Mairs and Power's [profile] top brass just implemented the next step in their long-term succession plan.

Today the St. Paul, Minnesota-based mutual fund shop unveiled the elevation of Jon Theobald, 69, to chairman and Mark Henneman, 53, to president and chief investment officer. Bill Frels, 74, who had been chairman, now serves as chairman emeritus and will retire at the end of 2015. Theobald will continue to serve as CEO.

"This signals succession planning out a few more years when I retire," Theobald tells MFWire. "This is not a big surprise."

Henneman also was just appointed president of the Mairs & Power Funds Trust.

The rise of Henneman was signaled as far back as 2006, Theobald points out, when Henneman became co-PM of the shop's flagship growth fund. And the succession plan, Theobald says, was initially developed by founder George Mairs, who died back in 2010.

"We've kind of refined it and carried out," Theobald says.

Mairs and Power also promoted Ronald Kaliebe to director of fixed income investments and Glenn Johnson to director of portfolio management. Both now serve as senior vice presidents.

As of December 31, 2014, Mairs and Power claimed $8.4 billion in assets under management, including $5.1 billion in its three mutual funds. 

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