01—Abstract
Summary
Summary of the 8-K filed May 17, 2024. Cited figures are marked; the original filing is the authoritative source.
Paychex, Inc. filed this Current Report on Form 8-K to disclose a leadership transition in its legal function.
On May 16, 2024, Stephanie Schaeffer, Vice President, Chief Legal & Ethics Officer, and Secretary of Paychex, Inc., notified the Board of Directors of her intention to retire effective August 2, 2024. Until a successor is appointed, Ms. Schaeffer will continue in her current role. After that, she will serve as a senior advisor to the Company to assist with the transition on a full-time basis, at her current base salary, until her retirement date.
The filing does not disclose any financial results, guidance, or other financial metrics. Its significance for investors is limited to the planned succession in the Chief Legal & Ethics Officer and Corporate Secretary roles, with a transition period built in before her retirement.
02—Key points
Key Highlights
- Stephanie Schaeffer, Vice President, Chief Legal & Ethics Officer, and Secretary, notified the Board on May 16, 2024 of her intention to retire.
- Her retirement is effective August 2, 2024.
- She will remain in her current role until a successor is appointed.
- After the successor is appointed, she will serve as a senior advisor to assist with the transition on a full-time basis.
- Her base salary remains unchanged through her retirement date.
- The filing reports Item 5.02 (officer departure and compensatory arrangements) and Item 9.01 (exhibits, consisting only of the Inline XBRL cover page).
03—Questions
Frequently Asked Questions
Why is Paychex's Chief Legal & Ethics Officer retiring?
The filing states that Ms. Schaeffer notified the Board of her intention to retire but does not give a reason.
When does the retirement take effect?
Ms. Schaeffer's retirement is effective as of August 2, 2024.
What role will Ms. Schaeffer have during the transition?
She will serve in her current role until a successor is appointed. She will then serve as a senior advisor to the Company to assist with the transition on a full-time basis, at her current base salary, until her retirement date.
Does this filing include any financial results or guidance?
No. The filing covers only a leadership transition and attaches only the Inline XBRL cover page as an exhibit.
04—Continue