Ray Jay CEO
10 RepliesJump to last post
Any of you long time RJ guys have anything good to say about the dude we got the official announcement about as Tom’s successor at the end of the day today? As an ex-AGE guy, his photo looked enough like Peter Miller to make me unhappy. I’ve already forgotten his name, but the bio said he’s been a Board member since '05ish and is currently CEO of Korn Ferry Intl.
Seems to be a safe pick because he is a St.Pete native and Tom James’ has hand picked a successor that he has known for decades. Also note that James did specifically say that he wanted to ensure the continued independence of RJ. Tom James is 65yrs old & this seems like a natural transition move unless I’m missing something.
March 2, 2009
FOR IMMEDIATE RELEASE
PAUL REILLY NAMED RAYMOND JAMES PRESIDENT, SUCCESSOR TO CEO THOMAS JAMES
<?: PREFIX = ST1 />ST. PETERSBURG, Fla. – Raymond James Financial (NYSE-RJF) Chairman and CEO Thomas A. James announced that Paul Reilly will join the firm as president of Raymond James Financial on May 1, 2009, and after one year will succeed James as chief executive officer. After that point, James will continue to work for the firm full time as executive chairman of the board.
Reilly was named to the Raymond James Financial board of directors in 2005, and has served as chair of the audit committee for the past year. He is currently executive chairman of Korn/Ferry International (NYSE-KFY), a global provider of talent management solutions, and began his tenure with the company as chairman and CEO in 2001. Prior to that, Reilly was CEO at KPMG International, a firm of more than 100,000 employees with annual revenues of $12 billion. Based in Amsterdam, he was responsible for the overall strategy and implementation of the firm’s products, services and infrastructure on a global basis. Before being named CEO at KPMG, he ran the firm’s financial services business and earlier had held senior management positions in its real estate consulting group. Reilly earned his bachelor’s degree and an MBA in finance from the University of Notre Dame, and also holds the Certified Public Accountant designation.
“Because he grew up in St. Petersburg, I have known Paul and his family since he was a young tennis player. Since then, he has demonstrated success in academia and international business, as well as, in recent years, as a public company CEO,” stated James.
“During his three-year tenure as a board member of Raymond James Financial, he has exhibited high intellect, financial acumen, good decision-making skills, objectivity, and a commitment to the values and tenets upon which Raymond James was founded. I have confidence his work ethic, management skills and integrity will enable him to guide Raymond James to continued success in the future.”
In the coming year, Reilly will continue to serve on the RJF board of directors and as part of the succession transition will assume reporting responsibilities and special assignments as dictated by business need.
“The Raymond James Board of Directors and I have been focused on expanding the depth of our management team and addressing the need for a sound succession plan for some time. The addition of Paul as leader of our existing team of very capable managers will achieve that objective. Furthermore, during the transition, I can facilitate that process to assure future success and independence for Raymond James Financial,” James continued.
James also noted that Reilly’s history with Raymond James and appreciation for the firm’s culture and values will help ensure continuity during this period of transition.
“I grew up in St. Petersburg and worked many years in the financial services industry,” said Reilly. “During that time I have witnessed Raymond James transform from an impressive local business to one of the country’s largest securities firms. I have long had a special affinity and admiration for the company and my regard for Raymond James and its executive team has only grown during my tenure as a board member.
“With its conservative management practices and principles, commitment to clients and service-oriented culture, the firm increasingly distinguishes itself from others in the industry. Raymond James’ relatively steady performance during these challenging economic times has validated its approach and is another reason why it continues to be so well-respected by clients, advisors and peers,” Reilly continued.
“I believe Raymond James is remarkably well-positioned for success in the future and am excited to work with Tom James and the firm’s senior managers to build on the firm’s impressive heritage and help it to continue to realize its tremendous potential.”
Raymond James Financial (NYSE-RJF) is a Florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies. Its three principal wholly owned broker/dealers (Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd.) and Raymond James Investment Services Limited, a majority-owned independent contractor subsidiary in the United Kingdom, have a total of more than 5,000 financial advisors serving approximately 1.8 million accounts in 2,200 locations throughout the United States, Canada and overseas. In addition, total client assets are currently $173 billion, of which approximately $26 billion are managed by the firm’s asset management subsidiaries.
Wow that seems earily familiar to AGE Circa…2001…Welcome Bob Bagby…the pickd sucessor to Ben…hope you guys fate is better…I am very glad I went to SF over RJ now.
Well, to make us ex AGE guys even more freaked out, last week we got an announcement that Tom James' son in the biz was 'transitioning out' of his day-to-day role as head of HR, with no real statement about what he was going to be doing/not doing either with or away from the company. At least they gave Tad a shot at it for a while...Wow that seems earily familiar to AGE Circa…2001…Welcome Bob Bagby…the pickd sucessor to Ben…hope you guys fate is better…I am very glad I went to SF over RJ now.
Well, to make us ex AGE guys even more freaked out, last week we got an announcement that Tom James' son in the biz was 'transitioning out' of his day-to-day role as head of HR, with no real statement about what he was going to be doing/not doing either with or away from the company. At least they gave Tad a shot at it for a while... [/quote][quote=nestegg]Wow that seems earily familiar to AGE Circa…2001…Welcome Bob Bagby…the pickd sucessor to Ben…hope you guys fate is better…I am very glad I went to SF over RJ now.
Holy crap...Deja Vu all over again!
Hope this time is better..RJ is a good firm I seriously considered it myself.
RJ is in position to grow like crazy, no way they sell out. If you read Ben Edwards interview last year in the STL Bizjournal, Bagby was not is choice, the board picked Bagby. RJ and the rest of the regionals have just begun a massive growth cycle. The fallout from Mer/Bac/C/MS/WS is just beginning.
Well, to make us ex AGE guys even more freaked out, last week we got an announcement that Tom James' son in the biz was 'transitioning out' of his day-to-day role as head of HR, with no real statement about what he was going to be doing/not doing either with or away from the company. At least they gave Tad a shot at it for a while... [/quote][quote=2wheeledbeemer][quote=nestegg]Wow that seems earily familiar to AGE Circa…2001…Welcome Bob Bagby…the pickd sucessor to Ben…hope you guys fate is better…I am very glad I went to SF over RJ now.
Holy crap...Deja Vu all over again!
Hope this time is better..RJ is a good firm I seriously considered it myself.
[/quote] This is big. You cannot spin this any other way. Tom gone ? Now?AGE guys stay away. I met with Mr James 5 months ago and he seemed so committed to the firm. I just hope his health is not the reason.
RJ is in position to grow like crazy, no way they sell out. If you read Ben Edwards interview last year in the STL Bizjournal, Bagby was not is choice, the board picked Bagby. RJ and the rest of the regionals have just begun a massive growth cycle. The fallout from Mer/Bac/C/MS/WS is just beginning.
True. What others are missing is that the majority of us 5000+ RJ guys are "independents". You can't peddle RJ off to a bank aka AGE because the majority of us will simply change our b/d, update the shingle hanging out in front of our office and be done with it. Reps who have already successfully transitioned to indy will never cross back over to the darkside. Any potential suitor (bank or wirehouse) will realize this That's why Tom hand picked a successor he has long known, someone who will not attempt such a foolish move and it is also why Tom James will remain an active member of the board for many many years. I was at AGE during the Bagby years & there is little similarity to AGE vs. what is occurring at RJ.
Any potential suitor (bank or wirehouse) will realize this That’s why Tom hand picked a successor he has long known, someone who will not attempt such a foolish move…
True...banks and wirehouses never make foolish movies.
Oh, you were talking about the new CEO. I hope they stay on their own, but history is filled with sons and daughters and 2nd/3rd/4th generation family or partners selling out despite the wishes of the founders (especially once they have passed away or are too old to notice and aren't there to rage against the idea).
[quote=Cowboy93] [quote=Broker Fee] Any potential suitor (bank or wirehouse) will realize this That’s why Tom hand picked a successor he has long known, someone who will not attempt such a foolish move…
[/quote]True...banks and wirehouses never make foolish movies.
Oh, you were talking about the new CEO. I hope they stay on their own, but history is filled with sons and daughters and 2nd/3rd/4th generation family or partners selling out despite the wishes of the founders (especially once they have passed away or are too old to notice and aren't there to rage against the idea).[/quote] I think you missed his point, RayJay is MOSTLY independents, and anyone buying them would have to figure that point it. Make them unhappy and the majority of the RJ guys will simply hand out a new sign and change B/Ds. THEN what will the buyer really have bought?