Paychex Founder B. Thomas Golisano Steps Down

By Philip Seaworth • Monday, May 19 06:07 • Permanent Link

Paychex Inc. (Nasdaq: PAYX) has announced that B. Thomas Golisano, the company's Founder, will be stepping down from the Board of Directors after the July 2025 meeting. Golisano, who established the company in 1971, has played a significant role in its evolution into a technology-driven human resources and payroll services company, now 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."

Since its founding, Paychex has seen significant growth, and under the leadership of Golisano, it has reached a substantial milestone. The company has also seen remarkable philanthropic efforts from Golisano, with unprecedented charitable awards totaling nearly a half-billion dollars for more than 120 non-profit organizations.

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."

Furthermore, Mr. Gibson, on behalf of nearly 19,000 employees, 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 that provides comprehensive, flexible, and innovative HCM solutions for organizations of all sizes. The company pays 1 out of every 11 American private sector workers and is raising the bar in HCM for nearly 800,000 customers in the U.S. and Europe.

The departure of Golisano from the board marks the end of an era for Paychex, and the company will likely continue to honor his legacy while moving forward under its current leadership. The market has reacted to these announcements by moving the company's shares 1.0% to a price of $155.98. If you want to know more, read the company's complete 8-K report here.

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