Commerce Bancshares (CBSH) in Kansas City, Mo., has promoted John Kemper to president and chief operating officer.
The $22.2 billion-asset company said Friday that Kemper succeeds his father, David, who remains its chairman and chief executive.
Kemper, who will be responsible for directing strategy and operations, previously served as Commerce's chief administrative officer. He has held a series of posts — including supervising the company's strategic planning and overseeing its credit card and private-equity businesses — since joining Commerce from McKinsey & Co. in 2007.
"Over the last six years, John has distinguished himself by steering strategic planning for the company and by directly overseeing many of Commerce's key growth areas," David Kemper said in a press release. "John has shown strong leadership in working with all of our markets, lines of business and internal support services, and as such is well-suited to undertake this new role and challenge."
Commerce's earnings in the fourth quarter rose 9% from a year earlier, to $66.8 million.
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