Former Cincinnati Fincl CEO Got '08 Pay Of $2.1M

By EILEEN AJ CONNELLY

NEW YORK (AP) — The former chairman and chief executive of Cincinnati Financial Corp. received 2008 compensation valued at $2.1 million, a 22 percent increase from the prior year, despite giving up the management of the company in June, according to an Associated Press analysis of figures in a regulatory filing Friday.

John J. Schiff, 65, who remains chairman of the property and casualty insurance company based in Fairfield, Ohio, received compensation of $1.7 million in 2007.

Schiff's base salary for 2008 was about $762,300, about 2 percent less than the $777,300 salary he received the previous year. He received a bonus of about $447,050 in both years. The big increase came in stock option and restricted stock awards, which jumped about 77 percent, to $916,100, from $518,100 in 2007.

He also received $6,218 in other compensation. The company did not detail individual executive perks in its filing, but said they could cover insurance policies, tax services, use of a company car, health exams, club dues, and spouse travel to and meals associated with business functions.

Schiff, 65, who was both chairman and CEO since 1999, rescinded the title of CEO to Kenneth W. Stecher, who previously worked as chief financial officer for the company.