Chad Richison Explained

Chad Richison
Birth Place:Tuttle, Oklahoma
Occupation:Founder, CEO and President of Paycom
Years Active:1998-present
Awards:
  • Ernst & Young Entrepreneur of the Year

Chad Richison is an American entrepreneur who has served as President and Chief Executive Officer of Paycom since its founding.[1]

Early life and education

Richison, a graduate of Tuttle High School, holds a B.A. in Mass Communications from the University of Central Oklahoma (1989–93).

A native Oklahoman, Richison began his career in sales with ADP, a global payroll provider, before moving to Colorado to work for a smaller, regional payroll provider.[2] In 1998, Richison and his family moved to Oklahoma and he founded Paycom.[3]

Paycom

Richison founded Paycom in 1998 and has remained on as its President and Chief Executive Officer. Paycom is believed to be one of the first companies to process payroll completely online and has been recognized by Fortune, Forbes and Inc. Magazine for its continued growth as one of the fastest-growing companies in the U.S.[4] [5]

On April 21, 2014, Richison took Paycom public on the New York Stock Exchange with a successful initial public offering of 6,645,000 shares that generated net proceeds of $64.3 million.[6] Following the IPO, Richison purchased an additional 52,600 shares of Paycom stock.[7] In 2019, Richison said that the next important thing for the company is 100% employee engagement and usage with Paycom’s database.[8] He sees employee self-service (ESS) technology as a necessary change, allowing employees more freedom to manage and input their own HR data, and freeing businesses to do more strategic, and less administrative, work.[9]

In April 2021, it was reported Richison was the highest paid CEO of any American company in 2020, receiving US$211.3 million as part of a restricted stock award.[10] [11] If Paycom's stock doesn't meet specific targets by 2030, the compensation package for 2020 will be in the range of $20 million (Richison is not eligible for another stock incentive until 2026).[12]

Personal life

Richison lives with his family in Edmond, Oklahoma, and is a member of the Greater Oklahoma City Chamber of Commerce and Oklahoma Business Roundtable.[6] As of September, Forbes estimated his net worth at U.S. $2.3 billion.[13] [14] Richison is one of only seven billionaires residing in Oklahoma and is the youngest Oklahoman on the list.

In November 2015, Richison made, at the time, the single-largest donation ever to his alma mater's athletic program. His $10 million gift to UCO Athletics will fund its athletic complex.[15] In October 2017, he gave an additional $4 million gift to its 'complete the dream' campaign.[16]

In 2015, Richison founded the Green Shoe Foundation, an organization devoted to helping functioning adults reconcile childhood traumas so they can live a life of peace and maturity.[17] In addition to Green Shoe, Richison also created the Richison Family Foundation, which provides funding for organizations in children's education, foster care, food supplies and mental health. Their work includes support for Oklahoma's first Hope Lodge,[18] the Oklahoma Educational Television Authority,[19] the Oklahoma City National Memorial and Museum,[20] public school programs, and more.

In December 2020, he announced he had joined The Giving Pledge.[21]

In 2021, following a $10 million donation from Richison, the University of Central Oklahoma's football stadium was renamed the Chad Richison Stadium. To date, he has donated $25 million to the college.[22]

Awards and accolades

Richison was ranked one of the top 100 CEOs nationally in 2019 by Glassdoor,[23] and was the only Oklahoma executive on the large business list. Richison’s placement ranked him above notable technology leaders like Apple’s Tim Cook.

In 2010, Richison received the Ernst & Young Entrepreneur of the Year Award for the Southwest Area North.[24] Richison was bestowed the highest honor at the University of Central Oklahoma in 2012 after being named a Distinguished Alumnus. Richison earned The Oklahoman's 2013 Large Business Leadership Award, while his company ranked as one of the Top Workplaces in the state.[25] [26] Glassdoor ranked Richison among the highest rated CEOs for 2014.[27] [28] In 2015, Richison was named Oklahoma’s Most Admired CEO in the public company category and was profiled in Oklahoma’s Most Admired CEOs magazine.[29]

The Green Shoe Foundation, an organization founded by Richison, was the recipient of the 2017 'Dr. Murali Krishna Eliminating the Stigma Award'.[30]

From 2019 to 2021, Richison has been named to the Forbes 400.[31] [32] [33]

External links

Notes and References

  1. Book: Lawson, Michael S. . Leading Change in Turbulent Times: How Effective Leaders Execute Change and Land Safely in Health and Business . AuthorHouse . 2010 . 9781452092898 .
  2. News: Dion . Don . Paycom Quiet Period Expiration Will Likely Pay Off For Investors . Seeking Alpha . 1 May 2014 . 16 June 2014 .
  3. News: Mecoy . Don . Loss leaves boss driven to succeed . . 29 November 2009 . 16 June 2014 .
  4. News: Bruns . Brian . Paycom CEO predicts company growth . The Journal Record . The Journal Record archives (subscription needed) . 25 August 2011 . 25 November 2013 .
  5. News: Hitting pay dirt . Smart Business . Smart Business . 26 August 2010 . 23 June 2014 .
  6. News: Brian . Brus . Scaling service: Paycom CEO sees growth after IPO . The Wall Street Journal . 29 May 2014 . 23 June 2014 .
  7. News: Davis . Scott . Insider Buying: Chad R. Richison Acquires 52,600 Shares of Paycom Software Stock (PAYC) . WKRB News & Analysis . 22 April 2014 . 16 June 2013 .
  8. Web site: Newcomers: These 19 Billionaires Join The Forbes 400 List In 2019. Çam. Deniz. Forbes. en. 2019-12-20.
  9. Web site: Newcomers: These 19 Billionaires Join The Forbes 400 List In 2019. Çam. Deniz. Forbes. en. 2020-01-10.
  10. Web site: Reuter. Dominick. The CEO of a company you've probably never heard of earned $211 million in compensation last year — and the title of highest-paid chief executive, according to a new ranking. 2021-05-27. Business Insider. en-US.
  11. News: Gelles. David. 2021-04-24. C.E.O. Pay Remains Stratospheric, Even at Companies Battered by Pandemic. en-US. The New York Times. 2021-04-25. 0362-4331.
  12. Web site: Paycom Software, Inc.. Form 10-K (2020). live. 25 April 2021. Paycom. https://web.archive.org/web/20210425024522/https://d18rn0p25nwr6d.cloudfront.net/CIK-0001590955/1531709b-32b6-462e-a796-e929cf77dd86.pdf . 2021-04-25 .
  13. News: Dishman . David . Oklahomans land on Forbes 400 . The Oklahoman . 6 October 2018 . 11 October 2018 .
  14. News: Novet . Jordan . Meet the billionaires of the new cloud boom . CNBC . 1 June 2019 . 10 June 2019 .
  15. News: Kathryn McNutt . Paycom founder gives $10M to University of Central Oklahoma athletic department . The Oklahoman . The Oklahoman . 10 November 2015 . 12 November 2015 .
  16. News: Neese . Sarah . UCO Alumnus Chad Richison Gifts $4 Million to 'Complete the Dream' . 2 October 2017 . 11 October 2018 .
  17. News: Howell . Melissa . Mental health foundation breaks ground on new retreat center in OKC . The Oklahoman . 3 February 2018 . 11 October 2018 .
  18. Web site: OKC VeloCity ACS breaks ground on Chad Richison Hope Lodge. 2021-05-27. www.velocityokc.com. en-US.
  19. Web site: 19 May 2020. OETA Receives $1 Million Donation From Paycom CEO, Chad Richison Through Richison Family Foundation. 17 August 2020. businesswire.
  20. Web site: 2020-06-09. Oklahoma City National Memorial & Museum receives $1 million gift from Paycom CEO Chad Richison. 2021-05-27. Oklahoman.com. en-US.
  21. Web site: Tognini. Giacomo. Oklahoma Billionaire Chad Richison Joins The Giving Pledge, Shares His Philanthropy Goals. 2020-12-22. Forbes. en.
  22. Web site: Gore . Hogan . Paycom CEO Chad Richison donates $10 million to UCO for stadium upgrades . The Oklahoman . 29 October 2021.
  23. News: Denwalt . Dale . Paycom founder among 'Top CEOs' . . 21 June 2019 . 21 June 2019 .
  24. News: Hamlin. Reagan. 31 October 2012. UCO names distinguished alumni. The Oklahoman. NewsOK.com. 23 June 2014.
  25. News: Burkes. Paula. 15 December 2013. Leadership Award – Large Companies. The Oklahoman. NewsOK.com. 23 June 2014.
  26. News: Bailey. Brianna. 15 December 2013. Top Workplaces: Paycom employees enjoy parties, fitness classes, subsidized meals. The Oklahoman. NewsOK.com. 23 June 2014.
  27. News: Staff. 24 March 2014. Richison ranked among highest-rated CEOs. The Journal Record. The Journal Record archives (subscription needed). 23 June 2014.
  28. News: Karol. Gabrielle. 11 December 2013. The Best Medium-Sized Companies to Work For and Why. Fox. 27 May 2014.
  29. News: Jessica Mitchell . 2015 Most Admired CEO’s . The Journal Record . The Journal Record . 12 February 2015 . 12 November 2015 .
  30. Web site: 2018-02-01. Green Shoe Foundation of OKC to host groundbreaking. 2020-06-17. Oklahoman.com. en-US.
  31. Web site: Çam. Deniz. Newcomers: These 19 Billionaires Join The Forbes 400 List In 2019. 2019-12-06. Forbes. en.
  32. Web site: 2020-09-09. Forbes 400: No new faces, just changing places among Oklahomans. 2021-11-11. Oklahoman.com. en-US.
  33. Web site: Chad Richison. 2021-11-11. Forbes. en.

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