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Posted 24 August, 2022

PAYCHEX INC appointed John B. Gibson as new CEO

Nasdaq:PAYX appointed new Chief Executive Officer John B. Gibson in a 8-K filed on 24 August, 2022.


  On August 23, 2022, the Board appointed John B. Gibson, age 56, to serve as the Company's President and Chief Executive Officer effective as of October 14, 2022.  

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Overview of PAYCHEX INC
Business/Consumer Services • Accounting
Paychex, Inc. engages in the provision of human capital management solutions for payroll, human resources, insurance and retirement for small and medium-sized businesses. Its solutions include payroll services, hiring services, business insurance, time and attendance, employee benefits, finance and payments, human resources services and startup services. The company was founded by Blase Thomas Golisano in 1971 and is headquartered in Rochester, NY.
Market Cap
$44.0B
View Company Details
PAYCHEX INC by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 23, 2022, Martin Mucci, the Chairman and Chief Executive Officer of Paychex, Inc. (the "Company"), notified the Board of Directors of the Company (the "Board") of his intention to retire as the Company's Chief Executive Officer effective as of October 14, 2022. Mr. Mucci will retain his role as Chairman of the Board.


On August 23, 2022, the Board appointed John B. Gibson, age 56, to serve as the Company's President and Chief Executive Officer effective as of October 14, 2022. Mr. Gibson assumed the role of President and Chief Operating Officer of the Company in December 2021. Prior to December 2021, he served as the Company's Senior Vice President of Service since joining the Company in May 2013. 


Upon Mr. Gibson becoming the Company's President and Chief Executive Officer on October 14, 2022, Mr. Gibson's base salary will be increased to $825,000 per year. Upon his appointment on October 14, 2022, Mr. Gibson will receive a non-qualified stock option award with a grant date fair value of $600,000 that will vest in three equal annual installments, have a 10-year term and an exercise price equal to the closing price of the Company's common stock on October 14, 2022. Mr. Gibson will also receive a time-based restricted stock award with a grant date fair value of $400,000 that vests in three equal annual installments and a performance-based restricted stock award with a grant date fair value of $1,500,000 that will vest upon the achievement of the two-year performance metrics established by the Compensation and Leadership Committee in July 2022, followed by a one-year service vesting period. Mr. Gibson will also be eligible to receive a cash annual incentive program award with a target of 150% of his base salary for the portion of the fiscal year he serves as the Company's President and Chief Executive Officer upon the same performance metrics established for Mr. Mucci for the fiscal year ended May 31, 2023 ("fiscal 2023"). For the portion of fiscal 2023 in which Mr. Gibson served as President and Chief Operating Officer, he will continue to be eligible to receive a cash annual incentive program award with an annual incentive target of 125% of his base salary upon the same performance metrics established for him for fiscal 2023. 


There are no arrangements between Mr. Gibson or any other person pursuant to which he was appointed as the Company's Chief Executive Officer. There are no family relationships, as defined in Item 401 of Regulation S-K, between Mr. Gibson and any of the Company's directors or executive officers. Mr. Gibson is not a party to any related party transaction with the Company required to be disclosed pursuant to Item 404(a) of Regulation S-K. 


A copy of the press release issued by the Company on August 24, 2022, is filed hereto as Exhibit 99.1.