J. Kenneth Glass is resigning as chairman and chief executive of First Horizon National ( FHN) after 30 years with the Memphis, Tenn., bank.

The board has named the company's chief operating officer, Jerry Baker, to serve as CEO, effective immediately. Michael Rose, a longtime First Horizon board member, has been appointed chairman.

"The board and I are committed to retaining First Horizon's independence and believe that as an independent company, we will be better able to create superior shareholder value, and we intend to demonstrate that,'' Rose said.

Glass will remain with the company in a transition role until his retirement at the bank's annual meeting on April 17 and will serve as a consultant to the company until year-end.

First Horizon National shares were climbing $3.62, or 9%, to $43.85 in recent trading Tuesday.