Cincinnati Financial Corporation, an Ohio based NASDAQ listed insurance company revealed the appointment of a new Director and Director Nominees for 2020 in a recent public announcement.
As per the statement released by the firm last Friday, the firm’s board of directors added a 16th seat during their regular meeting and appointed Mr. Thomas J. Aaron to the firm’s board as an independent director and member of its audit committee effective immediately.
Aside from his current role as a member of the board of directors for Cincinnati Financial Corporation, Aaron is serving as executive Vice President and Chief Financial Officer for Community Health Systems – one of the largest publicly traded hospital companies in the USA and has remained as part of the firm’s senior-level management team for nearly three years now. Aaron is a veteran in the financial service industry with more than three decades of experience serving under industry-leading auditing firm.
Aaron began his career in the financial industry as staff at Deloitte – one of big four global auditing firms back in September of 1984 post graduating with a Bachelor’s degree in accounting from the University of Kentucky. Aaron spent more than 90% of his career serving in Deloitte having remained at the firm for 30 years. Having joined as an entry-level executive, he spent the first decade at firm climbing the corporate ladder reaching the role of partner.
At the time of resignation from the firm, he had been serving in the role of Managing Director for more than a decade becoming an expert in audits focused on large national healthcare organizations. Commenting on Aaron’s addition to the firm’s board, Kenneth W. Stecher, Chairman of the board said, “Tom brings to our board his substantial financial expertise and knowledge of the investment analyst community. This addition complements the many strengths of the 15 directors who continue on our board at this time”.
Speaking on the same note, Steven J. Johnston, President & CEO of Cincinnati Fin Corp added, “Just as important, adding tom at this time helps keep us in good shape to continue serving shareholders when two current directors do not stand for reelection next May according to our corporate governance guideline on director age”.
As pointed out by Mr. Johnson in the comment above, the board will see a reduction in size to 13 members post the upcoming annual meeting of shareholders scheduled to occur on May 2, 2020. The three board members who step down from the board are Directors – W. Rodney McMullen and Gregory T.Bier and Chairman Kenneth W. Stecher.
The nominees for upcoming Board of director elections are: Thomas J. Aaron, William F. Bahl, Linda W. Clement-Holmes, Dirk J. Debbink, Steven J. Johnston, Kenneth C. Lichtendahl, Jill P. Meyer, Esq., David P. Osborn, Gretchen W. Price, Thomas R. Schiff, Douglas S. Skidmore, John F. Steele, Jr. and Larry R. Webb.
Commenting on the departure of current Chairman of Board and its current members, CEO Johnson said, “Our board and shareholders have benefited for far longer than the 11 years Ken has served as a director from his superb business acumen and the deep company knowledge he gained over his more than 50 years with Cincinnati Insurance. For the past 18 years, we have had the benefit of Rodney’s independent business perspective and his experience with large, public companies. And, we have enjoyed Greg’s deep accounting expertise and knowledge of SEC reporting best practices since 2006. We thank these gentlemen for their roles in helping the company fulfill our promises, building a foundation for growth and stability that should benefit our shareholders, agents, policyholders, associates and community far into the future”.