By Associated Press - Friday, December 11, 2015

SALT LAKE CITY (AP) - Gov. Gary Herbert has promoted David Damschen to become the new state treasurer.

Damschen has been working in the office since 2009 as the chief deputy to former treasurer Richard Ellis. Ellis resigned to work for the state’s nonprofit college savings program.

Ellis, a Republican elected state treasurer in 2008, endorsed Damschen to take his position.

Herbert made the announcement Friday, saying Damschen epitomizes the state’s conservative fiscal approach to government.

The state treasurer handles the collection, investment and distribution of state money.

Before joining the state treasurer’s office, Damschen was an executive at American West Bank and U.S. Bank.

The Utah Republican Party’s governing body suggested three candidates. The other two were former congressional candidate Neil Walter and Phil Conder of the Salt Lake County treasurer’s office.

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