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Financial Advisory  + Wealth Management  |  March 20, 2024
Raymond James Names Successor to CEO Paul Reilly
Joe Palmisano
By: Joe Palmisano

Raymond James Names Successor to CEO Paul Reilly

Raymond James Financial said that veteran CEO Paul Reilly will step down sometime in fiscal year 2025, which begins on October 1, and will be succeeded by CFO Paul Shoukry, who will take over as president immediately.

Shoukry will be the fourth CEO in the company’s history. Reilly will remain on the board as executive chair, and Shoukry will retain his current responsibilities until he transitions to CEO.

“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,” said Reilly.

Shoukry started working with Raymond James 14 years ago as an assistant to the chair. He’s been CFO since January 2020. Before joining Raymond James, he worked at Baldwin Bell Green, a strategy consulting business.

Reilly joined as president and CEO-designate of Raymond James in 2009. He became CEO in May 2010 and succeeded Tom James as executive chairman in 2017. Before joining Raymond James, Reilly was the executive chairman of Korn/Ferry International, a global talent management organization.

As part of the firm’s succession plans, COO Jeff Dowdle announced he will be retiring at the end of the fiscal year. As part of this change, Raymond James financial private client group president Scott Curtis will become COO of Raymond James Financial.

Current Raymond James & Associates CEO Tash Elwyn will become president of the private client group, and global equities & investment banking president Jim Bunn will become president of the capital markets segment. These changes will be effective October 1, 2024, when Dowdle will be named vice chair and serve in an advisory role.

Raymond James has about 8,700 advisors across multiple affiliation models and $1.38 trillion in total client assets.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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