Jack Henry executive chairman’s salary halved

Jack Henry & Associates Inc. (Nasdaq: JKHY) is reducing the salary of Executive Chairman Jack Prim by half tomorrow in a move planned since last summer when he stepped down as CEO.

According to a U.S. Securities and Exchange Commission filing, the plan was set in motion when Prim relinquished his CEO role to David Foss on July 1.

Prim’s annual base salary will be $310,000, effective April 1, down from $620,000. The executive’s total 2015 compensation was $3.8 million, according to Springfield Business Journal’s list of southwest Missouri’s highest-paid CEOs.

In July, Prim received a $1 million special equity award with a grant date in two years. Earlier this month, he sold 10,700 Jack Henry shares at $94.07 apiece for a payout of over $1 million.

Despite a revenue increase, Jack Henry’s fiscal 2017 second-quarter profits dipped 1 percent to $58.8 million. The Monett-based company serves more than 10,000 customers, creating technology and payment processing products for the financial services industry.

JKHY shares were trading at $93.61 as of 10:06 a.m., compared with a 52-week range of $79 to $95.64.

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