Cincinnati Financial (CINF) Declares $0.48 Quarterly Dividend; Chairman Stecher to Retire
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Cincinnati Financial (NASDAQ: CINF) declared a quarterly dividend of $0.48 per share, or $1.92 annualized.
The dividend will be payable on October 14, 2016, to stockholders of record on September 21, 2016, with an ex-dividend date of September 19, 2016.
The annual yield on the dividend is 2.5 percent.
Cincinnati Financial also announced that Kenneth W. Stecher, chairman of the board, plans to retire from active employment and executive responsibilities at the company within the next six months. He will remain as a director and nonemployee chairman of the board.
Stecher (age 70) has held many high-ranking positions throughout his distinguished 49-year career, including president, chief executive officer and chief financial officer. He's been a director of Cincinnati Financial since 2008 and on all subsidiary boards since 1997. He quickly advanced through the accounting department's officer ranks after joining the company through its acquisition of Inter-Ocean Life Insurance Company in 1973.
"Ken's decision to step away from executive responsibilities while remaining as chairman of the board demonstrates our focus on long-term planning," commented William F. Bahl, CFA, CIC, chairman of Bahl & Gaynor Investment Counsel Inc. and Cincinnati Financial's lead independent director. "He will continue to lead the board, bringing his deep institutional knowledge and assuring continuity of the company's values as we take the next steps in the board's succession and refreshment plans."
Steven J. Johnston, president and chief executive officer, added, "Having Ken remain available for counsel is a tremendous help to the management team. I am pleased that this transition is occurring in the normal course of business. I will continue to work with him, my executive team and our associates to further the company's agent-centered mission and strategic initiatives, bringing value to shareholders."
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