Paycom Software, Inc. ( PAYC ) , a leading provider of comprehensive, cloud-based human capital management software, announced significant leadership changes on Friday leading to decline in shares.

What To Know: Randy Peck, a 20-year Paycom veteran, has been appointed as the new Chief Operating Officer (COO). Having held various vital roles within Paycom, most recently serving as Strategic Advisor to Executive Management. His experience includes positions in operations, client service, product management and sales.

Concurrently, Matt Paque has been promoted to Chief Legal Officer (CLO). Paque previously served as general counsel, will now oversee all legal affairs as CLO. With over 20 years of experience as an attorney, he has played a role in managing Paycom's commercial, corporate governance, compliance and risk aspects.

Additionally, Jennifer Kraszewski was promoted to Chief Human Resources Officer (CHRO). Kraszewski, previously Paycom's Senior Executive Vice President of Human Resources, has been with the company since 2018. She brings over 25 years of HR leadership experience, having driven transformative human capital strategies in high-growth industries.

Related Link: Paycom Announces Promotions of Randy Peck to COO, Jennifer Kraszewski to CHRO and Matt Paque to CLO

Despite these strategic leadership promotions, Paycom shares traded lower following the announcement. Investors are closely watching the impact of these changes on the company's future performance and direction.

PAYC Price Action: Paycom Software ( PAYC ) shares were down by 8.15% at $145.99 at the time of writing, according to Benzinga Pro.

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Image: Courtesy of Paycom Software Inc. ( PAYC )