US insurer Cincinnati Financial has announced a key leadership reshuffle, with current president Stephen Spray set to become the new CEO in May.
He will succeed Steven Johnston, who will continue as executive chairman, focusing on maintaining key relationships within the industry.
Spray joined Cincinnati Financial in 1991.
His experience spans sales, marketing, underwriting and executive leadership, including the establishment of the Cincinnati Specialty Underwriters Insurance Company.
In addition, the insurer has expanded its board of directors, adding two new seats.
Peter Wu joins as an independent director, while Spray will also serve as a non-independent director.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Wu and Spray have also been appointed to key committees, effective immediately.
Wu, who has a background in insurance analytics and emerging technologies, brings more than 30 years of experience.
He has been associated with Boston Consulting Group since 2022.
At BCG, Wu provided guidance on data science, artificial intelligence and insurance analytics, with an emphasis on new technologies and how they affect the insurance sector.
Before that, he worked at Deloitte Consulting, where he co-founded a team focused on advanced analytics solutions for the insurance sector.
Johnston said: “Steve is the ideal candidate to lead the company forward. He is 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.
“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.”