James, chairman and CEO of Raymond James, announced that Reilly will join the firm as president effective May 1, and then succeed James as CEO after one year. James will remain at the firm, serving as executive chairman of the firm’s board, according to a Raymond James announcement.
“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,’ James said in the statement. “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.’
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, the company said. He is currently executive chairman of Korn/Ferry International, 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, according to the release. 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.
“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, advisers, and peers,’ Reilly said.