On September 5, 2023, Efrain Rivera, Senior Vice President and Chief Financial Officer of Paychex, Inc. (the Company), notified the Company of his intention to retire as Chief Financial Officer effective as of end of business on October 12, 2023, following which Mr. Rivera will continue to serve as a senior advisor to the Company through December 31, 2023. Also on September 5, 2023, the Board appointed Robert L. Schrader, age 51, to serve as the Company?s Senior Vice President and Chief Financial Officer effective as of October 13, 2023. Mr. Schrader assumed the role of Vice President, Finance and Investor Relations in January 2023.

Prior to January 2023, he served in successive roles as Vice President and Controller, Senior Director of Financial Planning and Analysis, and Director of Internal Audit since joining the Company in December 2014. 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, Mr. Schrader was chief financial officer for Unither Manufacturing, LLC. Before taking that role, Mr. 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.