Raymond James promotes CFO to president, CEO-in-waiting role

Raymond James Financial's board says Paul Shoukry, its CFO, has been named president as part of its "multiyear succession planning process, effective immediately." 

It is expected that Shoukry will become the St. Pete-based financial services giant's CEO during fiscal 2025, following a transition period, the board says. He will replace current CEO Paul Reilly, who will remain on the board as executive chairman. Shoukry will retain his current responsibilities until he transitions to the CEO role, the release states. 

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Once the planned succession process is complete, Shoukry would become only the fourth chief executive in the company's history, the Raymond James board says.

Shoukry started with Raymond James 14 years ago working for Tom James and Reilly in the assistant to the chair program. Prior to that Shoukry, according to his LinkedIn page, was a commercial banker with BB&T and a consultant with Baldwin Bell Green, a New York strategic management firm. Serving as the firm's CFO since January 2020, Shoukry is responsible for the overall financial management of the company.

Raymond James also announced other key leadership changes and appointments, including: 

• COO Jeff Dowdle told the board he will be retiring and stepping down from the his role at the end of the fiscal year.
• As part of this change, Scott Curtis, president of Raymond James Financial Private Client Group, will become COO of Raymond James Financial.
• Tash Elwyn, current Raymond James and Associates CEO, will become president of the Private Client Group.
• Jim Bunn, president of Global Equities and Investment Banking, will become president of the Capital Markets segment.

The changes will be effective Oct. 1, at which time Dowdle will be named board vice chairman and serve in an advisory role to facilitate a smooth transition, the company says.

Raymond James Financial has approximately 8,700 financial advisers and $1.38 trillion in client assets. It has been publicly traded since 1983.