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Jack Henry exec’s compensation doubles with promotion

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David Foss’ promotion to CEO of Monett-based financial software firm Jack Henry & Associates (Nasdaq: JKHY) doubled his compensation, according to a filing yesterday with the U.S. Securities and Exchange Commission.

Foss, who was promoted to CEO in addition to his job as president in July 2016, received a 101 percent increase in total compensation to $4 million last fiscal year compared with $1.99 million in fiscal 2016.

In the transition year, the compensation for Foss’ predecessor, Jack Prim, dropped to $1.5 million for the fiscal year ended June 30. Prim, who’s now executive chairman of the board, earned $4 million in the prior fiscal year, according to the proxy statement filed with the SEC.

Jack Henry reported compensation increases for its two other top officers in fiscal 2017.

Chief Financial Officer Kevin Williams’ compensation rose 10 percent to $1.7 million last fiscal year, and Chief Technology Officer Mark Forbis’ total grew 13 percent to $944,024, according to the SEC filing.

The release of Jack Henry’s annual proxy statement follows the Oct. 2 publishing of Springfield Business Journal’s list of the highest-paid executives leading publicly traded companies in southwest Missouri.

Leggett & Platt Inc. (NYSE: LEG) CEO Karl Glassman topped the list with total 2016 compensation of $8.1 million. He was followed by O’Reilly Automotive Inc. (Nasdaq: ORLY) CEO Greg Henslee, at $4.6 million.

Jack Henry’s Prim was third on the list. His latest compensation disclosed in the proxy filing yesterday would move him down to No. 8, and Foss, who was sixth on SBJ’s list, would move up to third.

Other top executives on SBJ’s recent list, along with their title, company and 2016 compensation are:
    •    No. 4 Matthew Flanigan, CFO of Leggett & Platt, with 2016 compensation of $2.7 million;
    •    No. 5 Tom McFall, CFO of O’Reilly Automotive, $2.4 million;
    •    No. 7 Jack Crusa, senior vice president of Leggett & Platt, $1.6 million;
    •    No. 8 Perry Davis, executive vice president of Leggett & Platt, $1.5 million; and
    •    No. 10 Mitch Dolloff, executive vice president of Legett & Platt, $1.46 million.

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