Paycom names new CFO as Boelte retires

OKLAHOMA CITY - Paycom Software (ETR:SOWGn), Inc. (NYSE:PAYC), a prominent provider of cloud-based human capital management software with a market capitalization of $11.56 billion, has appointed Bob Foster as its new chief financial officer, effective February 21, 2025. Foster will be taking over from Craig Boelte, who is retiring after nearly two decades of service with the company. According to InvestingPro data, Paycom demonstrates strong financial health with impressive gross profit margins of 85.6%.

Foster joined Paycom in 2022, initially overseeing the company’s growth strategy and later serving as executive vice president of accounting and finance. His prior experience includes eight years as CEO and chairman of a payroll firm, where he significantly increased revenue and expanded operations. Before that, he was a senior partner at Ernst & Young, managing some of the firm’s largest accounts.

Chad Richison, Paycom’s founder and CEO, praised Foster’s contributions to the company’s growth strategy and his expertise in accounting, payroll, and process automation. Richison expressed confidence in Foster’s ability to continue delivering positive results for clients and stockholders.

Foster himself is eager to maintain Paycom’s financial management standard and to propel the human capital management (HCM) industry forward. He also emphasized the strong return on investment the company has provided for its clients.

Boelte, who joined Paycom as CFO in 2006, played a crucial role in the company’s transition from a small private firm to an S&P 500 publicly traded entity. He expressed gratitude for the opportunity to have been part of Paycom’s growth and for the dedication of the company’s employees and leadership team.

Paycom, with over 25 years of history, offers an employee-first technology platform that integrates HR and payroll data into a single app, aiming to improve efficiencies and empower employees with direct access to their HR information. For a deeper understanding of Paycom’s financial health and growth prospects, investors can access comprehensive analysis and additional ProTips through InvestingPro’s detailed research reports, available for over 1,400 US stocks.

This transition in leadership is based on a press release statement from Paycom Software, Inc.

In other recent news, Paycom Software has seen a change in stock price targets by two analyst firms. BMO Capital Markets revised its price target for Paycom down to $225 from the previous $260, maintaining a Market Perform rating. This adjustment reflects a reassessment of the company’s performance and future prospects. BMO Capital also adjusted its 2025 revenue estimate for Paycom to approximately $2.02 billion, indicating an 8% year-over-year increase.

On the other hand, TD Cowen adjusted its price target for Paycom from $248.00 to $218.00 while retaining a Hold rating. The revision represents a more conservative outlook based on the company’s recent guidance and expected performance in the coming years. Levine of TD Cowen now projects growth rates of 9.9% for fiscal year 2024, and 10.5% for both fiscal years 2025 and 2026.

In addition to these adjustments, Paycom recently announced the addition of Joe Binz to its board of directors. Binz, the current Chief Financial Officer at Atlassian (NASDAQ:TEAM), brings over three decades of financial leadership in the technology sector to the Paycom team. His experience is expected to contribute significantly to Paycom’s strategic direction and growth. These recent developments reflect the ongoing changes and strategic moves within Paycom Software.

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