The board of Raymond James Financial confirmed February 19 that Paul Reilly will succeed Tom James as CEO on May 1, as was first announced by the company in March 2009; Reilly became president of the company in May 2009. The board also declared a quarterly cash dividend of $0.11/common share, marketing the 25th consecutive year that Raymond James has paid a dividend.
Last month, Raymond James Financial reported a 20% decrease in first quarter net income to $49 million, or $0.39/diluted share, on a 3% increase in net revenue to $686.96 million (for the quarter ended December 31, 2009).
In a conference call with analysts on January 21 discussing the results, Tom James noted that in the preceding quarter, net income rose 14% on a 3% rise in revenues, and that Raymond James's Private Client Group saw commissions and fees rise 15% over the prior year's first quarter, "generating an increased contribution to pre-tax profits of 28% in the segment over last year and an 88% improvement" over the fourth quarter ended September 30, 2009.
