Raymond James snags outsider to succeed CEO

Raymond James Financial announced that Paul Reilly, executive chairman of Korn/Ferry International, will join the company as president May 1, and after one year will succeed Thomas James as chief executive. After May of 2010, Mr. James will stay on at the St. Petersburg, Fla.-based brokerage as executive chairman of the board. Mr. Reilly joined the board of Raymond James in 2005, and has served as chair of the audit committee for the past year, the company reported. He began his tenure with Los Angeles, Calif.-based recruiter Korn/Ferry as CEO and chairman in 2001. Prior to that, Mr. Reilly was CEO at Big Four auditor KPMG International of Amstelveen, The Netherlands. In the coming year, Mr. Reilly will continue to serve on the company's board of directors, and as part of the succession transition will assume "reporting responsibilities and special assignments," as needed, the company said.