---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-046398"
form_type: "8-K"
ticker: "PAYX"
cik: "0000723531"
company_name: "PAYCHEX INC"
filed_at: "2023-09-05T23:59:59+00:00"
generated_at: "2026-06-11T00:16:48.261301+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-23-046398
- form_type: 8-K
- ticker: PAYX
- cik: 0000723531
- company_name: PAYCHEX INC
- filed_at: 2023-09-05T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723531/000095017023046398/0000950170-23-046398-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723531/000095017023046398/payx-20230905.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-046398
- JSON: https://secwatch.observer/filing/0000950170-23-046398.json
- Plain text: https://secwatch.observer/filing/0000950170-23-046398.txt

## Key facts
- Executive change
  Efrain Rivera retired as Senior Vice President and Chief Financial Officer at PAYCHEX INC.
  - Action: retired
  - Role: Senior Vice President and Chief Financial Officer
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/723531/000095017023046398/0000950170-23-046398-index.htm
- Executive change
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723531/000095017023046398/0000950170-23-046398-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.