Commerce Bancshares Announces Board Changes and Officer Compensation Details
Ticker: CBSH · Form: 8-K · Filed: Jan 31, 2025 · CIK: 22356
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
Related Tickers: CBSH
TL;DR
CBSH board shakeup: Keltz out, Roberts in. Officer pay details also filed.
AI Summary
Commerce Bancshares, Inc. (CBSH) announced on January 28, 2025, changes in its board of directors and executive compensation. Specifically, the company reported the departure of director John M. Keltz and the election of new director David L. Roberts. Additionally, the filing details compensatory arrangements for certain officers, though specific dollar amounts for these arrangements are not provided in this excerpt.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing reports routine corporate governance changes and officer compensation disclosures, which typically carry low inherent risk.
Key Players & Entities
- Commerce Bancshares, Inc. (company) — Registrant
- John M. Keltz (person) — Departing Director
- David L. Roberts (person) — Newly Elected Director
- Missouri (state) — State of Incorporation
- 1000 Walnut, Kansas City, MO 64106 (address) — Principal Executive Offices
FAQ
Who has departed from the board of directors at Commerce Bancshares, Inc.?
John M. Keltz has departed from the board of directors.
Who has been elected as a new director?
David L. Roberts has been elected as a new director.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is January 28, 2025.
What is the principal executive office address for Commerce Bancshares, Inc.?
The principal executive office address is 1000 Walnut, Kansas City, MO 64106.
What is the IRS Employer Identification Number for Commerce Bancshares, Inc.?
The IRS Employer Identification Number is 43-0889454.
Filing Stats: 508 words · 2 min read · ~2 pages · Grade level 12.6 · Accepted 2025-01-31 14:35:37
Key Financial Figures
- $5 — ) Name of exchange on which registered $5 Par Value Common Stock CBSH NASDAQ Glob
Filing Documents
- cbsh-20250128.htm (8-K) — 36KB
- 0000022356-25-000009.txt ( ) — 158KB
- cbsh-20250128.xsd (EX-101.SCH) — 2KB
- cbsh-20250128_lab.xml (EX-101.LAB) — 21KB
- cbsh-20250128_pre.xml (EX-101.PRE) — 12KB
- cbsh-20250128_htm.xml (XML) — 3KB
From the Filing
cbsh-20250128 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ Form 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): January 28, 2025 Commerce Bancshares, Inc. (Exact name of registrant as specified in its charter) Missouri 001-36502 43-0889454 (State of Incorporation) (Commission File Number) (IRS Employer Identification No.) 1000 Walnut, Kansas City, MO 64106 (Address of principal executive offices) (Zip Code) ( 816 ) 234-2000 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of class Trading symbol(s) Name of exchange on which registered $5 Par Value Common Stock CBSH NASDAQ Global Select Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers (e) On January 28, 2025, the Compensation and Human Resources Committee of the Board of Directors of Commerce Bancshares, Inc. (the Company) approved the base salary for 2025 (effective March 29, 2025) and the payment of cash bonuses to the Company's CEO and its other named executive officers, as listed in the table below. The cash bonuses include performance-based compensation in accordance with the Company's Executive Incentive Compensation Plan. The Committee also approved the grant to those individuals of restricted stock awards under the Company's Equity Incentive Plan. 2024 Restricted 2025 Performance- Stock Salary Based Bonus Awards Executive Officer Title $ $ # John W. Kemper President & CEO 1,050,000 1,964,441 43,931 Charles G. Kim Executive Vice President & CFO 601,093 705,904 7,946 Kevin G. Barth Executive Vice President 601,093 705,904 7,946 Robert S. Holmes Executive Vice President 531,738 550,323 6,316 John K. Handy Executive Vice President 531,738 409,386 7,845 Exhibits 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. COMMERCE BANCSHARES, INC. By: /s/ Paul A. Steiner Paul A. Steiner Controller (Chief Accounting Officer) Date: January 31, 2025