Paychex Bonuses Slashed
Executives at Paychex took a hit in the pocket book as shown by the company's report regarding compensation for the year ended May 31, with bonuses trimmed substantially. The largest decline was experienced by President and CEO Jonathan J. Judge whose total compensation fell to just under $3.45 million for the year, down 25.6 percent and a drop of $1.2 million, from $4.63 million for fiscal 2008. The information was contained in the annual proxy statement filed with SEC.
Judge received a nominal increase in salary to $915,000 from $908,606. But his bonus was only $320,250, down from just under $1.1 million for fiscal 2008. His option awards fell to just under $1.5 million for the most recently ended year, down 17.6 percent from $1.79 million the prior year. Meanwhile, total compensation for SVP John M. Morphy dropped to $1.18 million, down 13.5 percent from $1.37 million a year ago. His 2009 bonus of $87,849 compared to $296,851 for fiscal 2008. Pay for SVP Martin Mucci declined to $922,214, off 21.4 percent from $1.1 million. His 2009 bonus was $85,601, down from $286,550 for 2008.
