Jonathan W. Oorlog, Jr.
RAYMOND JAMES FINANCIALAbout Jonathan W. Oorlog, Jr.
Jonathan W. “Butch” Oorlog, Jr. is Chief Financial Officer of Raymond James Financial, Inc. (RJF) since October 2024 and is 61 years old. He rose through RJF’s finance organization from Vice President – Financial Reporting (2014–2019) to Senior Vice President – Financial Reporting (2020), Controller (2020–2023), and Chief Accounting Officer (2023–2024) before becoming CFO . As CFO, he is the principal financial officer, signing Sarbanes-Oxley Sections 302 and 906 certifications and acting as signatory on RJF’s 10‑K and multiple 8‑Ks, underscoring direct accountability for financial reporting, controls, and capital markets documentation . During his tenure, RJF delivered FY2025 net revenues of $14.07B (+10% YoY), diluted EPS of $10.30 (+6% YoY), and FY2025 adjusted ROE of 18.3% vs. 19.6% in FY2024, with adjusted ROTCE of 21.3% vs. 23.3% in FY2024 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Raymond James Financial, Inc. | Chief Financial Officer | Oct 2024 – present | Principal financial officer; executes and certifies SEC filings; signs credit agreements and indentures; leads financial reporting, capital, and liquidity communications . |
| Raymond James Financial, Inc. | Chief Accounting Officer | Jan 2023 – Sep 2024 | Oversight of SEC reporting and accounting policy; member of disclosure governance via filings . |
| Raymond James Financial, Inc. | SVP – Controller | Oct 2020 – Jan 2023 | Led controllership and internal controls enhancement as firm scaled . |
| Raymond James Financial, Inc. | SVP – Financial Reporting | Jan 2020 – Sep 2020 | Directed financial reporting; transition to controller role . |
| Raymond James Financial, Inc. | VP – Financial Reporting | Nov 2014 – Dec 2019 | Built foundation for financial reporting processes and SEC disclosures . |
External Roles
None disclosed in RJF’s FY2024 10‑K or 2025 Proxy for Oorlog .
Fixed Compensation
Not individually disclosed for Oorlog in the 2025 Proxy (he was not a 2024 NEO). For context, 2024 base salary for then‑CFO Paul M. Shoukry was $500,000 .
Performance Compensation
RJF’s program for executive officers uses a mix of cash bonuses and RSUs with significant performance weighting, measured on Adjusted ROE and modified by relative TSR (rTSR). For CEO, 60% of stock bonus RSUs are performance‑vested; for other NEOs, 50% are performance‑vested. Awards vest on a three‑year cliff for stock bonus RSUs; management RSUs vest 60% at year 3, 20% at year 4, and 20% at year 5 .
Performance RSU Framework (FY2024 grants)
| Metric | Weighting | Target scale | Actual (company) | Payout | Vesting |
|---|---|---|---|---|---|
| 3‑year average Adjusted ROE | Performance RSUs (CEO 60%, other NEOs 50% of RSUs) | ≥20% = 150%; 18% = 125%; 15% = 100%; 12% = 75%; 10% = 50%; <10% = 0% | Not yet applicable to Oorlog’s awards; FY2021 cohort vested at 169.5% (ROE 18.7% → 150%, rTSR modifier 113%) | Determined by scale and rTSR modifier | Cliff at 3 years from grant date . |
| Company rTSR vs. peer group | Modifier | ≥75th percentile = 120%; 50th = 100%; ≤25th = 80% | As above for FY2021 cohort | ±20% adjustment to ROE result | Applied to performance RSUs . |
Vesting Schedules
| Award type | Vesting schedule |
|---|---|
| Stock bonus RSUs (time‑vested) | Cliff vest on third anniversary of grant date . |
| Stock bonus RSUs (performance‑vested) | Cliff vest on third anniversary; payout contingent on 3‑year Adjusted ROE scale with rTSR modifier . |
| Management RSUs | 60% at 3rd anniversary, 20% at 4th, 20% at 5th anniversary . |
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Stock ownership guideline | Executive officers must hold 3x annual salary; until met, retain 100% of net shares from company awards . |
| Pledging/Hedging | Prohibited for directors and executive officers . |
| Beneficial ownership | Individual holdings for Oorlog not separately disclosed; all directors and executive officers as a group held 1,106,416 shares as of Dec 2, 2024; no shares pledged . |
| Section 16 compliance | One Form 4 filed eight days late by Oorlog due to company administrative oversight regarding a management RSU grant . |
Employment Terms
| Provision | Term | Notes |
|---|---|---|
| Employment agreement | None | Executives, including NEOs, are at‑will; no special severance arrangements following termination . |
| Change‑in‑control (CIC) | Double trigger | RSU vesting accelerates only upon a CIC and qualifying termination . |
| Clawback | Robust recoupment + Dodd‑Frank policy | Recovery for restatements, inaccurate performance measures, serious misconduct or materially imprudent judgment causing material harm; NYSE‑compliant . |
| Tax gross‑ups | Generally none | Except certain relocation expenses under policy . |
| Trading restrictions | No short sales, no options, no hedging | Enforced for directors and executive officers . |
Performance & Track Record
Company outcomes under Oorlog’s finance leadership show solid growth and capital strength.
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Net revenues ($USD Billions) | $12.821 | $14.065 |
| Diluted EPS ($USD) | $9.70 | $10.30 |
| ROE (%) | 18.9% | 17.7% |
| Adjusted ROE (%) | 19.6% | 18.3% |
| Adjusted ROTCE (%) | 23.3% | 21.3% |
| Pre‑tax margin (%) | 20.6% | 19.3% |
| Adjusted pre‑tax margin (%) | 21.4% | 20.0% |
Additional FY2025 capital actions included $350M in repurchases at a $166 average price with $399M authorization remaining, total capital ratio 24.1%, tier 1 leverage 13.1%—well above regulatory requirements .
Compensation Committee Analysis
- The Compensation & Talent Committee (C&T) is fully independent under NYSE and SEC rules, met six times in FY2024, oversees senior management pay, equity plans, succession, and human capital disclosures .
- Pay Governance LLC provides market data; the Committee does not formulaically benchmark to a target percentile and retains discretion .
- Say‑on‑pay approval was 83% in 2024, supporting current practices .
Compensation Peer Group
Ameriprise Financial, Franklin Resources, Northern Trust, BNY Mellon, Invesco, State Street, Charles Schwab, Jefferies Financial Group, Stifel Financial, Edward Jones, LPL Financial, T. Rowe Price .
Risk Indicators & Red Flags
- Section 16 administrative lapse: one late Form 4 (management RSU grant) filed eight days late by Oorlog; company attributed to internal oversight .
- No pledging and hedging allowed; mitigates misalignment and selling pressure risks .
- No employment agreements or tax gross‑ups; reduces golden‑parachute inflation risk .
- Robust clawback across misconduct and performance misstatements; strong governance backstop .
Say‑on‑Pay & Shareholder Feedback
| Year | Approval (%) |
|---|---|
| 2024 | 83% |
Equity Plan Capacity
Shares remaining available for issuance under stock plans totaled 20,179,270 as of Sep 30, 2024 (16,321,954 under the 2012 Plan; 3,857,316 under the ESPP); outstanding options were de‑emphasized in executive pay since fiscal 2014 .
Investment Implications
- Alignment: Executive pay is heavily variable with multi‑year equity tied to 3‑year Adjusted ROE and rTSR, plus strict clawbacks and anti‑hedging/pledging policies—positive for shareholder alignment .
- Retention: Management RSU 3/4/5‑year vesting and stock bonus RSU 3‑year cliff create lock‑in; double‑trigger CIC limits windfall risk; absence of employment agreements reduces severance overhang .
- Execution signal: As CFO, Oorlog’s repeated signatory role on SEC filings, credit agreements, and capital markets documentation indicates direct engagement with funding and reporting rigor; FY2025 delivered 10% net revenue growth and 6% diluted EPS growth with strong capital ratios, supporting operational stability through the leadership transition .
- Watch items: The late Form 4 appears administrative and isolated; monitor future Forms 4 for any patterns and upcoming PSU vesting outcomes to gauge realized pay vs. performance .