Paychex, Inc. (NASDAQ: PAYX) — a provider of payroll, human resource, insurance, and benefits-outsourcing services to small- to medium-sized businesses — recently announced that its board voted to expand to 10 members. It has appointed Thomas F. Bonadio — CEO and managing partner of the Bonadio Group, the largest certified public accountant firm in New York state outside Manhattan — to fill the newly created board position, effective immediately.
Tom Bonadio, a CPA, began his career with Arthur Andersen & Co. in Rochester. He left the firm in 1978 to start his own firm. The Bonadio Group today generates annual revenue of more than $100 million and is the 38th largest CPA firm in the U.S. The Bonadio Group has more than 700 employees and is headquartered in Rochester. The firm also has a Syracuse office and several others across upstate New York and beyond.
“The strong connection between Paychex and the accounting community goes to when our company was founded, and Tom’s expertise in this area will be valuable to us,” Paychex president and CEO Martin Mucci said in a news release. “Tom is a successful entrepreneur whose experience building his own business is representative of many clients Paychex serves today. I believe his insight and knowledge will make Tom a valuable addition to the Paychex Board of Directors.”
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Bonadio has experience serving on publicly traded boards and is currently a director and chair of the audit committee for CurAegis Technologies (OTC: CRGS), formerly Torvec, Inc. He also previously served as a director and audit committee chair for Conceptus, Inc., a medical-products manufacturer and developer that is now a wholly owned subsidiary of Bayer AH of Germany.
Bonadio holds a bachelor’s degree in business administration from St. John Fisher College near Rochester. He is the 2016 recipient of the Herbert W. Vanden Brul Entrepreneurial Award, presented by Rochester Institute of Technology.
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