The Principal Financial Group Announces Changes to Strengthen Global Asset Management Capabilities and Retirement Leadership
The Principal Financial Group(R) today announced several senior leadership and structural changes to better align businesses, distribution teams and product offerings for future growth.
The structural changes bring together most investment professionals – combining Principal Funds and Principal Trust, formerly under the Retirement & Investor Services segment – with Principal Global Investors, led by Jim McCaughan, president of Principal Global Investors. Additionally, distribution teams will align with and report into each operating segment.
“Since 2001 when The Principal became a public company, we’ve transformed into a global leader in retirement and investment management, more than quadrupling our assets under management to over a half trillion dollars,” said Daniel J. Houston, president and chief operating officer. “That growth has been driven by strong performance of our long-term investment strategies across asset classes and our unique retirement income solutions.
“These changes will accelerate our growth going forward, enabling us to more rapidly expand our investment platform and more effectively distribute solutions to retail, retirement and institutional investors worldwide.”
Other changes include the promotion of Nora Everett, formerly president & CEO of Principal Funds, to president of Retirement & Investor Services. Everett will remain chairman of Principal Funds. Also, Deanna Strable is promoted to president of U.S. Insurance Solutions, which she will continue to lead.
“Under the new leadership structure, with Jim McCaughan (Principal Global Investors), Luis Vald`es (Principal International), Nora Everett (Retirement & Investor Services) and Deanna Strable (U.S. Insurance Solutions), we remain well-positioned to execute our global growth strategy and create long-term value for our shareholders,” said Houston.
Other senior leader promotions include Amy Friedrich as senior vice president-specialty benefits, Greg Linde as senior vice president-individual life, and Dennis Menken, senior vice president and chief investment officer of the general account.
In addition, after 21 years of service with The Principal(R), Ralph Eucher, executive vice president, will retire effective March 13. Eucher came to The Principal in 1994 to work in the commercial real estate division. He was named president and CEO of Principal Funds in 1999, senior vice president in 2002, and began overseeing human resources and corporate real estate in 2008. Prior to The Principal, Eucher was President of General Growth.
While the structural changes will begin to be implemented immediately, financial reporting won’t change until a later date.
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About the Principal Financial Group
The Principal Financial Group(R) (The Principal(R))1 is a global investment management leader offering retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500(R), the Principal Financial Group has $519.3 billion in assets under management2 and serves some 19.7 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1 “The Principal Financial Group” and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2 As of Dec. 31, 2014.
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