Raymond James Financial Appoints New President

Raymond James CFO Paul Shoukry Is Also Expected To Become The Firm’s CEO In Its Next Fiscal Year As Part Of Succession Plan.
Paul Shoukry, President, Raymond James Financial
Paul Shoukry, President, Raymond James Financial
Jeff Berman, Contributing Editor & Reporter, Wealth Solutions Report
Jeff Berman, Contributing Editor & Reporter, Wealth Solutions Report

Raymond James Financial CFO Paul Shoukry has been appointed the firm’s President and, as part of the company’s multi-year succession plan, is also expected to become CEO during its next fiscal year, after a transition period, its Board of Directors said Tuesday.

Shoukry, who has been with Raymond James since 2010, would become only the fourth CEO in the history of Raymond James, the firm pointed out.

Also as part of the company’s succession plan, current Chair and CEO Paul Reilly would remain on its board as Executive Chair.

Shoukry will continue with his current responsibilities until he transitions to the CEO role, according to the firm.

Shoukry started with Raymond James 14 years ago, working for Tom James and Paul Reilly in the firm’s Assistant to the Chair program. Shoukry has served as its CFO since January 2020, and oversees its Bank segment, is a member of its Executive Committee, and serves on the boards of subsidiaries Raymond James & Associates and TriState Capital Bank.

Paul Reilly, current Raymond James Financial Chair and CEO
Paul Reilly, current Raymond James Financial Chair and CEO

Before joining Raymond James, Shoukry worked for a strategy consulting firm focused on serving clients in the financial services industry.

Raymond James on Tuesday also announced other key leadership changes and appointments as part of its succession plans.

Jeff Dowdle announced he will be retiring and stepping down from the COO role at the end of the current fiscal year that started Oct. 1.

As part of that change, Raymond James Financial Private Client Group President Scott Curtis will become COO of Raymond James Financial, while 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 firm’s Capital Markets segment.

Those changes will become effective Oct. 1. At that time, Dowdle will be named Vice Chair and “serve in an advisory role to facilitate a smooth transition,” the company said.

Shoukry has been an “exceptional leader and major contributor to Raymond James’ steady growth and financial stability,” according to Reilly.

“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,” Reilly said.

The company has about 8,700 financial advisors, with total client assets of $1.38 trillion, it said.

Jeff Berman, Contributing Editor & Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.

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