Press release
Paychex Announces Efrain Rivera Plans to Retire as CFO
Robert L. Schrader, Paychex Vice President of Finance and Investor Relations, to succeed Rivera as CFO effective October 13th ROCHESTER, N.Y.--(BUSINESS
About this update from Paychex, Inc.
[{"type":"text","content":"\nRobert L. Schrader, Paychex Vice President of Finance and Investor Relations, to succeed Rivera as CFO effective October 13th\n\n\n ROCHESTER, N.Y.--(BUSINESS WIRE)--\nPaychex, Inc., a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services, announced today that Efrain Rivera, senior vice president and chief financial officer will retire as CFO, effective October 12th, 2023. Rivera will remain as a senior advisor for the remainder of 2023. Robert L. Schrader, currently vice president of Finance and Investor Relations, will be named senior vice president and CFO, effective October 13, 2023.\n\n\n“On behalf of the board of directors, the management team, and the more than 16,000 Paychex employees, we want to thank Efrain for his leadership over the past 12 years,” said Paychex president and CEO, John Gibson. “Efrain has been a key strategic advisor and catalyst of Paychex’s transformation over the last decade. Today Paychex is a leading HCM technology company and trusted advisor to businesses because of the impact of Efrain’s intellect and strong financial stewardship. In his time as CFO, Paychex revenue has more than doubled, from $2 billion to over $5 billion and our market capitalization has increased from $10 billion to nearly $45 billion. The board and our leadership team are sincerely grateful to Efrain for his many contributions.”\n\n\n“I’m also pleased to have Bob Schrader succeed Efrain as CFO, as a continued sign of Paychex’s strong talent bench and thoughtful succession planning. I have had the opportunity to work alongside Bob throughout my tenure at Paychex, and I am confident that he is the right leader to support Paychex into our next phase of growth,” said Gibson. “Our mission will continue to be the leader in our industry by remaining true to Paychex’s core purpose: to help businesses succeed.”\n\n\nRivera joined Paychex as senior vice president, CFO and treasurer in 2011. In his time as CFO, Paychex has transformed into a technology-enabled service company and significantly expanded its HR solutions capabilities.\n\n\n“The opportunity to provide strategic guidance and financial leadership for Paychex as CFO has been the highlight of my career,” stated Rivera. “I want to extend my sincere thanks to our employees and the leadership ...