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Paychex names new chief financial officer

Payroll processor and human resources manager Paychex Inc. said on Wednesday that John M. Morphy, its chief financial officer, will retire at the end of the year.

Morphy will be replaced by Efrain Rivera, a former chief financial officer for Bausch & Lomb, which makes products for eye health. Rivera begins his new job on June 1.

Rivera worked for Bausch & Lomb for 20 years. He held several management positions, and was corporate vice president and chief financial officer when he left in 2009. He then worked as vice president of finance and administration at Houghton College in Houghton, N.Y.

Morphy joined Paychex in 1995 and was named vice president, chief financial officer, secretary, and treasurer in the next year. He was named senior vice president in 2002.

Paychex shares fell 45 cents to $32.53 in morning trading.