Douglas Skidmore
CINCINNATI FINANCIALAbout Douglas S. Skidmore
Douglas S. Skidmore (age 62) is an independent director of Cincinnati Financial Corporation since 2004 and serves on the Executive and Nominating Committees; he is chief executive officer of Skidmore Sales & Distributing Company Inc. with prior roles in strategic planning, marketing and human resources, bringing a policyholder perspective aligned with CINF’s agent-centered model . In 2024 he attended 100% of board and assigned committee meetings, and the board reports regular executive sessions and strong governance practices including stock ownership guidelines and director independence .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Skidmore Sales & Distributing Company Inc. | Chief Executive Officer | 2003–present | Leads strategic planning, marketing, HR; contributes policyholder perspective to CINF board |
| Skidmore Sales & Distributing Company Inc. | President | 1994–2013 | Oversaw growth and performance of second-generation family business |
| Skidmore Sales & Distributing Company Inc. | Marketing Manager | 1990–1994 | Built commercial insights relevant to insurance customer base |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Institute of Food Technologists | Member | 1990–present | Industry membership supporting technical perspective |
| Athletes in Action | Board Member | 2013–present | Nonprofit governance |
| Cincinnati Opera | Board Member | 2018–present | Nonprofit governance |
| Food Ingredient Distributors Association | Trustee | 2005–2015; 2021–present | Industry association leadership |
Board Governance
| Attribute | Detail |
|---|---|
| Independence status | Independent director as of January 31, 2025 |
| Committee assignments (2024) | Executive; Nominating (not a chair) |
| Board/committee meeting counts (2024) | Board 4; Executive 5; Nominating 6 |
| Attendance (2024) | 100% of board and committee meetings for all directors (includes Skidmore) |
| Director stock ownership guidelines | Five times annual cash meeting fees; all directors in compliance as of March 5, 2025 |
| Lead Independent Director | Role held by Dirk J. Debbink (Skidmore not in this role) |
| Nominating Committee independence | All members meet Nasdaq independence criteria |
Fixed Compensation
| Component | 2024 Amount ($) | Notes |
|---|---|---|
| Fees Earned or Paid in Cash | 135,000 | Includes annual cash retainer and meeting fees per policy |
| Stock Awards | 135,086 | 971 shares granted Jan 30, 2025 at $139.12 per share (fair value) |
| All Other Compensation (Perquisites) | 17,423 | Includes $13,859 spouse/guest travel & meals; $3,447 umbrella insurance; life insurance premiums |
| Total | 287,509 | Sum of above |
Director compensation schedule (effective 2024):
| Element | Amount |
|---|---|
| Annual Cash Retainer | $75,000 |
| Annual Stock Retainer | $75,000 |
| Lead Director Cash Retainer | $50,000 |
| Independent Committee Chair Cash Retainer | $25,000 |
| Meeting Fees (cash) | $4,500 per board; $1,500 per committee (except investment); $6,000 per investment committee; $7,500 max/day; $60,000 min/calendar year |
| Meeting Fees (stock) | Matches cash meeting fees up to $60,000/year |
Performance Compensation
| Pay Component | Performance-linked? | Details |
|---|---|---|
| Non-employee director pay | No | Compensation comprises cash/stock retainers and meeting fees; no PSUs/options for directors |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Other public company boards | None (0) |
| Private/nonprofit boards | Athletes in Action; Cincinnati Opera; industry associations (see External Roles) |
| Potential interlocks | Skidmore is CEO of a CINF-insured company; audit committee approved transactions and deemed no conflict |
Expertise & Qualifications
- Executive leadership of a mid-market, family-owned industrial distributor; skills in strategic planning, marketing, HR, and operations that resemble CINF’s typical commercial policyholder base .
- Provides policyholder/customer lens on products/services and contributes to oversight of business processes and technology initiatives .
Equity Ownership
| Holder | Shares | Percent of Class | Notes |
|---|---|---|---|
| Douglas S. Skidmore (beneficial ownership) | 50,802 | 0.03% | Includes 7,600 shares owned of record by Skidmore Sales Profit Sharing Plan (administrator with shared investment authority) |
| Pledged shares | Not disclosed for Skidmore; pledging permitted under policy (directors/officers <0.1% of outstanding shares pledged in aggregate) | ||
| Section 16 compliance (2024) | All filings timely for directors and officers | ||
| Ownership guidelines compliance | All directors in compliance as of March 5, 2025 |
Governance Assessment
- Board effectiveness and engagement: Skidmore contributes practical small/mid-market business expertise and policyholder perspective; 100% attendance and membership on Nominating and Executive Committees supports board refreshment and governance oversight .
- Independence and conflicts: Determined independent under Nasdaq standards; related-party insurance purchases (personal $31,706; company $1,435,313) approved under the audit committee’s policy and deemed no conflict of interest, consistent with preapproved categories for director-affiliated policyholders .
- Compensation and alignment: Director pay is balanced between cash and stock; 2024 mix ~50/50 ($135,000 cash vs $135,086 stock), with robust ownership guidelines and company-wide prohibition on hedging; pledging is permitted but Skidmore is not listed among pledgers in 2024 holdings footnotes .
- Signals for investors: Absence of public-company interlocks, strong attendance, compliance with ownership guidelines, and committee service on Nominating (fully independent) reduce governance risk; related-party insurance transactions are routine and monitored/approved, mitigating conflict concerns .
RED FLAGS
- Related-party transactions: Purchases of insurance by Skidmore personally ($31,706) and by his company ($1,435,313) create potential optics risk; however, these were reviewed and approved as posing no conflict under the audit committee policy .
- Pledging policy: Company permits pledging of shares; while aggregate pledging is <0.1% of outstanding and Skidmore is not indicated as a pledgor, permissive policy may concern some investors from an alignment standpoint .