David Foss will
become Executive Board Chair
MONETT, Mo., Jan. 22, 2024 /PRNewswire/ -- Jack Henry
& Associates Inc.® (Nasdaq: JKHY) announced today an
executive transition plan in which President and Chief Operating
Officer Greg Adelson will become CEO
and President on July 1, 2024. Board
Chair and CEO David Foss will retire
from his current role on June 30,
2024, and become Executive Board Chair.
Adelson joined Jack Henry in 2011 as Group President of iPay
Solutions™ and was promoted to General Manager of JHA
Payment Solutions™ in 2014. He became Jack Henry's COO
in 2019 and was named President in 2022. He is responsible for all
business lines, technology, infrastructure, and sales.
"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.
"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."
Foss joined the company in 1999 after he arranged the sale of
BancTec's financial solutions division to Jack Henry. He
became President of Profitstars® (now Complementary
Solutions) in 2004 before becoming President of Jack Henry in 2014
and CEO in 2016. Foss has led more than 25 acquisitions over his 25
years at Jack Henry. During his time as CEO, Jack Henry's revenue
and net income each has grown by approximately 50% since 2016 to
$2.08 billion and $367 million, respectively, as of end of fiscal
year 2023.
"It has been my immense pleasure to serve as CEO of this
wonderful company for so many years," Foss said. "When I came into
this role, I had a number of large projects I wanted to address –
our much-needed card platform migration, our branding strategy, our
future technology strategy, and the planned retirements of almost
our entire senior leadership team – all of which have now been
completed or are well on their way. I'm confident that Greg and the
team we have in place today can take this company to the next
level, and I'm looking forward to continuing to work with them in
my new role as Executive Board Chair."
Adelson has led many key initiatives at Jack Henry such as
the creation of the PayCenter™ payments hub and the
acquisition of Ensenta Corporation, overseen the rollout
of innovative solutions, including the ongoing development of a
cloud-native technology modernization strategy, and strengthened
the company's operating and service model through the One Jack
Henry program. Prior to Jack Henry, he held executive leadership
positions as Chief Revenue Officer of Regulus, Chief Operating
Officer of FSV Payments and National Processing Company, and
President of ChoicePay.
"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. "I am passionate
about continuing the strategic journey that we are on today and
moving our company forward through innovation and execution. I want
to thank Dave for his leadership as well as the guidance he has
provided me over the years, and I look forward to partnering with
him in his new role as we continue to focus on growing our company
and delivering outstanding value to our employees, clients, and
shareholders."
About Jack Henry & Associates, Inc.®
Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial
technology company that strengthens connections between financial
institutions and the people and businesses they serve. We are an
S&P 500 company that prioritizes openness, collaboration, and
user centricity – offering banks and credit unions a vibrant
ecosystem of internally developed modern capabilities as well as
the ability to integrate with leading fintechs. For more than 47
years, Jack Henry has provided technology solutions to enable
clients to innovate faster, strategically differentiate, and
successfully compete while serving the evolving needs of their
accountholders. We empower approximately 7,500 clients with
people-inspired innovation, personal service, and insight-driven
solutions that help reduce the barriers to financial
health. Additional information is available
at www.jackhenry.com.
Statements made in this news release that are not historical
facts are "forward-looking statements." Because forward-looking
statements relate to the future, they are subject to inherent risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements. Such
risks and uncertainties include, but are not limited to, those
discussed in the Company's Securities and Exchange Commission
filings, including the Company's most recent reports on Form 10-K
and Form 10-Q, particularly under the heading "Risk Factors." Any
forward-looking statement made in this news release speaks only as
of the date of the news release, and the Company expressly
disclaims any obligation to publicly update or revise any
forward-looking statement, whether because of new information,
future events or otherwise.
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SOURCE Jack Henry & Associates, Inc.