Cincinnati Financial Announces Management Transition

That same day, Steven Johnston, currently chief financial officer, will become president and CEO.

Michael J. Sewell will join Cincinnati Financial May 2 as chief financial officer, senior vice president and treasurer. He will become chief financial officer for the companies subsidiaries on May 31. Sewell has 25 years of property casualty insurance accounting experience with Deloitte & Touche LLP, which serves as Cincinnati Financial's registered public accounting firm. Sewell was lead client service partner for Cincinnati Financial's audits from 1998 to 2003.

Johnston says, "[Stetcher] was exactly the CEO we needed to emerge stronger and more stable from a period of unprecedented challenge for our company, our industry and our country. As he takes the chairman role and passes to me the day-to-day management duties, I deeply appreciate the progress he has led and the counsel he and [Schiff] will continue to provide. I will work with them, my executive team and our associates to further the company's agent-centered mission and strategic initiatives. We will continue and step up our work in progress to improve agents' ease of doing business by leveraging technology and data, offering new products and services to enhance their marketing opportunities, and improving underwriting results by increasing pricing precision, streamlining workflows and carefully managing expenses."

Company spokesperson Joan Shevchik says the management transition strategy was set up three years ago when Stetcher became CEO. He was 62 at the time, and made it a priority to provide "for the next generation of leadership," Shevchik says.