Paychex, Inc. appointed Christopher Simmons, age 54 to principal accounting officer. Effective October 13, 2023, Mr. Simmons will report to Mr. Schrader, concurrent with the effective date of Mr. Schrader?s appointment to serve as the Company?s Senior Vice President and Chief Financial Officer. Mr. Simmons will succeed Robert L. Schrader.

Mr. Simmons is a senior executive with over 20 years of experience in accounting, tax and treasury. Since August 2022, he served as Vice President and Treasurer at Paychex, overseeing the corporate treasury and tax functions for the company with responsibilities for bank and capital markets relationships, corporate liquidity, investment management, tax policy, tax planning, and tax audit and defense. Mr. Simmons first joined Paychex in 2014 and prior to August 2022, has held various leadership roles within the corporate finance department, including senior director of tax and assistant treasurer.

Before joining Paychex, Mr. Simmons held various senior management positions, including vice president of corporate taxes and director of external tax reporting at Bausch & Lomb. Prior to joining Bausch & Lomb, he held leadership roles with the tax consulting practice of a global public accounting firm. Mr. Simmons earned a B.S. in accounting from Roberts Wesleyan College, a J.D. from Albany Law School of Union University, and an LL.M. in Taxation from New York University School of Law.

He is also a Certified Public Accountant and a Certified Treasury Professional. Mr. Simmons?s current base salary is $275,000 per year and he is currently eligible to receive a cash annual incentive program award with a target of 60% of his base salary. Mr. Simmons currently receives equity awards under the Company?s Amended and Restated 2002 Stock Incentive Plan, including non-qualified stock option awards that 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 their grant dates; time-based restricted stock unit awards at grant date fair values that vest in three equal annual installments and performance-based restricted stock unit awards with grant date fair values at target that will vest upon the achievement of two-year performance metrics established by the Compensation and Leadership Committee when granted, followed by a one-year service vesting period.

Similar to other Vice Presidents of the Company, Mr. Simmons?s compensation is at the discretion of the Compensation and Leadership Committee.