- After less than four months in the position
- Elimination of dual Chief Executive Officer role
- Chad Richison becomes sole Chief Executive Officer
(exechange) — Oklahoma City, Oklahoma, May 31, 2024 — Chris Thomas, co-chief executive of Paycom, leaves his position. As announced by Paycom Software Inc. in a regulatory filing published on Friday, May 31, 2024, Christopher G. (Chris) Thomas has left his post as co-chief executive officer at the provider of cloud-based human capital management software, after less than four months in the role, effective May 29, 2024.
Generally speaking, it raises questions when a co-CEO leaves his post abruptly and after a short tenure.
Paycom eliminates the dual Chief Executive Officer role. Chad Richison will be sole Chief Executive Officer.
Chris Thomas’s move coincides with a management shake-up also involving the positions of Chief Operating Officer; Chief Legal Officer; and Chief Human Resources Officer.
“Personal reasons”
The management change is explained as follows. Paycom stated: “On May 29, 2024, for personal reasons, Christopher G. Thomas resigned from his position as Co-Chief Executive Officer of the Company, effective immediately.”
Precise information regarding Chris Thomas’s future plans was not immediately available.
Share price decline since February 2024
The announcement follows a decline in Paycom Software Inc.’s share price of 18% since February 2024. February 2024 is the month in which Thomas’s tenure as co-CEO began.
In the position of Co-CEO since 2024
Chris Thomas became Co-CEO of the Company in 2024.
Chris G. Thomas has served as the Company’s Co-Chief Executive Officer since February 2024.
Since joining the Company in 2018, Thomas served in a variety of leadership roles in operations and client service, including as Vice President of Operations from July 2022 to March 2023, as Senior Executive Vice President of Operations from March 2023 to September 2023 and as Chief Operating Officer from September 2023 to February 2024.
Prior to joining Paycom, he was a senior manager of business systems at Love’s Travel Stops for over seven years.
Thomas’s career has spanned from small business ownership to leadership roles across multiple industries.
He earned his bachelor’s degree in business administration from the University of Oklahoma.
No statement by Chris Thomas
The announcement of his departure as co-CEO does not include a statement by Chris Thomas.
The above text is an excerpt from the exechange report 23.2024 ($), publication date June 3, 2024.