Paychex, Inc. (Nasdaq: PAYX) has announced that its founder, B. Thomas Golisano, will be stepping down from the company’s Board of Directors after the July 2025 meeting. Golisano, 83, established Paychex in 1971 with a vision to provide payroll support to small businesses. Since then, the company has evolved into a technology-driven human resources and payroll services company serving nearly 800,000 clients and generating annual revenues of over $5 billion with a market capitalization exceeding $50 billion.
Reflecting on his tenure, Golisano remarked, “It’s been a great run of over 54 years. I’m very proud of the company and our performance over the last five decades including the continued growth in its service offerings, technology advancements, and financial performance.”
Last fall, Golisano announced philanthropic awards totaling nearly a half-billion dollars for more than 120 non-profit organizations. Throughout his lifetime, he has committed over $800 million in total charitable gifts.
Martin Mucci, the current Chairman of the Board, expressed gratitude to Golisano, stating, “I want to thank Tom for his unwavering commitment to the growth and success of Paychex, and for the significant impact he has had on our clients, employees, shareholders, and the community at large. Personally, I have had the privilege of working with Tom for over 20 years and have benefited from his dedication to the success of Paychex, his entrepreneurial spirit, and his focus on our clients and shareholders. He has been a mentor and a friend, and I look forward to continuing this relationship.”
The company has not only seen growth in its service offerings and technology advancements but also in financial performance, with annual revenues exceeding $5 billion and a market capitalization exceeding $50 billion. Paychex pays 1 out of every 11 American private sector workers and is raising the bar in human capital management for nearly 800,000 customers in the U.S. and Europe. Following these announcements, the company's shares moved 1.0%, and are now trading at a price of $155.98. If you want to know more, read the company's complete 8-K report here.
