Paychex Inc. (Nasdaq: PAYX) recently announced that the company's Founder, B. Thomas Golisano, will be stepping down from his role as a member of the Paychex Board of Directors after the Board's July 2025 meeting. Golisano, 83, established Paychex in 1971 with a vision to provide payroll support to small businesses. The company has since evolved into a technology-driven human resources and payroll services company, currently 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 in various communities. Throughout his lifetime, he has committed over $800 million in total charitable gifts.
Martin Mucci, 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." Mucci also emphasized the privilege of working with Golisano for over 20 years and his mentorship and dedication to the success of Paychex.
As of now, Paychex pays 1 out of every 11 American private sector workers and is raising the bar in human capital management (HCM) for nearly 800,000 customers in the U.S. and Europe. Every member of the Paychex team is committed to fulfilling the company's purpose of helping businesses succeed. Following these announcements, the company's shares moved 0.76%, and are now trading at a price of $155.60. For the full picture, make sure to review PAYCHEX INC's 8-K report.
