Paychex CFO Efrain Rivera to retire Oct 12, 2023; Robert Schrader named successor

PAYCHEX INC

Efrain Rivera retires as CFO effective Oct 12, 2023; will serve as senior advisor through Dec 31, 2023.
Robert L. Schrader appointed SVP and CFO effective Oct 13, 2023; previously VP Finance and Investor Relations.
Under Rivera, Paychex revenue doubled from $2B to over $5B; market cap rose from $10B to ~$45B.
Schrader's total target compensation: $2.1M; base salary $450K; stock option, RSU, and performance RSU awards.
Schrader is a CPA with 25+ years experience, MBA from University of Rochester's Simon Business School.

item 5.02 item 9.01

Executive movements

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Departed

Efrain Rivera

Senior Vice President and Chief Financial Officer

PAYX · PAYCHEX INC

Effective: 2023-10-12
Successor: Robert L. Schrader
Filed: September 5, 2023, 7:59 PM ET

On September 5, 2023, Efrain Rivera, Senior Vice President and Chief Financial Officer of Paychex, Inc. (the “Company”), notified the Company of his intention to retire as Chief Financial Officer effective as of end of business on October 12, 2023

Appointed

Robert L. Schrader

Senior Vice President and Chief Financial Officer

PAYX · PAYCHEX INC

Effective: 2023-10-13
Filed: September 5, 2023, 7:59 PM ET

Also on September 5, 2023, the Board appointed Robert L. Schrader, age 51, to serve as the Company’s Senior Vice President and Chief Financial Officer effective as of October 13, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Efrain Rivera retired as Senior Vice President and Chief Financial Officer at PAYCHEX INC.

Action: retired
Role: Senior Vice President and Chief Financial Officer

Exact text from the filing

On September 5, 2023, Efrain Rivera, Senior Vice President and Chief Financial Officer of Paychex, Inc. (the “Company”), notified the Company of his intention to retire as Chief Financial Officer effective as of end of business on October 12, 2023

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Robert L. Schrader was appointed as Senior Vice President and Chief Financial Officer at PAYCHEX INC.

Action: appointed
Role: Senior Vice President and Chief Financial Officer

Exact text from the filing

Also on September 5, 2023, the Board appointed Robert L. Schrader, age 51, to serve as the Company’s Senior Vice President and Chief Financial Officer effective as of October 13, 2023.

View on SEC.gov

PAYCHEX INC filing history →

Source: SEC EDGAR

accession 0000950170-23-046398

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