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Paychex CFO to retire; successor named
Paychex CFO to retire; successor named
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Paychex Inc. announced that Efrain Rivera, senior vice president and chief financial officer, will retire, effective Oct. 12th.
Robert L. Schrader, currently vice president of Finance and Investor Relations, will be named senior vice president and CFO, effective Oct. 13.
Rivera – who has served in the role since 2011 – will remain as a senior advisor for the remainder of 2023.
“Efrain has been a key strategic advisor and catalyst of Paychex’s transformation over the last decade,” said John Gibson, Paychex president and CEO. “Today Paychex is a leading (human capital management) technology company and trusted advisor to businesses because of the impact of Efrain’s intellect and strong financial stewardship.”
Gibson noted that during Rivera’s time as CFO, Paychex revenue has more than doubled, to over $5 billion from $2 billion and the company’s market capitalization has increased to nearly $45 billion from $10 billion.
Schrader is a senior executive with more than 25 years of experience in corporate finance and public accounting. In addition to his current role at Paychex, he has served as vice president and controller, senior director, Financial Planning and Analysis and joined Paychex in December 2014 as director, Internal Audit.
Prior to Paychex, Schrader was chief financial officer for Unither Manufacturing, LLC. Before taking that role, Schrader was with Bausch & Lomb, Inc. and culminated his 10-year career there as vice president of Finance and controller of Global Quality and Operations. He was a former audit manager at PricewaterhouseCoopers LLP.
Schrader is a certified public accountant. He holds an MBA from the University of Rochester’s Simon Business School and a Bachelor of Science degree from the State University of New York College at Brockport.
“I have had the opportunity to work alongside Bob throughout my tenure at Paychex and I am confident that he is the right leader to support Paychex into our next phase of growth,” Gibson said.
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