Paychex founder Golisano to leave board in July

ROCHESTER, N.Y. - Paychex, Inc. (NASDAQ:PAYX), a leading human capital management company, announced today that its founder B. Thomas Golisano will retire from the board of directors after the July 2025 meeting. Golisano, 83, established Paychex in 1971 and has been a seminal figure in its growth and innovation, building a company that now maintains impressive gross profit margins of 72%.

Under Golisano’s leadership, Paychex expanded its services and technology, now serving nearly 800,000 clients and generating annual revenues of $5.4 billion. The company’s market capitalization stands at $56.2 billion, with a robust return on equity of 44%. According to InvestingPro analysis, the stock is currently trading near its 52-week high of $158.37, reflecting strong market confidence. Golisano’s retirement marks the end of an era for the company he led as President, CEO, and Chairman until 2021.Want deeper insights? InvestingPro offers 15+ additional exclusive tips about PAYX’s financial health and growth prospects, along with comprehensive research reports available for over 1,400 US stocks.

Reflecting on his departure, Golisano expressed pride in the company’s performance and growth over the last five decades. His career also includes significant philanthropic efforts, with nearly a half-billion dollars awarded to non-profits in New York and Florida, totaling over $800 million in charitable gifts throughout his lifetime.

Martin Mucci, the current Chairman of the Board, acknowledged Golisano’s profound impact on Paychex’s success and his contributions to various stakeholders, including clients, employees, shareholders, and the community. Mucci, who has worked with Golisano for over two decades, highlighted his mentorship and friendship.

The announcement comes as Paychex continues to position itself as a digitally driven HR leader, offering comprehensive and innovative human capital management solutions. The company’s focus on HR advisory and employee solutions has made it a significant player in the American private sector, paying 1 out of every 11 workers. With a strong financial foundation, including more cash than debt on its balance sheet and a 38-year track record of consistent dividend payments, Paychex demonstrates remarkable stability in the HR technology sector.Discover more about PAYX’s financial strength with InvestingPro, which provides detailed analysis of the company’s valuation, growth metrics, and future prospects through expert-curated research reports.

Paychex’s nearly 19,000 employees uphold the vision and values established by Golisano, which have been instrumental in the company’s accomplishments and successes. This transition is a significant milestone for Paychex as it continues to evolve and serve the needs of today’s workforce across the U.S. and Europe.

The information in this article is based on a press release statement from Paychex, Inc.

In other recent news, Paychex, Inc. has announced significant developments that may interest investors. The company completed its acquisition of Paycor HCM, Inc. for approximately $4.1 billion, which is expected to enhance Paychex’s technology and service capabilities. This strategic move aims to unlock new revenue streams and is anticipated to be accretive to Paychex’s adjusted diluted earnings per share by fiscal 2026. Additionally, Paychex has raised its quarterly cash dividend by 10% to $1.08 per share, reflecting its commitment to maintaining a strong dividend policy post-acquisition.

In another financial maneuver, Paychex issued $4.2 billion in senior notes with varying maturities and interest rates. The proceeds from this offering are intended to finance the Paycor acquisition and cover related expenses. The company plans to use any remaining funds for general corporate purposes, demonstrating proactive financial management. J.P. Morgan Securities LLC and BofA Securities, Inc. served as joint book-running managers for this offering. These developments highlight Paychex’s strategic efforts to strengthen its market position and financial stability.

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