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Commerce Bancshares Inc. board of directors announced Monday that effective Aug. 1, 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.

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.