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.

Cincinnati Financial also expanded its board to 14 members by appointing two new directors, including Spray. It also added Peter Wu to the board, effective immediately. Wu is an independent director who has more than 30 years of experience working with the insurance industry.

He has worked with Boston Consulting Group since 2022, advising on insurance analytics, data science and artificial intelligence. He focuses on emerging technologies and how they impact the insurance industry. He was previously a managing director at Deloitte Consulting from 1995-2020, serving as chief actuarial and analytics leader.

He co-founded and led a team that developed analytics and data science products for insurers.