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.
