Raymond James Financial Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
$RJF
Investment Bankers/Brokers/Service
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On December 3, 2024, Raymond James Financial, Inc. (the “Company”) announced that, in accordance with its previously-disclosed leadership succession plan, Paul C. Reilly, Chair of the Board of Directors (“Board”) and Chief Executive Officer (“CEO”), would step down as CEO, effective at the close of the Annual Shareholders Meeting of the Company to be held on February 20, 2025 and transition to an Executive Chair role for a period to be determined by the Board. Jeffrey N. Edwards will continue to serve as Lead Independent Director.
In addition, on December 3, 2024, the Board unanimously appointed President and director Paul M. Shoukry (41) to serve as CEO of the Company, effective upon Mr. Reilly’s transition.
In his role as President, Mr. Shoukry has been working closely with each of the Company’s business unit heads on numerous strategic and operational matters. As Chief Financial Officer until September 30, 2024, Mr. Shoukry was responsible since January 2020 for the overall financial management of the Company, including balance sheet management, financial reporting, investor relations, corporate development, corporate tax, cash management, regulatory reporting, and financial planning and analysis. He oversees the firm’s Bank segment and is a member of the Company’s Executive Committee. Previously, Mr. Shoukry served from February 2018 as treasurer and from January 2017 as senior vice president of finance and investor relations, overseeing the firm's capital and liquidity planning, stress testing, debt issuance, cash management, broker/dealer regulatory reporting, investor relations and financial planning and analysis functions. He is a member of the Company’s Asset-Liability Committee, Capital Planning Committee, Enterprise Risk Management Committee and Disclosure Committee. Mr. Shoukry, a vice president since July 2012, joined the Company in its Assistant to the Chairman program in 2010. Prior to joining the Company, Mr. Shoukry was a commercial banker and management consultant. He has also served since 2023 as a member of the board of directors of ReliaQuest, LLC, a privately-held cybersecurity technology company.
Mr. Shoukry graduated magna cum laude with bachelor’s and master’s degrees in accounting from The University of Georgia and holds an MBA from Columbia University. He is a Certified Public Accountant, a Certified Treasury Professional and holds Series 7 and 27 licenses.
There are no arrangements or understandings between Mr. Shoukry and any other person pursuant to which he was selected as an officer. Mr. Shoukry does not have any family relationship with any director or other executive officer of the Company or any person nominated or chosen by the Company to become a director or executive officer.
Christopher Shoukry, who is Paul M. Shoukry’s brother, serves as Director with Alex. Brown, a division of Raymond James & Associates, Inc., and was paid cash compensation during the period commencing October 1, 2023 to the present of $767,310 and LTIP contributions in the amount of $23,016.
The Compensation and Talent Committee of the Board will approve compensation arrangements for Mr. Reilly and Mr. Shoukry in connection with their respective new roles at a later date.
A copy of the press release issued by the Company in connection with the above is attached to this Current Report as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits. The following are filed as exhibits to this report:
| Exhibit No. | Description | ||||
| 99.1 | |||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RAYMOND JAMES FINANCIAL, INC. | ||||||||
Date: December 9, 2024 | By: | /s/ Jonathan N. Santelli | ||||||
| Jonathan N. Santelli | ||||||||
| Executive Vice President, General Counsel and | ||||||||
| Secretary | ||||||||