Cincinnati Financial Corporation Subsidiary Announces Officer Appointments

Rhea-AI Summary

Cincinnati Financial Corporation (Nasdaq: CINF) announced key officer changes within its subsidiary, CFC Investment Company, on August 14, 2020. Steven J. Johnston, previously Chairman and CEO, has been appointed president. Michael J. Sewell, the Chief Financial Officer, assumes the role of Chief Operating Officer. Martin F. Hollenbeck remains a director. Johnston noted the changes follow the retirement of two senior leaders this year, allowing for a better alignment of CFC-I's reporting structure.

Positive

• Appointment of Steven J. Johnston as president may enhance leadership continuity.
• Michael J. Sewell's promotion to COO could streamline operations.

Negative

• Retirement of two senior leaders may indicate potential instability in leadership.

CINCINNATI, Aug. 14, 2020 /PRNewswire/ -- Cincinnati Financial Corporation (Nasdaq: CINF) announced that the board of its subsidiary company, CFC Investment Company, made the following officer changes at its regular meeting held earlier today:

• Chairman and Chief Executive Officer Steven J. Johnston was appointed president of the company.
• Chief Financial Officer and Senior Vice President Michael J. Sewell was appointed chief operating officer.
• Cincinnati Financial Chief Investment Officer and Senior Vice President Martin F. Hollenbeck remains a director of the subsidiary.

Johnston commented: "Two senior leaders of CFC-I retired this year, so the timing was right to align the reporting structure of CFC-I to more closely match that of our insurance subsidiaries as well as recognizing that certain job functions now report to Mike as our CFO."

"I also want to thank Marty for his steadfast leadership of this subsidiary over the past 12 years. He remains a director to help guide the future of this company to best serve the agents, associates and shareholders of our entire organization."

About Cincinnati Financial
Cincinnati Financial Corporation offers primarily business, home and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.

Mailing Address:			Street Address:
P.O. Box 145496			6200 South Gilmore Road
Cincinnati, Ohio 45250-5496			Fairfield, Ohio 45014-5141

 

 

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SOURCE Cincinnati Financial Corporation

FAQ

What leadership changes occurred at Cincinnati Financial Corporation on August 14, 2020?

Cincinnati Financial Corporation announced that Steven J. Johnston was appointed president, and Michael J. Sewell became Chief Operating Officer.

Who are the new officers at Cincinnati Financial Corporation's subsidiary?

Steven J. Johnston is the new president, and Michael J. Sewell is the new Chief Operating Officer.

What is the significance of the officer appointments at Cincinnati Financial Corporation?

The appointments are aimed at aligning the subsidiary's reporting structure and responding to recent leadership retirements.

How might the leadership changes affect Cincinnati Financial's future?

The leadership changes could enhance operational efficiency and leadership continuity, although past retirements may raise concerns about stability.