Raymond James reduced the total direct compensation of CEO Paul Reilly and other senior executives in 2020, according to the firm’s annual proxy statement, which made note of the “difficult” second half the firm faced amid the COVID-19 pandemic and other challenges.
Reilly’s total pay was reduced by 17% to $11.1 million from $13.4 million in 2019. Although his salary remained $500,000, his incentive compensation decreased, including his cash bonus, which fell to $4.7 million from $5.9 billion.
In a cost-cutting move last year, Raymond James eliminated nearly 4% of its global workforce, which at the time stood at 13,900 worldwide — meaning about 500 positions.
“After a strong start to fiscal 2020, the second half was difficult, as we faced the COVID-19 pandemic, global economic uncertainty and social unrest across the nation,” Reilly said in the letter to shareholders included in the proxy statement.
Meanwhile, total compensation for Jeffrey Julien, executive vice president of finance, fell to $2 million from $3.7 million; for James Bunn, president of global equities and investment banking, it dropped to $4.4 million from $5 million; and for Bella Allaire, executive vice president of technology and operations, it declined to $3.1 million from $3.5 million.
Raymond James did not specify in the proxy statement why it reduced the executives’ total pay and declined to comment.
However, the firm indicated in the proxy statement that incentive pay was impacted by its 2020 results.
In November, Reilly “evaluated the performance of the company and the individual performance of each executive officer… against previously-determined individual goals.”