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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.
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:
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.
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