Cincinnati Financial chairman to step away from executive responsibilities

The chairman of Cincinnati Financial Corporation, which offers a range of insurance products through subsidiaries, has announced he will retire from executive responsibilities within the next six months. He will remain as a director and a non-employee chairman of the board.

Kenneth Stecher has held many senior positions throughout his 49-year career, including president, chief executive officer and chief financial officer.

He's been a director of Cincinnati Financial for eight years and on all subsidiary boards since 1997.

He progressed quickly through the accounting department's officer ranks after joining the company through its acquisition of Inter-Ocean Life Insurance Company in 1973.

"Ken's decision to step away from executive responsibilities while remaining as chairman of the board demonstrates our focus on long-term planning," said William Bahl, chairman of Bahl & Gaynor Investment Counsel and Cincinnati Financial's lead independent director.

"He will continue to lead the board, bringing his deep institutional knowledge and assuring continuity of the company's values as we take the next steps in the board's succession and refreshment plans."

Steven Johnston, president and chief executive officer, said: "Having Ken remain available for counsel is a tremendous help to the management team. I am pleased that this transition is occurring in the normal course of business. I will continue to work with him, my executive team and our associates to further the company's agent-centered mission and strategic initiatives, bringing value to shareholders."