David M. Hagee, was promoted to CIO of Commerce Trust Co., effective Sept. 1.
Mr. Hagee, a senior vice president, oversees investment of $40.7 billion for institutional, wealth management and retail investors.
Previously, Mr. Hagee was regional director of portfolio management.
He replaces Jean-Jacques Landers Carnal, executive vice president who had been CIO for 22 years, a news release said.
Mr. Carnal will remain president of Commerce Investment Advisors, the firm's mutual fund business, and will continue to serve as senior adviser to John K. Handy, president of Commerce Trust, spokesman Christopher Schildz said in an email.
Tara C. McConkey, senior vice president, will replace Mr. Hagee as regional director of portfolio management in October. Her current role is senior portfolio manager within Commerce Trust's family office services group.
