- After 13 years in the position
- Praise and thanks for Johnston
- Steve Spray taking over
- Johnston will remain as executive chairman at Cincinnati Financial
- Johnston spoke at length and said 138 words
(exechange) — Cincinnati, Ohio, January 26, 2024 — Steve Johnston, chief executive of Cincinnati Financial, leaves his position. As announced by Cincinnati Financial Corp. in a news release on Friday, January 26, 2024, Steven J. (Steve) Johnston leaves his post as chief executive officer at the specialist in property and casualty insurance, after 13 years in the role, effective May 4, 2024.
Steve Johnston’s duties as CEO will be taken over by Stephen M. (Steve) Spray, currently President at Cincinnati Financial Corp.
“Completing the executive leadership transition”
The management change is explained as follows. Cincinnati Financial stated: “[A]s of the May 4, 2024, Annual Meeting of Shareholders, President Stephen M. Spray will assume the title of chief executive officer of the company and all U.S. subsidiaries, completing the executive leadership transition that began when Mr. Spray was named president of the company in 2022.”
Johnston will remain as executive chairman at Cincinnati Financial
Cincinnati Financial stated: “Steven J. Johnston will remain as executive chairman of the company and its U.S. subsidiaries. He’ll continue to lead the board and support Mr. Spray by maintaining effective relationships with insurance agencies, investors, shareholders and other industry and business organizations. Johnston will also work with Spray and the board to establish long-range strategies.”
Share price increase since January 2019
The announcement follows an increase in Cincinnati Financial Corp.’s share price of 49% since January 2019.
In the position of CEO since 2011
Steve Johnston became CEO of the Company in 2011.
Johnston is chairman of the board since 2020, and chief executive officer of the company and its U.S. subsidiaries, since 2011.
He was president of the company and its U.S. subsidiaries from 2011 to 2022.
From 2008 to 2011, he was chief financial officer, senior vice president and secretary for both the company and The Cincinnati Insurance Company, and treasurer of the company.
138 words by Steve Johnston
In the release announcing his departure as CEO of Cincinnati Financial Corp., Steve Johnston received praise and thanks.
In announcing his departure, Steve Johnston spoke at length and said 138 words.
Steve Johnston stated: “Steve is the ideal candidate to lead the company forward. He’s a thoughtful, strategic and proven leader with a deep understanding of how to maintain our industry-leading profitability and growth and of the value of the relationships we enjoy with our agents. Steve has an energy and enthusiasm for our business that is contagious. I’m confident in his abilities to bring innovative ideas together with the hallmarks of Cincinnati Insurance to produce value for shareholders far into the future… Our shareholders benefit from our highly engaged board of directors who bring their wide range of experiences and skills. Peter’s experience in data analytics and artificial intelligence will support our ongoing efforts to harness the power of these new technologies, while Steve’s deep understanding of our business model and the agency relationships that differentiate us will enhance board discussions.”
Push-out Score for Steve Johnston’s move determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Steve Johnston’s move on a scale of 0 to 10.
Read the full story in the exechange report 5.2024 ($).