Paychex Founder Golisano Steps Down

By Tamara Parker • Sunday, May 18 15:24 • Permanent Link

Paychex, Inc. (Nasdaq: PAYX) recently announced the decision of its Founder, B. Thomas Golisano, to step down from the company's Board of Directors after their July 2025 meeting. Golisano, 83, established Paychex in 1971 and served as President, Chief Executive Officer, and Chairman of the Board of Directors. Since its founding, Paychex has transformed 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 expressed pride in the company's performance over the last five decades, including continued growth in service offerings, technology advancements, and financial performance. Last fall, he announced philanthropic awards totaling nearly a half-billion dollars for more than 120 non-profit organizations in New York and Southwest Florida. Throughout his lifetime, Golisano has committed over $800 million in total charitable gifts.

Martin Mucci, Chairman of the Board, expressed gratitude to Golisano for his dedication to the growth and success of Paychex. Mucci highlighted Golisano's impact on clients, employees, shareholders, and the community, acknowledging him as a mentor and a friend. He also thanked Golisano for setting the vision and values that have made the company's accomplishments and successes possible.

Paychex, Inc. is a digitally-driven HR leader offering comprehensive, flexible, and innovative Human Capital Management (HCM) solutions for organizations of all sizes. It pays 1 out of every 11 American private sector workers and serves nearly 800,000 customers in the U.S. and Europe. For more information about Paychex, visit their website at paychex.com.

This announcement marks the end of an era as Golisano steps down from the Board of Directors, leaving behind a legacy of entrepreneurial spirit, philanthropy, and dedication to the success of Paychex. As a result of these announcements, the company's shares have moved 1.0% on the market, 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.

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