Executive compensation rises for top Jack Henry leaders

David Foss was the highest-paid executive at Jack Henry in fiscal 2024.

All of Jack Henry & Associates Inc.'s (Nasdaq: JKHY) top officers had total compensation increases in fiscal 2024, according to a preliminary proxy statement filed Sept. 20 with the U.S. Securities and Exchange Commission.

The proxy statement, which details total compensation for five named executives during the fiscal year that ended June 30, lists former CEO David Foss as the top-paid officer. Combined total compensation for the five officers came to $19.8 million.

Foss, who was succeeded as CEO on July 1 by President and Chief Operating Officer Greg Adelson, had total compensation in fiscal 2024 of roughly $11 million. That's more than three times the amount of the next closest officer, Adelson, whose total compensation in the fiscal year was $3.2 million, according to the proxy filing.

Now serving as executive board chair, Foss in fiscal 2024 had a base salary of $865,000, up from $858,750 in fiscal 2023. The filing also reported increases in Foss' stock awards and nonequity incentive plan compensation.

The five named executive officers, by total compensation in fiscal 2024, are:
• Foss, $11 million, up 5% from fiscal 2023
• Adelson, $3.2 million, up 32.5%
• Mimi Carsley, chief financial officer and treasurer, $2.8 million, up 20.5%
• Craig Morgan, general counsel and secretary, $1.8 million, up 5.6%
• Stacey Zengel, senior vice president and president of Jack Henry Bank Solutions who retired this summer, $983,108, up 6.5%

In fiscal 2024, Jack Henry's profits rose by 4.1% to $381.8 million compared with $366.6 million a year earlier, according to past reporting. Revenue during the fiscal year was up 6.6% to $2.2 billion.

JKHY shares were trading at $173.29 as of 10:30 a.m., compared with a 52-week range of $136.57 to $178.37 per share.