Now that he’s no longer the highest-paid CEO in America, Paycom's sole CEO Chad Richison must be hard up for cash!
Thanks to a tip via the Ogle Mole Network, we’ve learned that Chad has gone on a mini-purge of his Paycom stock stash, liquidating approximately $30,000,000 of his shares since May.
During that period, Paycom’s stock has sunk over 10% from $180 to $160 a share or so. That’s a big drop from its 52-week high of $299.
Here’s a sampling of his trades:
I believe the shares are both directly and indirectly owned by Chad.
Basically, some are owned under his Christian name, while others are tucked away in trust or under his mattress or something like that. Then again, just like Chad, I got my Bachelor’s Degree from UCO, so take that in-depth analysis with a grain of salt.
In all fairness to Chad, he still owns a lot of Paycom stock.
According to this site, his recent trades only account for 6% of his total Paycom holdings. He also pulls down a $3-million-per-year salary:
The estimated net worth of Chad R. Richison is at least $482.86 million as of August 2nd, 2024. Mr. Richison owns 2,990,558 shares of Paycom Software stock worth more than $482,855,495 as of August 6th. This net worth evaluation does not reflect any other investments that Mr. Richison may own. Additionally, Mr. Richison receives an annual salary of $3,120,000.00 as CEO at Paycom Software.
I have no clue why he’s selling so many shares of stock in the company he created with just a laptop back in 1999.
He could be wanting to diversify his portfolio and holdings. Then again, maybe he wants to get a new facility at UCO named after him or simply needs some cash to update his wardrobe to match the Paycom business casual dress code.
Or perhaps he needs cash to buy that Southside Richie Rich mansion?
Either way, with the company’s recent stock struggles, sucky software rollout, and the weird internal war it’s waging against employees – not to mention the various class action lawsuits it’s facing – you do have to admit the optics of a CEO selling a bunch of stock kind of look bad. It can’t instill much confidence in shareholders, employees, and customers.
“So Patrick, why are you telling us all this boring stuff? Is TLO a business publication now?”
At last check, Chad’s stock selloff hasn’t been reported by any other local outlet, so maybe we should do it!
Plus, people seem to enjoy our Paycom articles! From current and former employees to competitors to even the right-wing weirdos at the OCPA, they love to click on Paycom content more than Chad likes to click on the “Sell” button in Robinhood.
Well, I doubt he uses Robinhood, but you get what I’m saying.
Stay with The Lost Ogle. We’ll keep you advised.
