After 40 years, Tom James is planning to step down as chief executive of Raymond James Financial, the firm founded by his father, and hand over the reins to Paul Reilly, who has been named as president.

Reilly will start on May 1 and after one year he will succeed Tom James as chief executive. James will remain at the firm as executive chairman of the board.

Reilly comes from recruiting firm Korn/Ferry International where he has spent the past eight years, most recently as executive chairman. Prior to that he was chief executive of accounting firm KPMG International. Reilly is already a member of the St. Petersburg, Fla.-based Raymond James’ board of directors and has served as the chairman of the firm’s audit committee for the past year.

The 66-year-old James joined the firm started by his father after graduating from Harvard in 1966. He took over the company in 1970 at the age of 27. In a statement James said that he had known Reilly, a St Petersburg native, since he was a “young tennis player.”

James added: “The Raymond James Board of Directors and I have been focusing on expanding the depth of our management team and addressing the need for a sound succession plan for some time. The addition of Paul as leader of our existing team of very capable managers will achieve that objective.”