Raymond James Financial Inc. appointed Robert Dutkowsky as a member of its board of directors, effective Oct. 4.
Dutkowsky is the executive chairman of Tech Data Corp. (NASDAQ: TECD), a Clearwater-based IT distributor. Dutkowsky was CEO at Tech Data for 12 years, until he retired from that position earlier this year.
Raymond James (NYSE: RJF), a St. Petersburg-based financial services firm, cited Dutkowsky’s tech experience, as well as his deal-making expertise, in a news release announcing his appointment to the board. Under Dutkowsky’s leadership, Tech Data grew to be the largest company in Florida, with about $36.8 billion in 2017 sales, after the $2.6 billion-dollar acquisition in 2017 of the technology solutions business of Avnet Inc. (NYSE: AVNT).
“With technology’s growing role in enhancing and deepening the advisor-client relationship, we look forward to tapping Bob’s far-reaching experience in matching technology tools and resources with end-user needs,” said Paul Reilly, Raymond James chairman and CEO. “I’m confident his leadership history, which also includes notable acquisition transactions, will serve our board and firm well.”
Existing business relationships between Raymond James, Tech Data and Dutkowsky were disclosed in a filing with the U.S. Securities and Exchange Commission. Raymond James Bank, a subsidiary of Raymond James Financial, has extended a term loan to Tech Data, but other than in his capacity as executive chairman of Tech Data, Dutkowsky has no direct or indirect interest in this transaction, Raymond James said.
In addition, Dutkowsky and his family maintain investment accounts with Raymond James on which they have paid about $196,000 in fees in the past year, the filing said.
As a Raymond James board member, Dutkowsky will be compensated the same as other directors. Raymond James directors received an annual cash retainer of $100,000 and were awarded restricted stock units valued at $150,000 annually last year, in addition to receiving compensation for serving on committees. Dutkowsky will serve on the audit and risk committee.
Dutkowsky, 63, is lead independent director at US Foods Holding (NYSE: USFD) and also serves on the board of Pitney Bowes (NYSE: PBI), as well as on the boards of United Way Suncoast and the Moffitt Research Committee. He’s on the executive advisory council of the University of South Florida Muma College of Business.