Principal Financial Group Appoints Daniel Houston President And COO

(RTTNews) - Principal Financial Group Inc. (PFG), a provider of retirement savings and insurance products, said Wednesday that its board of directors has named company veteran Daniel Houston as president and chief operating officer of the company, with immediate effect. Houston was also elected to the company's board.

In his new role, Houston will oversee all global businesses including Principal Global Investors, Principal International, Retirement and Investor Services, and U.S. Insurance Solutions.

Meanwhile, Larry Zimpleman will continue as chairman and chief executive officer of the company. He will continue to oversee the company growth strategy, capital management and deployment, and corporate functions.

Commenting on Houston's appointment, Zimpleman said, "The Principal has seen strong growth since the financial crisis due to our global investment management strategy, solid execution and great people. Dan has played an integral role in shaping and executing that strategy."

Houston joined Principal Financial Group in 1984 as a sales representative in the Dallas group and pension office. Later on, he held a number of management positions in the company. He was named executive vice president in 2006, president of retirement and investor services in 2008, and president of retirement, insurance and financial services in 2009.

Zimpleman joined the company in 1971 as an actuarial student and became a full-time actuary in 1973. From there, he rose to a number of management and leadership positions.

Zimpleman was named senior vice president in 1999, executive vice president in 2001, president of Retirement and Investor services in 2003, president and COO in 2006, president and CEO in 2008, and chairman of the board in 2009.

Des Moines, Iowa-based Principal Financial Group has $513.5 billion in assets under management and serves some 19.5 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States.

PFG is trading at $53.99, down $0.07 or 0.16 percent on a volume of 8,726 shares.