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    Stephen M. Spray

    President and CEO at Cincinnati Financial Corp
    Since May 4, 2024
    Age
    58 years
    Tenure
    Joined in 1991, held roles in sales and marketing, commercial operations, and as chief insurance officer before advancing to President and CEO on May 4, 2024.

    Also at Cincinnati Financial Corp

    JSK
    John S. Kellington
    CIO, Executive Vice President
    MJS
    Michael J. Sewell
    CFO, Executive Vice President, Treasurer
    TCC
    Teresa C. Cracas
    Chief Risk Officer, Executive Vice President

    About

    Stephen M. Spray has dedicated over three decades to Cincinnati Financial Corporation, demonstrating deep industry knowledge and a commitment to operational excellence. His professional journey reflects a steady progression: from his initial role in 1991, evolving through critical positions in sales and marketing, onward to managing commercial lines and overseeing property casualty subsidiaries.

    Throughout his career, his strategic leadership and innovative approach have driven improvements in efficiency and profitability, reinforcing the company's core values while positioning it for long-term success. His work not only underscores his operational expertise but also his ability to navigate the evolving challenges of the insurance field.

    In addition to his executive responsibilities, he has contributed to various boards and advisory roles, embodying a commitment to both industry excellence and broader community engagement. His leadership style and dedication continue to be central to Cincinnati Financial Corporation’s sustained growth and innovation in a competitive market.

    $CINF Performance Under Stephen M. Spray

    Past Roles

    OrganizationRoleDate RangeDetails
    Cincinnati Financial Corporation (CINF) President 2022 – May 2024 Held the role prior to promotion to Chief Executive Officer
    Cincinnati Financial Corporation (CINF) Chief Insurance Officer of Property Casualty Subsidiaries 2019 – 2022 Responsible for overseeing property casualty subsidiaries
    Cincinnati Financial Corporation (CINF) Head of Commercial Lines Operations 2016 – 2019 Led the commercial lines segment of the company
    Cincinnati Financial Corporation (CINF) Sales and Marketing Executive 2011 – 2016 Managed sales and marketing, including field underwriters and agency relationships
    Cincinnati Financial Corporation (CINF) Instrumental Role in Formation of The Cincinnati Specialty Underwriters Insurance Company 2007 Played a key role in establishing the specialty underwriters entity
    Cincinnati Financial Corporation (CINF) Various Early Roles Since 1991 Joined the company in 1991 and held progressively responsible positions

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Salary$893,786 AnnualFixed base salary for 2023.
    All Other Compensation$48,645 AnnualIncludes various benefits and perquisites; breakdown not provided.

    Performance Compensation

    Data from  FY 2023

    Annual Incentive Cash Compensation

    MetricValue
    Base Annual Salary$912,089
    Tier Target Percentage125%
    Performance Factor100%
    Award Payout$1,140,111
    Primary Metric (VCR)19.5%
    Premium Growth10% (Target: 3%)
    Combined Ratio94.9% (Target: ≤95%)
    Performance HurdlesThreshold: >3/9 peers (30%), Target: >5/9 peers (100%), Maximum: >7/9 peers (200%)
    Evaluation PeriodCalendar Year 2023
    Vesting/Payment ConditionPaid upon performance assessment

    Stock Awards (PSUs & RSUs)

    MetricPSUsRSUs
    Grant DateFeb 20, 2023 Feb 20, 2023
    Target Shares6,810 1,816
    Threshold Shares2,043 N/A
    Maximum Shares13,620 N/A
    Performance Metric3-year TSR relative to 9 peersTime-based vesting
    Grant Date Fair Value$1,154,295 $217,466
    Vesting ScheduleVests on Mar 1, 2026 (Performance Period: Jan 1, 2023 – Dec 31, 2025) Not specified

    Option Awards

    MetricValue
    Grant DateFeb 20, 2023
    Number of Options22,373
    Exercise Price$125.57 per share
    Grant Date Fair Value$855,096
    Vesting ScheduleRatable over 3 years; Exercisable over 10 years
    Performance MetricsNot performance-based (service-based)

    This table summarizes the performance compensation details for 2023 including annual incentive cash, stock awards (PSUs and RSUs), and option awards.