On Friday, Kansas City, Mo.-based bank holding company Commerce Bancshares (NASDAQ:CBSH) announced that it has promoted Chief Administrative Officer John W. Kemper to the position of president and chief operating officer. Kemper's father, David -- the company chairman and chief executive officer -- is giving up the COO title to his son.
A six-year veteran of his father's company, John Kemper has performed a number of roles at Commerce, including overseeing mergers and acquisitions, running the bank's credit card businesses, and chairing Commerce's private equity subsidiary, Capital for Business. He will now be responsible for directing the company's strategy and line operations.
Before joining Commerce, he worked as an "engagement manager" for McKinsey & Co.
Commerce shares rose 0.2% on the announcement, closing at $38.35 Friday.