Thomas A. James, who served 48 years as director at Raymond James and 40 years as CEO, will step down from the board, according to an announcement from the company.
James, 81, currently serves as chairman emeritus of the board, a position he has held since 2017. The company said he will not stand for re-election and will retire as a director at the end of the annual shareholders meeting on February 22, 2024.
“At age 81, it is time for me to reduce my time with firm responsibilities and spend more time with my wife, Mary, outside of business,” James said in a statement. “We have an excellent board and management team, and I am proud of their accomplishments,” he added, noting that he will continue to maintain an office and work part time in several advisory roles in both business and charitable endeavors.
James joined the firm in 1966, four years after it was founded by his father Bob, according to an earlier profile by the company. He had just completed his MBA from Harvard University. Four years later at 27, he was elevated to CEO, a role he stepped down from in 2010.
“During his tenure, Raymond James has slowly and steadily grown well beyond its early mission to help retirees plan for the future, but always with that mission in mind. And core businesses and affiliated advisors have grown their strengths, their successes and their possibilities along with it,” the company noted.
Paul Reilly, Raymond James's current chairman and CEO, said the firm will continue to apply the management principles Tom exercised as CEO. “We are grateful that he will remain as our chairman emeritus and will still be active and visible in our offices. Our leadership team and I will continue to value his mentorship and advice as we continue to nurture the client-first culture he so thoughtfully and deliberately established and build on the firm’s growth and success,” Reilly said.