John W. Kemper named CEO; David W. Kemper continues as executive
chairman
ST. LOUIS--(BUSINESS WIRE)--
Commerce Bancshares, Inc. (NASDAQ: CBSH) board of directors announced
today that effective August 1, 2018, John W. Kemper, 40, currently
president and chief operating officer of Commerce Bancshares, Inc., will
become president and CEO, assuming the CEO role currently held by his
father David W. Kemper, 67, who will remain active as executive
chairman. John Kemper has been with the bank since 2007, and was named
president and COO in 2013.
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From left: John W. Kemper, David W. Kemper (Photo: Business Wire)
“This announcement reflects the culmination of a thoughtful and
deliberate multi-year succession plan overseen by our board of
directors. John Kemper is clearly the right person to step into this
role. This plan will ensure continuity and create the foundation for
continued growth and long-term shareholder returns,” said Andy Taylor,
executive chairman of Enterprise Holdings, Inc. and Commerce Bancshares
board member and lead director.
“I am delighted John will become CEO and continue our strong record of
growth and expansion,” said David Kemper. “As chief operating officer
for the past five years, John has worked with our talented management
team to expand our products and geographical reach, and to deliver
consistent profitable growth.”
John Kemper joined Commerce in 2007 as director of strategic planning,
identifying and leading key growth initiatives across the company. Prior
to that, he worked as an engagement manager in the New York and Chicago
offices of McKinsey & Company, a management consulting firm.
“I am grateful to our board of directors for the confidence they’ve
shown in me. I’m honored to step into this leadership role and proud to
work with our exceptional management team,” said John Kemper. “As
Commerce’s CEO for 30 years, David has built a best-in-class foundation
for our bank and, in that time, has delivered to our shareholders total
annualized returns, including dividends, of 14.1%, compared to the S&P
500 and NASDAQ bank indices of 10.7% and 9.9% respectively. Equally
important, he built a team and franchise that is primed for sustainable
growth well into the future.”
In his role as executive chairman, David Kemper, who has been with the
bank since 1978 and became CEO in 1988, will continue to work full-time
with the Commerce Bancshares board and executive management on issues
involving strategy, customer relationships, industry engagement and
civic leadership.
John Kemper holds a Bachelor of Arts in history and political science
from Stanford University, a Master of Science in economic history from
the London School of Economics, and an MBA from Northwestern
University’s Kellogg School of Management. He is a member of the Visa
Senior Client Counsel and Financial Services Roundtable, and serves on
several civic boards.
About Commerce Bancshares, Inc.
Commerce Bancshares, Inc. (NASDAQ: CBSH), is a regional bank holding
company with $24.8 billion in assets, as of December 31, 2017. For more
than 150 years, Commerce Bank, a subsidiary of Commerce Bancshares,
Inc., has been meeting the financial services needs of individuals and
businesses. Commerce provides a full range of financial products to
consumer and commercial customers, including personal banking, lending,
mortgage banking, wealth management, brokerage and capital markets
services. Commerce operates in approximately 330 locations in the
central United States and has a nationwide presence in the commercial
payments industry.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180402005846/en/
Commerce Bancshares, Inc.
Maura Ritter, 314-746-8567
Maura.Ritter@commercebank.com
or
Molly
Hyland, 314-746-3657
Molly.Hyland@commercebank.com
Source: Commerce Bancshares, Inc.