8-KLeadership ChangesRegulation FDExhibits & Filings

CINCINNATI FINANCIAL CORP 8-K Report, Executive Changes (Apr 25, 2011)

Filed April 25, 2011For Securities:CINF

Summary

This Form 8-K filing from Cincinnati Financial Corporation (CINF) on April 25, 2011, primarily announces significant leadership transitions within the company, effective May 2, 2011, and May 31, 2011. The most notable changes involve the succession of top executive roles, with Kenneth W. Stecher moving from President and CEO to Chairman of the Board, and Steven J. Johnston stepping up from Senior Vice President and CFO to President and CEO. John J. Schiff, Jr. will transition from Chairman of the Board to Chairman of the Executive Committee. Furthermore, Michael J. Sewell is appointed as the new Chief Financial Officer, Senior Vice President, and Treasurer, effective May 31, 2011. Mr. Sewell brings extensive experience from Deloitte & Touche LLP, including significant work with property casualty insurance companies and a prior relationship with Cincinnati Financial as a lead partner. Investors should note that compensation details for these newly appointed officers will be determined in upcoming meetings.

Key Highlights

  • 1Key leadership changes effective May 2, 2011: Kenneth W. Stecher becomes Chairman of the Board, Steven J. Johnston becomes President and CEO, and John J. Schiff, Jr. becomes Chairman of the Executive Committee.
  • 2Steven J. Johnston, the new President and CEO, was previously Senior Vice President, Chief Financial Officer, Secretary, and Treasurer.
  • 3Michael J. Sewell appointed as the new Chief Financial Officer, Senior Vice President, and Treasurer, effective May 31, 2011.
  • 4Michael J. Sewell has over 25 years of property casualty insurance accounting experience, including serving as lead client service partner for GMAC Insurance and Cincinnati Financial in previous roles at Deloitte & Touche LLP.
  • 5The company's compensation committee plans to establish and adjust compensation for these officers in the near future.
  • 6Information regarding the past business experience, compensation, and security ownership of the transitioning officers is incorporated by reference from the company's 2011 Shareholder Meeting Notice and Proxy Statement.

Frequently Asked Questions

Kenneth W. Stecher has been appointed as the new Chairman of the Board, effective May 2, 2011. He previously held the position of President and Chief Executive Officer.

Michael J. Sewell comes to Cincinnati Financial with over 25 years of property casualty insurance accounting experience from Deloitte & Touche LLP. He has served as a lead client service partner for various insurance companies, including GMAC Insurance and Cincinnati Financial itself between 1998 and 2003.

The compensation committee of Cincinnati Financial Corporation intends to meet in the near future to set and adjust the compensation for these newly appointed officers.

Information concerning the past business experience, compensation, and security ownership of Messrs. Schiff, Stecher, and Johnston is described in the company’s 2011 Shareholder Meeting Notice and Proxy Statement dated March 18, 2011, which is incorporated by reference in this filing.