Payroll services and benefits outsourcing provider Paychex Inc. said that founder Tom Golisano is stepping down as the company's president and chief executive, effective immediately.
Long-time IBM Corp. executive Jonathan J. Judge will succeed Golisano, 62, who will remain as chairman of the $1.3 billion company.
Prior to being named to his new post, Judge, 50, spent 25 years at IBM, joining the company in 1976 as a salesman and rising to become general manager of the $10 billion Personal Computing Division. He left IBM in 2002 to head Crystal Decisions Inc., a Vancouver-based provider of information management software.
"This is an excellent time to make this transition. Paychex is well-positioned, well-managed and continues to have enormous potential," said Golisano in a statement. "There is a large untapped market for payroll outsourcing in the United States."
Golisano said that in addition to maintaining his role as chairman of Paychex, he has a number of other activities he plans to pursue. "I am in great health and have many interests including other entrepreneurial opportunities, philanthropic endeavors and a desire for political reform in New York State," said Golisano. "I recently got married, have two children and six grandchildren, and I want to spend more time with them."
Currently, Paychex serves roughly half a million clients and has more than 100 offices.
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