Business Context and Reporting Period
This Form 8-K filing by Raymond James Financial, Inc. was submitted on December 3, 2024. The report details a significant leadership transition in accordance with the company's previously disclosed succession plan.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on corporate governance and executive appointments.
Material Changes
- CEO Transition: Paul C. Reilly, current Chair and CEO, will step down as CEO effective at the close of the Annual Shareholders Meeting on February 20, 2025. He will transition to the role of Executive Chair for a period to be determined by the Board.
- New CEO Appointment: The Board unanimously appointed Paul M. Shoukry (41), currently President and a director, to serve as CEO effective upon Mr. Reilly's transition.
- Lead Independent Director: Jeffrey N. Edwards will continue to serve as Lead Independent Director.
Management Commentary and Background
Mr. Shoukry has served as President and previously as Chief Financial Officer (until September 30, 2024). His background includes responsibility for overall financial management, balance sheet management, investor relations, and oversight of the Bank segment since 2020. He joined the company in 2010 and holds an MBA from Columbia University and is a Certified Public Accountant.
Compensation arrangements for both Mr. Reilly and Mr. Shoukry regarding their new roles will be approved by the Compensation and Talent Committee at a later date.
Related Party Disclosure: Christopher Shoukry, brother of the new CEO, serves as a Director with Alex. Brown (a division of Raymond James & Associates, Inc.). He received cash compensation of $767,310 and LTIP contributions of $23,016 for the period from October 1, 2023, to the present.
Investor Verification Checklist
- Verify the exact date of the Annual Shareholders Meeting (February 20, 2025) to confirm the effective date of the CEO transition.
- Monitor future filings for the Compensation and Talent Committee's approval of specific compensation packages for the new CEO and Executive Chair.
- Review the attached press release (Exhibit 99.1) for additional strategic context not included in the 8-K text.
- Confirm the duration of Paul C. Reilly's tenure as Executive Chair, as the filing states it is "to be determined by the Board."