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Financial Advisory  + Wealth Management  |  March 20, 2024
Raymond James Names Successor to CEO Paul Reilly
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 for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.