Businessman Tom Golisano is stepping down from the board of directors of Paychex, Inc., the human resources company he founded in 1971.

The company says the move is effective after the board's meeting this July.

“It’s been a great run of over 54 years," Golisano said in a statement posted on the company's website. "I’m very proud of the company and our performance over the last five decades including the continued growth in its service offerings, technology advancements, and financial performance.”

The Rochester-based company touts annual revenues of over $5 billion with nearly 800,000 clients in the U.S. and Europe.

Golisano served as Paychex's president and CEO until his retirement in 2004 and acted as chairman of the board of directors until 2021. 

A longtime philanthropist, Golisano donated $360 million to 82 nonprofit organizations in Rochester, Buffalo and Syracuse and $85 million to 41 nonprofits across southwest Florida last fall.

Golisano is also the former owner of the NHL's Buffalo Sabres and NLL's Buffalo Bandits.