Jack Henry appoints new CEO

SBJ file

Greg Adelson's appointment is effective in July.

RELATED

Executive Insider: David Foss

Greg Adelson is being promoted at Jack Henry & Associates Inc. (Nasdaq: JKHY) for the second time in as many years.

Adelson is slated to become CEO in July, in addition to the president position he took on in early 2022, according to a news release. Adelson also currently serves as chief operating officer.

As CEO, Adelson will succeed David Foss, who has led the Monett-based financial software company in that role since 2016. Foss, who relinquished his president title to Adelson two years ago, is slated to become executive board chair upon his exit from the CEO post.

"Greg is a strong, proven leader who has been an essential part of Jack Henry's growth and success for the past 13 years and has a deep understanding of all aspects of our business," Foss said in the release. "This transition plan has been carefully considered for some time, and we are fortunate to have someone like Greg ready to step into the CEO role."

Adelson joined Jack Henry in 2011 as group president of the company's iPay division and was promoted to general manager of JHA Payment Solutions in 2014. He became COO in 2019.

"I am honored to become the next CEO at Jack Henry and have the opportunity to lead the finest group of talented and dedicated professionals in the industry," Adelson said in the release. "I am passionate about continuing the strategic journey that we are on today and moving our company forward through innovation and execution."

Foss, a Jack Henry employee since 1999, is credited with leading the company to grow its revenue and net income by about 50% each since 2016.

Foss was the highest-paid executive at Jack Henry during fiscal 2023, according to the company's latest proxy filing with the U.S. Securities and Exchange Commission. His total compensation was $10.4 million, followed by Adelson’s $8.7 million earnings for the year.

JKHY shares were trading at $169.03 as of 8:58 a.m., compared with a 52-week range of $136.57 to $184.19 per share.