Paycom co-CEO departure ‘makes sense in long run,’ says Barclays

After Paycom announced a series of management changes, with the most notable change being co-CEO Chris Thomas departing the company for personal reasons, Barclays analyst Raimo Lenschow said the exit will likely raise questions as Paycom only moved to a co-CEO structure in February. However, the firm believes a partnership of Peck as COO and Chad Richison as sole CEO should limit disruption and argues that the new structure with the founder and long-time CEO back as the sole head of the company “makes sense.” The firm has an Equal Weight rating and $184 price target on Paycom shares.