Cincinnati Financial Corp. has named a new CEO. The company veteran Steve Spray, the Fairfield-based insurance company's president, will become CEO on May 4, 2024 when the company conducts its annual shareholders meeting.

He'll take over for Steve Johnston, who is stepping down from the CEO role after more than 12 years at the helm. Spray was also named immediately to the company's board of directors. Johnston, 64, is also chairman and will remain as executive chairman after the transition, leading the board.

He'll also work with Spray on long-term strategies and maintain his relationships with insurance agencies, investors and others. Spray, 57, has been with Cincinnati Financial for more than three decades, dating back to 1991. His roles increased in responsibility over the years.

He played a key part in forming Cincinnati Specialty Underwriters Insurance Co. in 2007. He was responsible for sales and marketing, including management of field underwriters and independent agency relationships from 2011-2016.

He then led commercial lines operations for three years. In 2019, he became chief insurance officer of the property casualty subsidiaries, a position he held until becoming president two years ago. As president, he holds executive oversight of property casualty sales and marketing, commercial and personal lines underwriting, human resources, corporate communications and life insurance sales and underwriting.

Johnston became CEO and president in 2011. He took on the role of chairman in 2020. He took over the CEO role from Ken Stecher, who became chairman until stepping down in 2020.