Washington (Aug. 25, 2003) -- Payroll giant Paychex Inc. rewarded its chief executive, Thomas Golisano, with a $309,660 bonus in fiscal 2003, boosting his pay 46 percent from 2002, according to regulatory filings.

Golisano, a billionaire and 10 percent owner of Paychex, is best known for spending more than $73.9 million of his own money on a losing third-party bid for governor of New York last November.

Last year, Golisano received no bonus at all from Paychex, the second-largest payroll processor in the country.

Golisano's salary for the fiscal year ended May 31 increased to $776,540 from $744,230 the previous year.

Golisano has chosen not to receive stock option grants in the past three fiscal years, according to the filing.

Paychex, which is based in Rochester, N.Y., reported revenue of $1.1 billion in fiscal 2003.

-- WebCPA staff

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