LITTLE ROCK (AP) — Acxiom Corp. says it plans to repurchase up to $50 million of its stock.
The data services company headquartered in Little Rock announced a stock buyback program Tuesday. Acxiom says it will purchase up to that amount during the next year.
Company CEO Scott Howe says in a statement that repurchasing stock is "an appropriate use of cash" that also provides flexibility going forward.
Howe became CEO in late July after its previous head, John Meyer, unexpectedly resigned.
Acxiom stock rose 9 cents per share Tuesday to close at $10.58.
Acxiom was founded in Conway in 1969 as a small data processing company, handling work for Ward Bus Co.
Its headquarters moved to Little Rock in 2000 but Acxiom still has about 2,000 employees in Conway on a 12-building campus.