Jack Henry stock hits 52-week high; Foss succeeds CEO Prim

Monett-based Jack Henry & Associates Inc. (Nasdaq: JKHY) officially has a new CEO.

Combined with news the company implemented an already approved equity incentive plan for company service providers and affiliates to purchase stock, JKHY shares reached a new high of $87.63 on July 1.

On that day, David Foss assumed the role of chief executive in addition to the position of president he’s held since July 2014. As CEO, Foss succeeds Jack Prim, who became executive chairman, according to a filing with the U.S. Securities and Exchange Commission. The planned staff changes were announced in January.

Foss will be paid a base annual salary of $600,000, a target incentive bonus opportunity equal to his base salary that’s part of the company’s fiscal 2017 incentive plan, equity awards comprising stock options of $500,000 that have a grant date in three years and separate restricted stock valued at $500,000 with a grant date in three years.

With the changes, Prim received a $1 million special equity award with a grant date in two years, according to the SEC filing.

Foss joined Jack Henry in 1999 after working to sell the community-banking division of Dallas-based BancTec. He first served as the Monett company's open systems group president and complementary solutions group general manager before being promoted to general manager of Jack Henry's ProfitStars division in 2006 and president in 2009. He also has been known for leading acquisitions for Jack Henry, with at least 20 buyouts conducted to form the current ProfitStars.

Jack Henry builds technology and payment processing products for the financial services industry.

JKHY shares were trading at $87.34 as of 9:40 a.m., compared to a 52-week range of $63.84 to $87.63.