David Damschen was named as the new Utah state treasurer Friday by Governor Gary Herbert.

SALT LAKE CITY — Utah Gov. Gary Herbert named David Damschen Friday as the new Utah state treasurer.

Damschen will replace Richard Ellis, who announced in October he was leaving to work as an executive for the Utah Educational Savings Plan, a Salt Lake nonprofit. He will serve the remainder of Ellis' term, which ends in January 2017.

Utah voters will choose someone for a four-year term as Utah state treasurer in November 2016.

Damschen's appointment is not subject to confirmation by the Utah Senate, according to Mark Thomas, state director of elections.

Herbert praised the work experience of Damschen, who has worked as chief deputy in the Utah State Treasurer's Office since 2009.

"David epitomizes our fiscal conservative approach to government,” Herbert said in a statement. “I have full confidence that his vision, knowledge and experience will continue to lead the Utah team to maintain our strong fiscal health and triple-A bond rating.”

Damschen previously worked as a vice president at U.S. Bank and as the senior vice president and director of AmericanWest Bank.

“I am humbled by this opportunity to serve Utah and its residents,” Damschen said in a prepared statement. “I understand the importance of this position and look forward to providing a fresh perspective to some of the critical issues Utah will face in the near future.”

Damschen will oversee the collection and investment of state funds, including revenue from taxpayers, said governor's office spokeswoman Aimee Edwards. His appointment also elicited the acclaim of Utah Attorney General Sean Reyes, who touted the importance of the state treasurer position.

“Managing the hard-earned taxpayer dollars of our citizens as the state’s chief financial officer is critical to keeping Utah safe and strong," Reyes said. "David’s extensive experience in both the private and public sector, combined with a solid, fiscally conservative approach and dedication to public service, make him a fine choice."

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