Principal® names Deanna Strable next president and CEO

Rhea-AI Summary

Principal Financial Group (Nasdaq: PFG) has announced that Deanna Strable will become the company's next president and CEO, effective January 7, 2025. Strable, currently serving as president and COO, will succeed Dan Houston, who will continue as executive chair of the Board. Prior to her current role, Strable served as CFO from 2017 to 2024 and has 35 years of experience with Principal. Under Houston's tenure as CEO since 2015, Principal's market capitalization grew from $13 billion to over $20 billion. Strable will also join the Principal Board of Directors in January 2025.

Positive

• Market capitalization grew from $13 billion to over $20 billion under current CEO's tenure
• Smooth leadership transition with experienced internal candidate having 35 years with the company
• Current CEO remaining as executive chair ensures continuity in leadership

Negative

• None.

Insights

Market Research Analyst

This CEO transition announcement, while significant for corporate governance, appears well-planned and maintains continuity in leadership. Deanna Strable's appointment represents an internal promotion after 35 years with Principal, including key roles as CFO and president of workplace benefits. Her deep understanding of Principal's operations and previous involvement in strategic decisions suggests minimal disruption to existing business strategies.

Under Dan Houston's tenure, Principal's market cap grew from $13 billion to over $20 billion. The planned transition period until January 2025 and Houston's continued involvement as executive chair should facilitate a smooth handover. Strable's experience in leading the Benefits and Protection business and her role in strategic growth initiatives positions her well to maintain Principal's market momentum.

Dan Houston to remain executive chair of the Board

DES MOINES, Iowa--(BUSINESS WIRE)-- Principal Financial Group^® (Nasdaq: PFG) today announced the Board of Directors has appointed president and chief operating officer Deanna Strable as the company’s next president and chief executive officer, effective January 7, 2025. Strable succeeds Dan Houston, who will continue to serve as executive chair of the Board.

Deanna Strable. (Photo: Business Wire)

“I’m incredibly proud of the company we have built, the culture of care and expertise developed, and our unwavering commitment to clients. It has been an honor to serve as president and CEO and work with so many talented employees around the world,” said Houston. “Deanna has been a trusted partner and a co-architect in the company’s growth strategy. I have the utmost confidence in her leadership and business acumen and look forward to working with her to ensure a smooth transition.”

Strable will also join the Principal Board of Directors in January 2025. Before being appointed president and COO in August 2024, she served as the company’s CFO from 2017 to 2024, and before that, as president of its workplace benefits and insurance business.

“Deanna brings strategic vision, strong leadership experience, and a deep understanding of the company's interconnected business units and great culture,” said Scott M. Mills, lead independent director of the Principal Board of Directors. “She has cultivated a breadth and depth of experience during her 35 years with Principal and held key leadership roles in shaping its strategy and portfolio of businesses. We look forward to her continued leadership driving Principal into the next phase of growth.”

Strable has been instrumental in leading business strategy and operations as Principal^® has gone through significant growth while continually strengthening its market position. She helped build the company’s Benefits and Protection business – as the first leader of its Specialty Benefits division and leading the integration with its life insurance business – before stepping into the role of business unit president in 2015.

“I am honored to be appointed as the company’s next president and CEO and build upon the strong foundation we’ve established under Dan’s leadership,” said Strable. “Throughout my career, I’ve seen Principal strengthen its position as a leading global financial services company dedicated to helping customers build strong financial futures. Alongside our committed and passionate colleagues around the world, I look forward to continuing our culture of innovation, inclusion, and service, with a focus on meeting customer needs to drive growth and create shareholder value.”

Strable succeeds Houston in the role. Houston has served as president and CEO for Principal since 2015 and has held several leadership positions during his 40 years with the company. During that time, he has navigated highly complex business issues—from the financial crisis to industry reform and through the global pandemic. During Houston’s tenure as president and CEO, Principal’s market capitalization grew from $13 billion to more than $20 billion as he’s focused the company’s strategy on the highest value opportunities and growth drivers to serve customers and shareholders around the world.

“Dan has been the driving force behind Principal’s evolution over the last 10 years,” said Mills. “He set the company’s growth agenda and led the company through significant transformation. Principal is in a position of strength today and is well positioned for continued growth thanks to his leadership.”

About Principal Financial Group^®

Principal Financial Group^® (Nasdaq: PFG) is a global financial company with nearly 19,000 employees^[1] passionate about improving the wealth and well-being of people and businesses. In business for 145 years, we’re helping approximately 68 million customers^[2] plan, protect, invest, and retire, while working to support the communities where we do business, and build a diverse, inclusive workforce. Principal^® is proud to be recognized as one of the 2024 World’s Most Ethical Companies^® by Ethisphere^[3], a member of the Bloomberg Gender Equality Index, and a “Best Place to Work in Money Management^[4].” Learn more about Principal and our commitment to building a better future at principal.com.

1As of September 30, 2024

2As of September 30, 2024

3Ethisphere, 2024

4Pensions & Investments, 2023

© 2024 Principal Financial Services, Inc. Principal^®, Principal Financial Group^®, and Principal and the logomark design are registered trademarks of Principal Financial Services, Inc., a Principal Financial Group company, in the United States and are trademarks and services marks of Principal Financial Services, Inc., in various countries around the world.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241112003177/en/

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

Investor contact: Humphrey Lee, 515-235-9500, lee.humphrey@principal.com

Source: Principal Financial Group

FAQ

When will Deanna Strable become CEO of Principal Financial Group (PFG)?

Deanna Strable will become President and CEO of Principal Financial Group (PFG) effective January 7, 2025.

How long has Deanna Strable been with Principal Financial Group (PFG)?

Deanna Strable has been with Principal Financial Group (PFG) for 35 years, serving in various leadership roles including CFO and president of workplace benefits and insurance business.

How much did Principal Financial Group's (PFG) market cap grow under Dan Houston's leadership?

Under Dan Houston's leadership as CEO since 2015, Principal Financial Group's (PFG) market capitalization grew from $13 billion to more than $20 billion.