Raymond James Monetary introduced Tuesday that Chief Monetary Officer Paul Shoukry has been appointed president, efficient instantly, and he’s anticipated to develop into the agency’s subsequent CEO someday throughout fiscal 2025.
As soon as the deliberate succession course of is full, Shoukry would develop into the fourth chief government within the firm’s historical past, following Paul Reilly within the position. Reilly, in line with the agency’s announcement, will stay on the corporate’s board as government chair, whereas Shoukry will retain his present obligations till he transitions to the CEO position.
Commenting on the information, Reilly known as Shoukry an “distinctive chief” and a “main contributor to Raymond James’ regular progress and monetary stability.” He added that Shoukry’s expertise because the agency’s CFO, in addition to his expertise overseeing the important thing banking phase, place him properly to take care of Raymond James’ dedication to retaining the monetary advisor on the middle of the enterprise plans.
“Along with Paul, we’ve got an excellent management workforce who equally embrace our imaginative and prescient for the longer term and are well-equipped to satisfy the calls for of a dynamic market,” Reilly mentioned.
As a part of the agency’s succession plans, Raymond James additionally introduced different key management adjustments and appointments. Jeff Dowdle has introduced that he will probably be retiring and stepping down from the chief working officer position on the finish of the fiscal yr, and as a part of this variation, Raymond James Monetary personal shopper group president Scott Curtis will develop into COO of Raymond James Monetary.