secwatch.observer — SEC 8-K summary
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Issuer:     PAYCHEX INC (PAYX)
CIK:        0000723531
Form:       8-K
Filed at:   2023-09-05T23:59:59+00:00
Accession:  0000950170-23-046398
Event type: leadership
Sentiment:  neutral
Materiality: 0.65
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/723531/000095017023046398/0000950170-23-046398-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/723531/000095017023046398/payx-20230905.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-046398

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer