The board of Raymond James Financial says Executive Chairman Thomas A. James is stepping down from his role as planned and that CEO Paul Reilly will take over the post of chairman.
After 50 years with the firm, James' last day as executive chairman will be Feb. 16, when Raymond James hosts its annual shareholder meeting. He then will become chairman emeritus and keep a seat on the board.
"The Raymond James board of directors and I have been implementing a management succession process for many years," James explained in a statement. "This has involved expanding and developing our management team, and began with Paul joining us as president in 2009 before becoming CEO in 2010."
James' father, Robert A. James, founded the firm in 1962 and merged it with Edward Raymond's firm Raymond & Associates in 1964. Tom James joined the company in 1966, serving as its chairman and CEO for more than 40 years.
As chairman, James says, he has "worked with the board on the decision that it was time for Paul to hold both titles and oversee our board meetings with the support of our lead director, Susan Story."
Museum Move
In addition, the retired executive is working with his wife, Mary, to open the James Museum of Western & Wildlife Art next year in St. Petersburg, Florida (where the company is based). "I am looking forward to opening the museum in the coming year and spending more time with Mary and our family," he explained in a statement.
