Raymond James is experiencing a shift in leadership as longtime leaders step down and others take the helm.
On Monday, Raymond James announced two key executives are to exit their roles – Raymond James Financial (NYSE: RJF) President John Carson and Raymond James Ltd. Chairman and CEO Paul Allison.
Carson will retire as president effective Dec. 31 and will remain with the firm as vice chairman to ensure a successful transition of responsibilities.
Carson will also step down as head of the Fixed Income and Public Finance divisions. Horace Carter, executive vice president of Fixed Income Capital Markets, will succeed Carson as president of Fixed Income and join the firm’s Executive Committee, according to Raymond James’ announcement.
“I’m deeply grateful to John for his leadership, counsel and the many tangible contributions he has made to Raymond James during his nearly 10-year tenure,” Chairman and CEO Paul Reilly said in a statement. “When we purchased Morgan Keegan, where John was CEO, in 2012, we knew we were also bringing in an outstanding leader and visionary who could help us continue to grow and adapt to evolving client needs. His skill as a business leader is eclipsed only by his compassion and thoughtful approach to working with people. He will be sorely missed.”
Carter joined Raymond James in the Morgan Keegan acquisition and rose from the Fixed Income Trading group to co-head of the Fixed Income Capital Markets division in 2019.
Meanwhile, Allison who headed Raymond James’ (NYSE: RJF) Canadian subsidiary, will step down from his position as executive officer effective Dec. 31.
Allison will transition to the newly created role of RJL Executive Chairman to provide strategic guidance to the management team and serve in a senior client relationship capacity, according to Raymond James’ release.
Jamie Coulter, currently Executive Vice President of Wealth Management, will succeed Allison as RJL CEO.
“I am honored to be part of a team of talented professionals who play such an important role in the lives of individual investors and their families, businesses and communities across Canada,” Allison said in a statement. “We have successfully raised the bar in our services for clients and expanded into new areas to better serve their needs. Together with my partners across the firm, we have delivered for our clients, strengthened our financial profile and elevated our reputation and brand.
“I am confident our management team will continue to make Raymond James Canada’s leading investment dealer and maintain our tremendous growth momentum.”
Allison will chair several boards, including Raymond James Ltd. and the Raymond James Canada Foundation. Allison will continue as Chair of the Investment Industry Regulatory Organization of Canada (IIROC).
“Paul has been a phenomenal leader during a remarkable period of organic and acquired growth in Canada over the past 13 years,” Reilly said in a statement.
Coulter, who is succeeding Allison, has served the firm for over 25 years in various roles.