Paychex Inc.’s board of directors has voted to expand the board from nine members to 10. The board has appointed Kevin Price to fill the new position.
Price is the founder and president of PartsScription, an innovative e-commerce platform that helps national and regional retailers to expand their product and parts capabilities. Prior to founding the company in 2006, Price served as customer care network vice president for Sears Holdings Corp. He brings more than 35 years of experience to the Paychex board.
“Not only is Kevin a strategic executive, but he is a successful entrepreneur whose experience building his own business is representative of many clients Paychex serves today,” said Paychex President and CEO Martin Mucci in a statement. “His insight and knowledge will make him a valuable addition to the Paychex board of directors.”
Separately, Paychex announced a quarterly dividend of 66 cents per share payable Aug. 26 to shareholders of record as of Aug. 2, 2021. Additionally, the board has authorized the purchase of up to $400 million of its common stock. The authorization expires Jan. 31, 2024.
“At Paychex, we take great pride in the company’s history of providing exceptional shareholder value,” Mucci said in a statement. “Today’s dividend and stock repurchase announcement are an illustration of that commitment and positions us to continue to make strategic investments in the long-term growth of Paychex.”
In June, the Rochester-based company reported fourth-quarter earnings of 72 cents per share, compared with 61 cents in the year-ago quarter. Adjusted net income for the quarter was $260.8 million, up from $220.6 million in the fourth quarter last year.
For the full year, sales were $4.06 billion, compared with $4.04 billion in fiscal 2020. On a per-share basis, adjusted earnings were $3.04, compared with $3 in fiscal 2020.
“We ended this year with strong momentum having navigated through a fiscal year of unprecedented challenges. Our fourth quarter results were driven by record client retention levels, record sales results and stronger checks per client, which were driven by improving macroeconomic conditions and gains in employment,” Mucci said in a statement in June. “Client base growth was strong and we ended the fiscal year with over 710,000 clients. We are proud to finish the year with positive service revenue growth which is a testament to the resiliency, innovation and commitment of our employees and the strength of our business model. Having navigated through the uncertain environment of the pandemic, we are well-positioned with the continued innovation of our technology and product suite to meet the continuing needs of businesses and help them succeed and thrive as they begin to bring employees back to work and adjust to the changes of how, where, and when work gets done.”
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