the close of the February 20, 2025 Annual Shareholders Meeting. Paul C. Reilly, who previously held the CEO role, became Executive Chair of the Board of Directors. Jeffrey N. Edwards continues to serve as Lead Independent Director.
Did the leadership change affect executive pay?
Yes. The Board approved a reduction in Mr. Reilly's 2025 annual base salary from $750,000 to $500,000, effective March 1, 2025. The filing does not describe changes to Mr. Shoukry's compensation.
How did shareholders vote on the key proposals?
All twelve director nominees were elected by a majority of votes cast. Shareholders approved the advisory say-on-pay proposal with 89.39% of votes cast in favor, and ratified KPMG LLP as auditor for the fiscal year ending September 30, 2025 with 96.60% of votes cast in favor. The filing reports 25,755,179 broker non-votes for each director and for the say-on-pay proposal.
What dividends were declared and when are they paid?
The Board declared a quarterly common stock dividend of $0.50 per share, payable April 15, 2025 to shareholders of record on April 1, 2025. It also declared a quarterly dividend of $0.3984375 per depositary share on the 6.375% Series B Non-Cumulative Perpetual Preferred Stock (NYSE: RJF PrB), with a record date of March 14, 2025, payable in April 2025.
04—Continue