Re-elected for three-year terms on the board of directors were W. Rodney McMullen, executive vice president of The Kroger Co.; James G. Miller, senior vice president and chief investment officer of Cincinnati Financial Corporation; Thomas R. Schiff, chairman and chief executive officer of John J. & Thomas R. Schiff & Co., Inc.; Frank J. Schultheis, president of Schultheis Insurance Agency; and Larry R. Webb, CPCU, president of Webb Insurance Agency, Inc.
Chairman and Chief Executive Officer John J. Schiff, Jr., CPCU, commented: "Today's shareholder vote positions the Company and investors to go forward with experienced, talented people working to achieve our mission and bring shareholders a consistently good return. The option plan will help us retain and attract high-performing associates who take a strong ownership interest in the Company's future.
"And shareholders accepted the board's recommendation against a shareholder proposal with stringent definitions and requirements for the makeup of the board. I'm thankful for their vote of confidence. Our shareholders agreed that the Company's unique, agent-centered business model works best with directors selected for their qualifications, not to conform to an arbitrary quota. Currently our 15-member board includes independent business executives alongside independent insurance agents who bring us a special ability to serve policyholders and agents in the communities where we do business."
At the regular meeting of the board of directors, also held on April 6, Director William F. Bahl, CFA, president of Bahl & Gaynor, Inc., was appointed to replace John J. Schiff, Jr., on the nominating committee and to chair the compensation committee. Director Michael Brown, president and general manager of the Cincinnati Bengals, Inc., was appointed to chair the nominating committee and continues to serve on the compensation committee, which he formerly chaired.
The board re-elected corporate officers for 2002, appointing Assistant Secretary and Assistant Treasurer Eric N. Mathews, AIAF, to the additional post of vice president of Cincinnati Financial Corporation. Mathews is senior vice president-corporate accounting and treasurer of the Company's property casualty insurance subsidiaries.
Cincinnati Financial Corporation offers property and casualty insurance, our main business, through The Cincinnati Insurance Company, The Cincinnati Indemnity Company and The Cincinnati Casualty Company. The Cincinnati Life Insurance Company markets life, disability income and long term care insurance and annuities. CFC Investment Company supports the insurance subsidiaries and their independent agent representatives through commercial leasing and financing activities. CinFin Capital Management provides asset management services to institutions, corporations and individuals. For additional information, please visit our Web site at http://www.cinfin.com.
SOURCE Cincinnati Financial Corporation
CONTACT: Kenneth W. Stecher, Chief Financial Officer of Cincinnati Financial Corporation, +1-513-603-5236 (CINF)