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    Principal Financial Group Inc (PFG)

    CEO Change

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    Principal Financial Group, Inc. (PFG) is a global financial services company that provides a diverse range of financial products and services through several key segments . The company offers retirement products, investment solutions, and insurance services, primarily targeting businesses and their employees . PFG's comprehensive suite of offerings allows it to maintain a strong market position and leverage synergies across its segments .

    1. Retirement and Income Solutions - Provides retirement products and services, including defined contribution plans, pension risk transfer, and individual annuities, primarily to businesses and their employees .
    2. Principal Asset Management - Offers global investment solutions across various asset classes to institutional, retirement, retail, and high net worth investors .
    3. Benefits and Protection - Focuses on insurance solutions, providing group dental, life, disability insurance, and supplemental health products, primarily targeting small-to-mid-sized businesses .
    4. Corporate - Manages capital not allocated to other segments and includes results from Principal Securities, Inc. .
    NamePositionStart DateShort Bio
    Vivek AgrawalExecutive Vice President and Chief Growth OfficerMarch 2023Vivek Agrawal, aged 56, has been serving as the Executive Vice President and Chief Growth Officer of PFG and Principal Life since March 2023. Previously, he was a senior partner at McKinsey & Company .
    Kamal BhatiaPresident and Chief Executive Officer of Principal Asset ManagementFebruary 10, 2024Kamal Bhatia has been the President and CEO of Principal Asset Management since February 10, 2024. He was previously the Global Head of Investments for Principal Asset Management .
    Thomas CheongExecutive Vice President and President, Principal AsiaMarch 2019Thomas Cheong, aged 55, has been serving as Executive Vice President of PFG since January 2021 and as President, Principal Asia since March 2019. He is based in Hong Kong .
    Amy FriedrichPresident of Benefits and ProtectionMay 2017Amy Friedrich, 53, has been the President of Benefits and Protection at PFG since May 2017. She was previously the Senior Vice President of the Specialty Benefits division .
    Patrick HalterInterim Division President of Principal Asset ManagementFebruary 10, 2024Patrick G. Halter has been with PFG since 1984. He served as President and CEO of Principal Asset Management until February 10, 2024, and is now Interim Division President until his retirement on April 2, 2024 .
    Daniel HoustonChairman, President, and Chief Executive Officer2015Daniel J. Houston has been the Chairman, President, and CEO of PFG since 2015. He joined the company in 1984 and has held various executive roles .
    Kathleen KayExecutive Vice President and Chief Information OfficerMay 2020Kathleen Kay, 61, has been the Executive Vice President of PFG since March 2022 and the Chief Information Officer since May 2020. She previously held leadership roles at Pacific Gas & Electric Company .
    Natalie LamarqueExecutive Vice President and General CounselJuly 2022Natalie Lamarque, 47, has been serving as the Executive Vice President and General Counsel of PFG since July 2022. She also became Secretary of the Company in October 2022 .
    Christopher LittlefieldPresident of Retirement and Income SolutionsMarch 2022Christopher Littlefield, 57, has been the President of Retirement and Income Solutions at PFG since March 2022. He was previously Executive Vice President and General Counsel .
    Kenneth McCullumExecutive Vice President and Chief Risk OfficerApril 2023Kenneth McCullum, 59, has been the Executive Vice President and Chief Risk Officer of PFG since April 2023. He was previously Senior Vice President and Chief Risk Officer .
    Deanna Strable-SoethoutPresident and Chief Operating OfficerAugust 2024Deanna Strable-Soethout has been with PFG since 1990. She became Executive Vice President and CFO in February 2017 and was promoted to President and COO in August 2024. She will become CEO on January 7, 2025 .
    Dan HoustonExecutive Chair of the BoardJanuary 7, 2025Dan Houston has been with PFG since 1984 and has held various executive roles. He will transition to Executive Chair of the Board on January 7, 2025 .
    Deanna StrablePresident and Chief Executive OfficerJanuary 7, 2025Deanna Strable has been appointed as the President and CEO of PFG, effective January 7, 2025. She has been with Principal since 1990 and held various roles, including Executive Vice President and CFO .
    Joel PitzInterim Chief Financial OfficerN/AJoel Pitz is currently serving as the Interim CFO at PFG. He has been with the company for nearly three decades, bringing extensive experience across domestic, international, and corporate functions .
    1. Can you elaborate on the measures you're taking to address the outflows in PGI, especially from lower fee and yield products, and how you plan to reverse this trend to improve net cash flows?
    2. With the slight uptick in participant withdrawal rates among older cohorts, particularly as the baby boomer generation enters peak retirement years, how do you anticipate this impacting your retirement business, and what strategies are you implementing to mitigate potential negative effects?
    3. Given the elevated severance costs in the RIS and PI segments during the quarter, should we anticipate further restructuring expenses in the near future, and how will this impact your operating margins and expense management initiatives?
    4. Despite the strong net cash flows in Principal International this quarter, can you discuss the sustainability of this performance considering potential FX headwinds and macroeconomic challenges in key markets like China and Southeast Asia?
    5. Since you expect lower real estate-related performance fees this year due to the nature of the current real estate cycle, how do you plan to compensate for this decrease to maintain earnings growth in Principal Asset Management?
    Program DetailsProgram 1Program 2
    Approval DateJanuary 2022 February 2024
    End Date/DurationCompleted in April 2024 No expiration date
    Total additional amount$1.6 billion $1.5 billion
    Remaining authorizationCompleted $1,086.8 million as of September 30, 2024
    DetailsIncrease to June 2021 program Latest authorization

    Competitors mentioned in the company's latest 10K filing.

    • Banks
    • Mutual funds
    • Institutional trust companies
    • Broker-dealers
    • Insurers
    • Recordkeepers
    • Asset managers
    • Wealth managers

    These competitors may offer a broader array of products, more competitive pricing, greater diversity of distribution sources, better brand recognition, or higher financial strength ratings. Some may have greater financial resources or better investment performance at various times .

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP1967 PresentCurrent auditor

    Recent developments and announcements about PFG.

    Corporate Leadership

      Leadership Change

      ·
      Nov 14, 2024, 12:00 AM

      Deanna Strable is stepping up as the next President and CEO of Principal Financial Group, effective January 7, 2025. She succeeds Dan Houston, who will continue as Executive Chair of the Board. Strable has been with the company since 1990 and has held various leadership roles, including CFO and President of U.S. Insurance Solutions. Dan Houston is retiring from his CEO position but will remain involved as Executive Chairman .

      CEO Change

      ·
      Nov 14, 2024, 12:00 AM

      Daniel J. Houston, the current CEO of Principal Financial Group, will retire from his position effective January 7, 2025. He will continue to serve as Executive Chairman after stepping down as CEO. Deanna Strable has been appointed as the new CEO, effective the same date .