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Paul Reilly , CEO of Raymond James

Practice Management > Building Your Business > Leadership

Raymond James Taps Next CEO

By John Manganaro

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Raymond James Financial announced Tuesday that Chief Financial Officer Paul Shoukry has been appointed president, effective immediately, and he is expected to become the firm’s next CEO sometime during fiscal 2025.

Once the planned succession process is complete, Shoukry would become the fourth chief executive in the company’s history, following Paul Reilly in the role. Reilly, according to the firm’s announcement, will remain on the company’s board as executive chair, while Shoukry will retain his current responsibilities until he transitions to the CEO role.

Commenting on the news, Reilly called Shoukry an “exceptional leader” and a “major contributor to Raymond James’ steady growth and financial stability.”

He added that Shoukry’s experience as the firm’s CFO, as well as his experience overseeing the key banking segment, position him well to maintain Raymond James’ commitment to keeping the financial advisor at the center of the business plans.

“In addition to Paul, we have an outstanding leadership team who similarly embrace our vision for the future and are well-equipped to meet the demands of a dynamic marketplace,” Reilly said.

As part of the firm’s succession plans, Raymond James also announced other key leadership changes and appointments.

Jeff Dowdle has announced that he will be retiring and stepping down from the chief operating officer role at the end of the fiscal year, and as part of this change, Raymond James Financial private client group president Scott Curtis will become COO of Raymond James Financial.

Raymond James’ PCG business includes over 8,700 financial advisors working with roughly $1.2 trillion of assets under administration.

Other moves include the current Raymond James & Associates CEO, Tash Elwyn, becoming president of the private client group, while global equities and investment banking president Jim Bunn will become president of the capital markets segment.

These leadership changes will be effective Oct. 1, 2024, at which time Dowdle will be named vice chair and serve in an advisory role to facilitate a smooth transition.

“I am excited to partner with Scott, Tash and Jim in their expanded roles to continue delivering on our mission to help clients achieve their financial objectives, which is critical to our firm’s continued success and independence,” Shoukry said.

As recalled in the firm’s announcement, Shoukry’s tenure at the firm started some 14 years ago via the firm’s “assistant to the chair” program, through which he first started working with Reilly.

Serving as the firm’s CFO since January 2020, Shoukry is currently responsible for the overall financial management of the company. He oversees the firm’s bank segment, as noted, and is a member of the firm’s executive committee. Shoukry also serves on the boards of subsidiaries Raymond James & Associates and TriState Capital Bank.

Pictured: Paul Reilly 

John Manganaro

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