By Cliff Peale
Enquirer staff writer

Carl Lindner Jr. will relinquish his chief executive officer title at American Financial Group Inc. to two of his sons but remain chairman of the company.

AFG said Wednesday that Lindner, 85, would make the move as part of the company's succession plan and it will take effect in January. Carl Lindner III, 51, and Craig Lindner, 49, will be co-CEOs.

"While I will remain chairman and am in excellent health, I felt it very important that we have a succession plan," the elder Lindner said in a statement.

Craig and the younger Carl Lindner have been co-presidents of AFG, with Carl III running the property-and-casualty unit and Craig running annuity and investment operations.

American Financial has grown to more than $21 billion in assets.

AFG is the holding company for the financial interests of Lindner, who also is chief executive officer of the Cincinnati Reds, and his family. The company now focuses on insurance.

Shares in AFG closed Wednesday at $30.46, up 16 cents.

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E-mail cpeale@enquirer.com