Paul Reilly, chairman and CEO of Raymond James Financial Inc., received $11.1 million in total compensation for fiscal year 2018, a 13.8 percent increase over the prior year.
Four other top executives at Raymond James (NYSE: RJF), a financial services company headquartered in St. Petersburg, also saw their pay packages go up in FY 2018, which ended Sept. 30.
Raymond James, like most publicly traded companies, ties compensation to performance. The company had strong financial results, it said in a proxy filed Thursday with the U.S. Securities and Exchange Commission, with record annual net revenue of $7.3 billion and record net income of $856.7 million, or $5.75 a share. The firm also successfully executed strategic initiatives such as recruiting more financial advisors, expanding and strengthening its work in mergers and acquisitions, and integrating newly acquired Scout Investments.
The compensation committee of the board of directors noted “substantial progress” made under Reilly’s leadership in evaluating his pay, the proxy said.
Reilly’s pay package for FY 2018 included a $500,000 in salary, a $5.5 million cash bonus and $4.9 million in stock awards, according to a summary compensation table that meets SEC rules and provides an apples-to-apples comparison between companies.
Other executives and their total pay package for FY 2018 were:
Jeff Julien, executive vice president, finance, and chief financial officer, $3.5 million
James Bunn, co-president, global equity and investment banking for Raymond James & Associates, $4.7 million
Jeffrey Trocin, co-president, global equities and investment banking for Raymond James & Associates, $4.3 million
Dennis Zank, former chief operating officer, $4 million
Raymond James also presents an alternative way of looking at pay for its top executives, a chart showing total annual direct compensation, which includes restricted stock earned in one fiscal year but granted in the subsequent fiscal year. Under that measure, Reilly’s total direct compensation in FY 2018 was $12.4 million.
Raymond James shareholders will get to cast advisory votes on executive compensation at the company’s annual meeting Feb. 28 at the St. Petersburg headquarters. Last year, 94.4 percent of the votes cast were in favor of the say-on-pay proposal.