internal
Stephen M. Spray
President and Chief Executive Officer
Executive
2 yr
13 reports
Cincinnati Financial Corporation ·CINF
CEO oversees insurance, finance, risk, and IT directly
Financials · Fortune #371 · Functional structure · 6K employees · Fairfield, Ohio
View as of:
6
CEO span
↓ tighter than peers (avg 10)
2
Avg span
tight
3
Max depth
3 levels
8.5 yr
Avg tenure
↓ 1.7yr from FY2024
67%
Internal hires
↑ above industry avg
Consolidated financials FY2025 · period end 2025-12-31 · 10-K
Revenue
$12.6B
Net income
$2.4B
Total assets
$41.0B
Shares out
156M
Sourced from Cincinnati Financial Corporation DEF 14A · filed 2026-03-18 ↗ View on SEC
Interactive org chart
Cincinnati Financial Corporation organizational chart
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CEO oversees insurance, finance, risk, and IT directly. This page maps Cincinnati Financial’s functional leadership structure, detailing the executive team, reporting lines, recent leadership changes, and how its centralized insurer model compares with peers.
What to model
Use the chart to test org decisions, not just view reporting lines
Start with the public baseline, then use the scenario views and source-backed changes to ask what happens when leadership, span, or team ownership shifts.
Latest signal Edward S. Wilkins joined as Independent Director
Joined board June 20, 2025.
Source · See change logScenario views in the chart
- Add Chief AI Officer Introduce a CAIO reporting to the CEO to accelerate underwriting and claims automation.
- CFO Departure: Succession Model the removal of the long‑tenured CFO and interim redistribution of finance oversight.
Atlas work this supports
- Connect Workday or UKG Get these analytics for YOUR org — tenure, span of control, headcount, automatically from your HRIS.
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- Plan a Reorg Use this as a starting point. Model scenarios, compare structures, present options to your board.
The people
Who's running this
7 executives identified as Named Executive Officers in the most recent SEC proxy. Bar length scales with tenure.
Michael J. Sewell
Chief Financial Officer, EVP and Treasurer
Finance
14 yr
2 reports
John S. Kellington
Chief Information Officer and EVP
Information Technology
8 yr
2 reports
internal
Teresa C. Cracas
Chief Risk Officer and EVP
Risk Management
10 yr
2 reports
internal
Stephen M. Spray
Chief Insurance Officer (former)
Insurance Operations
0 yr
0 reports
Thomas C. Hogan
Chief Legal Officer, EVP and Corporate Secretary
Legal
6 yr
1 reports
internal
Steven J. Johnston
Executive Chairman of the Board
Board / Executive
1 yr
0 reports
The pay
Executive compensation
From the most recent DEF 14A Summary Compensation Table. 5 named executive officers disclosed. Bar length scales with total compensation.
Stephen M. Spray $5.9M
- Base salary
- $1.13M
- Bonus
- $1.77M
- Stock awards
- $1.70M
- Option awards
- $681K
- Non-equity incentive
- $620K
- Pension change
- $40K
- Fiscal year
- FY2025
- Source
- SEC DEF 14A ↗
Michael J. Sewell $3.9M
- Base salary
- $1.07M
- Bonus
- $1.15M
- Stock awards
- $1.01M
- Option awards
- $404K
- Non-equity incentive
- $314K
- Fiscal year
- FY2025
- Source
- SEC DEF 14A ↗
Steven J. Johnston $2.8M
- Base salary
- $514K
- Bonus
- $805K
- Stock awards
- $774K
- Option awards
- $310K
- Non-equity incentive
- $374K
- Fiscal year
- FY2025
- Source
- SEC DEF 14A ↗
John S. Kellington $2.7M
- Base salary
- $748K
- Bonus
- $800K
- Stock awards
- $705K
- Option awards
- $282K
- Non-equity incentive
- $184K
- Fiscal year
- FY2025
- Source
- SEC DEF 14A ↗
Teresa C. Cracas $2.5M
- Base salary
- $681K
- Bonus
- $728K
- Stock awards
- $642K
- Option awards
- $257K
- Non-equity incentive
- $190K
- Fiscal year
- FY2025
- Source
- SEC DEF 14A ↗
The skin in the game
Beneficial ownership
Insider stock holdings and the company's ownership requirements for executives and directors. Disclosed in the most recent DEF 14A.
Stock ownership requirements
5×CEO base salary
3.5×NEO base salary
5×Director cash retainer
Stock ownership guidelines based on multiples of salary or fees.
The businesses
How Cincinnati Financial Corporation divides the work
4 divisions report into the group CEO. Tile size scales with estimated headcount.
Insurance Operations
4K employees
President and CEO (Stephen M. Spray)
Underwriting, claims and agency management across property and casualty subsidiaries.
Finance
300 employees
CFO (Michael J. Sewell)
Capital management, investments, accounting and treasury.
Information Technology
500 employees
CIO (John S. Kellington)
Core systems, cybersecurity and digital enablement.
Risk Management
150 employees
CRO (Teresa C. Cracas)
Enterprise risk, actuarial oversight and capital adequacy.
The thesis
Why this org is unusual
The most distinctive feature of Cincinnati Financial’s structure is the breadth of direct functional control retained by the CEO.
Stephen M. Spray has seven direct reports spanning finance, risk, IT, legal and insurance operations, with no COO layer in between. This reflects a deliberately functional model typical of insurer holding companies with centralized capital and risk oversight.
The CFO, CIO and CRO each manage narrow but critical domains, while the executive chairman role remains active but advisory following the 2024 CEO transition. Technology and risk are elevated to peer status with finance, underscoring the company’s focus on underwriting discipline, capital management and operational resilience rather than diversified business-unit autonomy.
- No COO role
- Risk and IT report directly to CEO
The comparison
How Cincinnati Financial Corporation stacks up
Compared with other mid‑cap property and casualty insurers, Cincinnati Financial runs a relatively flat, functionally centralized structure. Peers such as Travelers or Chubb often interpose a COO or regional presidents between the CEO and operating units. Cincinnati instead keeps insurance operations closely tied to …
C-suite size
Reporting depth
Cincinnati Financial Corporation
3 levels
5 levels
Chubb
6 levels
5 levels
6 levels
Avg C-suite tenure
Has COO / Has CAIO
Cincinnati Financial Corporation — no COO — no CAIO
Chubb ✓ COO — no CAIO
Current signals
What changed recently
The most significant change was Stephen M. Spray’s elevation to CEO in May 2024, with board leadership separated from management.
- new
- promoted
- Date not confirmed reorgBoard Leadership Separated Chair and CEO
Chairman and CEO roles split following 2024 transition.
Source
Leadership Timeline
Year-over-year executive structure based on SEC proxy and annual filings.
FY2025
DEF 14A filed 2026-03-18
- CEO
- Stephen M. Spray
- CEO span
- 6
- C-suite
- 5
- Avg tenure
- 8.5 yr
First full year with Spray as CEO and separated chair role.
Named executive officers (5)
- Stephen M. Spray - President and CEO since 2024
- Michael J. Sewell - CFO since 2011
- Steven J. Johnston - Executive Chairman since 2024
- John S. Kellington - CIO since 2017
- Teresa C. Cracas - CRO since 2015
FY2024
DEF 14A filed 2025-03-20
- CEO
- Steven J. Johnston
- CEO span
- 5
- C-suite
- 5
- Avg tenure
- 10.2 yr
CEO transition announced late in the year.
Named executive officers (5)
- Steven J. Johnston - CEO since 2011
- Michael J. Sewell - CFO since 2011
- Stephen M. Spray - President since 2022
- John S. Kellington - CIO since 2017
- Teresa C. Cracas - CRO since 2015
FY2023
DEF 14A filed 2024-03-18
- CEO
- Steven J. Johnston
- CEO span
- 5
- C-suite
- 5
- Avg tenure
- 11 yr
Stable long‑tenured executive team.
Named executive officers (5)
- Steven J. Johnston - CEO since 2011
- Michael J. Sewell - CFO since 2011
- Stephen M. Spray - President since 2022
- John S. Kellington - CIO since 2017
- Teresa C. Cracas - CRO since 2015
Year-over-year changes
2024 reflected preparation for CEO succession with Spray elevated to president.
- Avg tenure: 11 → 10.2 yr
- promoted Stephen M. Spray - President (was Chief Insurance Officer) (DEF 14A, 2025-03-20)
Leadership transitioned to a new CEO with the former CEO becoming executive chairman.
- CEO span: 5 → 6
- Avg tenure: 10.2 → 8.5 yr
- promoted Stephen M. Spray - CEO (was President) (DEF 14A, 2026-03-18)
- retitled Steven J. Johnston - Executive Chairman (was CEO) (DEF 14A, 2026-03-18)
Frequently Asked Questions
Who is the CEO of Cincinnati Financial?
Stephen M. Spray has served as President and CEO since May 2024.
What type of organizational structure does Cincinnati Financial use?
The company uses a functional structure with centralized executive oversight.
How many direct reports does Cincinnati Financial's CEO have?
The CEO has six direct executive reports.
How has Cincinnati Financial's leadership changed recently?
The CEO role transitioned to Stephen M. Spray in 2024 and the chair and CEO roles were separated.
Does Cincinnati Financial have a COO?
No, Cincinnati Financial does not currently have a Chief Operating Officer role.
Sources
- 8-K Filing, Jun 2025
- Company Proxy DEF 14A, Mar 2026
- SEC EDGAR: Cincinnati Financial Corporation DEF 14A Proxy Statement
- SEC EDGAR: Cincinnati Financial Corporation 10-K Annual Report
Reference
Cite this page
If you reference this page in research, analysis, or news writing, use one of the formats below. Citation includes the SEC filing source where applicable.
APA 7th
Creately. (2026). Cincinnati Financial Corporation organizational structure. Creately. Retrieved , from https://creately.com/org-chart/fortune-500/cincinnati-financial/MLA 9th
"Cincinnati Financial Corporation Organizational Structure." Creately, April 1, 2026, https://creately.com/org-chart/fortune-500/cincinnati-financial/. Accessed .Chicago 17
Creately. "Cincinnati Financial Corporation Organizational Structure." Last modified April 1, 2026. https://creately.com/org-chart/fortune-500/cincinnati-financial/.Original SEC source View on SEC ↗
Cincinnati Financial Corporation. DEF 14A. Filed 2026-03-18. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/20286/000002028626000015/cinf-20260316.htmPermanent URL: https://creately.com/org-chart/fortune-500/cincinnati-financial/ · last updated 2026-04-01