Cincinnati Financial Corp. Announces Leadership Changes

Cincinnati Financial Corp. announced the transition of company leadership and expanded responsibilities for key officers, effective May 2, 2011.

Leadership changes include:

• Kenneth W. Stecher, previously president and chief executive officer, becomes chairman of the board for Cincinnati Financial and all subsidiaries.
• John J. Schiff Jr., previously chairman, continues as a member of the board of directors and chairman of the executive committee for Cincinnati Financial and its insurance subsidiaries.
• Steven J. Johnston, previously chief financial officer, secretary and treasurer, is promoted to president and chief executive officer for Cincinnati Financial. He is chief executive officer for all subsidiaries and president of four subsidiaries: The Cincinnati Insurance Co., The Cincinnati Indemnity Co., The Cincinnati Specialty Underwriters Insurance Co. and CSU Producer Resources Inc.
• Jacob F. Scherer, executive vice president for the insurance subsidiaries and the insurance brokerage, has expanded responsibility for oversight of business insurance, a new consolidation of Sales & Marketing, which he currently manages, with commercial lines, target markets, and excess and surplus lines operations.
• Teresa C. Cracas, previously vice president and counsel, is promoted to senior vice president of strategic analytics and chief risk officer for all subsidiaries. She is responsible for oversight of departments that manage data modeling for financial analysis and property casualty insurance reserving and pricing, including staff underwriting and corporate actuarial.
• Lisa A. Love, previously senior counsel for the insurance subsidiaries, is promoted to general counsel and corporate secretary for Cincinnati Financial and all subsidiaries.
• Michael J. Sewell is joining the company as chief financial officer, senior vice president and treasurer for Cincinnati Financial and chief financial officer for all subsidiaries, effective May 31, 2011. He brings more than 25 years of property casualty insurance accounting experience with Deloitte & Touche LLP, the company’s registered public accounting firm. He was lead client service partner for Cincinnati Financial’s audits from 1998 to 2003. As lead partner in the Cincinnati office’s insurance practice for 13 years, Sewell was responsible for all aspects of service and for issue resolution. He is experienced in conversions to International Financial Reporting Standards, debt issuance, acquisitions and divestitures.

All changes are effective May 2, 2011, unless otherwise indicated.

Source: Cincinnati Financial Corporation

Topics Leadership