The outgoing CEO, who will lead the company's board of directors, made a bundle on stock options as he made the change.
Tyler Technologies has announced a new chief executive officer and revealed the price it paid to acquire Socrata.
Tyler’s CEO, John Marr Jr., has stepped down from the position, taking leadership of the company’s board of directors instead and earning $8.5 million along the way. The company has named its president, H. Lynn Moore Jr., as the new CEO.
Marr has been with the company nearly two decades. He joined Tyler in 1999 when it acquired his old company, Munis, a financial software package the company still offers under the original name. Marr became president and CEO of Tyler in 2004, according to the company’s website.
Moore has been with Tyler since 1998, when he joined the company as general counsel. He has held leadership positions at the company since 2000, but has only been president since January 2017.
In March, Marr exercised several stock options, selling a net 41,000 shares and earning $8.1 million in the process. He still owns more than 300,000 shares in the company.
Tyler is fresh off of the acquisition of Socrata, a pioneer of the open data movement, and recently announced the purchase price of that deal. According to Tyler’s quarterly earnings, it purchased Socrata for $150 million. That’s about triple the amount Socrata has raised in investor backing since its launch in 2007.