Joseph M. Velli Elected Board Member of Paychex Inc.

February 2007 - ChampionScott Partners has placed financial services executive and chairman and chief executive officer of BNY ConvergEx Group LLC, Joseph M. Velli, as a new member of the board of directors at Paychex, Inc. (NASDAQ:PAYX)

Headquartered in Rochester, New York, Paychex Inc. (http://www.paychex.com) is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, Readychex®, and check signing. Human Resource Services include 401(k) plan recordkeeping, workers' compensation administration, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. Paychex was founded in 1971. The company has more than 100 offices and serves approximately 543,000 payroll clients nationwide.

Mr. Velli is chairman and chief executive officer of BNY ConvergEx Group, LLC, a leading global agency brokerage and technology company offering a comprehensive suite of investment services. Prior to becoming chairman and CEO of BNY ConvergEx Group, Mr. Velli was a 20-year veteran of The Bank of New York. Most recently, Mr. Velli was head of BNY Securities Group, a senior executive vice president of The Bank of New York and a member of the bank's executive committee. Mr. Velli was a director of various subsidiaries of The Bank of New York and a member of several internal management committees, including audit, technology oversight, investment product review, and crisis management.

"Joe is a very experienced and successful senior executive whose expertise in the financial services sector will be a great asset to Paychex," said Jonathan J. Judge, president and CEO of Paychex, Inc. "His large public company experience, combined with his exposure to board-level issues and proceedings as a CEO, make him a valuable addition to the Paychex Board of Directors."

Mr. Velli holds a Masters of Business Administration in finance from Fairleigh Dickinson University and a Bachelor of Arts in accounting from William Paterson University of New Jersey.

ChampionScott Partners is the world's premier retained executive search firm focused exclusively on the technology industry and related sectors. Our firm delivers the personalized focus of a technology boutique combined with the research resources and global reach of a large international firm through our offices in the United States, Europe and Asia. We have conducted over 500 searches and played pivotal roles in the formation of over 200 technology companies around the world. ChampionScott Partners recruits CEOs, their direct reports, and Board Directors for companies ranging from start-ups to the Global 500 in the key technology centers of the U.S., Europe, Japan, China, India and Israel. On every engagement our team provides partner-level knowledge and judgment gained through our decades of experience in the technology industry.