Principal Financial Group® Names Vivek Agrawal as Chief Growth Officer

Rhea-AI Summary

Principal Financial Group (NASDAQ: PFG) announced that Vivek Agrawal will join as Chief Growth Officer on March 7. This newly created role aims to enhance strategic initiatives and growth opportunities within the company, building on a portfolio and strategy review conducted in 2021. Agrawal will lead strategy efforts to drive profitable growth and synergies across the business, reporting to CEO Dan Houston. With over two decades at McKinsey & Company, Agrawal brings extensive experience in asset management and insurance. He holds a Master of Science from MIT and a bachelor's from the Indian Institute of Technology.

Positive

• The introduction of a Chief Growth Officer reflects a strategic move to enhance growth initiatives.
• Vivek Agrawal's extensive experience in asset management and insurance may strengthen the company's market position.

Negative

• None.

DES MOINES, Iowa--(BUSINESS WIRE)-- Principal Financial Group^® today announced Vivek Agrawal will join the company as chief growth officer effective March 7.

Vivek Agrawal will be joining Principal in a new role as executive vice president and chief growth officer, effective March 7. (Photo: Business Wire)

Chief growth officer is a new role for Principal^®, aimed at accelerating the company’s strategic initiatives and growth opportunities to drive greater value for customers and shareholders. It also builds on the transformative work Principal took on during its comprehensive portfolio and strategy review in 2021.

In this role, Agrawal will be responsible for leading the company’s strategy and working across the business to further customer-driven capabilities that drive profitable growth, capture synergies across the enterprise, and differentiate the company from its competitors. He will also report to and serve as senior advisor to Dan Houston, chairman, president, and chief executive officer.

“As we continue to transform Principal to adapt to the evolving needs of our customers, this new role and the addition of Vivek is integral to ensuring we’re intentional and disciplined in how we analyze, approach, and seize new opportunities for growth, capture synergies across the portfolio, and expand our competitive advantages,” said Houston. “Vivek’s expertise in managing complex transformations positions him uniquely to help deliver on the company’s growth aspirations. His combination of industry and global experience is a welcome addition to our senior leadership team.”

Agrawal is currently Senior Partner at McKinsey & Company. During his tenure at McKinsey spanning more than two decades, Agrawal led McKinsey’s practices in both the United States and Asia and has built considerable hands-on experience in the growth and turn-around of leading organizations in asset management, retirement, wealth management, and insurance sectors globally.

As executive vice president and chief growth officer, Agrawal will serve as a member of the executive management team. He will be based in the company’s global headquarters in Des Moines, Iowa.

Agrawal received a Master of Science from the Massachusetts Institute of Technology and a bachelor’s degree from the Indian Institute of Technology.

About Principal^®1

Principal Financial Group^® (Nasdaq: PFG) is a global financial company with approximately 19,000 employees² passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping approximately 62 million customers² plan, insure, invest, and retire, while working to improve our planet, support the communities where we do business, and build a diverse, inclusive workforce. Principal^® is proud to be recognized as one of America’s 100 Most Sustainable Companies³, a member of the Bloomberg Gender Equality Index, and a Top 10 “Best Places to Work in Money Management⁴.” Learn more about Principal and our commitment to sustainability, inclusion, and purpose at principal.com.

© 2023 Principal Financial Services, Des Moines, IA 50392, USA.

¹ Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.

² As of December 31, 2022

³ Barron’s, 2022

⁴ Pensions & Investments, 2022

View source version on businesswire.com: https://www.businesswire.com/news/home/20230207005264/en/

Jane Slusark, slusark.jane@principal.com, 515-362-0482

Source: Principal Financial Group

FAQ

What is the role of Vivek Agrawal at Principal Financial Group?

Vivek Agrawal will serve as Chief Growth Officer, focusing on enhancing strategic initiatives and growth opportunities.

When will Vivek Agrawal start at Principal Financial Group?

Vivek Agrawal will begin his role on March 7.

What are the responsibilities of the Chief Growth Officer at PFG?

The Chief Growth Officer will lead strategy to drive profitable growth and capture synergies across the business.

What prior experience does Vivek Agrawal have?

Agrawal has over two decades of experience at McKinsey & Company, focusing on asset management, retirement, and insurance.