CFO and Senior Vice President of Paychex Efrain Rivera Retires

Paychex, Inc., a prominent provider of integrated human capital management software solutions encompassing HR, payroll, benefits, and insurance services, has officially announced the retirement of Efrain Rivera, the Senior Vice President and Chief Financial Officer. His retirement will take effect on October 12th, 2023, although he will continue to serve as a Senior Advisor for the remainder of the year. In his place, Robert L. Schrader, currently holding the position of Vice President of Finance and Investor Relations, will assume the role of Senior Vice President and CFO starting on October 13, 2023.

John Gibson, President and CEO of Paychex, expressed gratitude to Efrain Rivera for his exemplary leadership during his 12-year tenure. Gibson credited Rivera for being a key strategic advisor and catalyst in Paychex’s transformation over the past decade. Under Rivera’s stewardship as CFO, Paychex experienced significant growth, with revenue more than doubling from $2 billion to over $5 billion and the market capitalization increasing from $10 billion to nearly $45 billion. The company’s board and leadership team sincerely appreciate Rivera’s many contributions.

Gibson also expressed confidence in Bob Schrader’s ability to succeed Efrain as CFO, underscoring Paychex’s commitment to nurturing strong talent and thoughtful succession planning. He praised Schrader’s long-standing presence at Paychex and his suitability for leading the company into its next phase of growth.

Efrain Rivera initially joined Paychex in 2011 as Senior Vice President, CFO, and Treasurer. During his tenure, Paychex transformed into a technology-enabled service company and significantly expanded its HR solutions capabilities. Rivera expressed his appreciation for the opportunity to provide strategic guidance and financial leadership during his role as CFO. He extended his thanks to the employees and leadership team whose dedication contributed to significant financial achievements. Rivera also took pride in Paychex’s role in providing value to the business community and supporting over 740,000 clients. He commended the capable and innovative finance leader who will succeed him as CFO.

Robert L. Schrader brings over 25 years of corporate finance and public accounting experience to his new role as CFO. Besides his current position at Paychex, he has held roles such as Vice President and Controller, Senior Director of Financial Planning and Analysis, and Director of Internal Audit since joining Paychex in December 2014. Before Paychex, Schrader served as CFO for Unither Manufacturing, LLC, and he also worked at Bausch & Lomb, Inc., culminating his tenure there as Vice President of Finance and Controller of Global Quality and Operations.

Schrader is a certified public accountant and has an MBA from the University of Rochester’s Simon Business School, along with a Bachelor of Science degree from the State University of New York College at Brockport.

Have you read?
Ranked: The World’s Most Powerful Countries For 2023.
Ranked: Countries with the highest share of women in parliament.
The World’s Largest old Producing Countries, 2023.
Ranked: The World’s Most Influential Countries, 2023.
Ranked: World’s Most Forward-Thinking Countries, 2023.