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Wednesday, May 20, 2009

Principal Switches Chairmen

News summary by MFWire's editors

Principal has a new chairman. Larry Zimpleman, currently president and chief executive officer, is taking on the chairman's seat as well. He replaces J. Barry Griswell, who has been chairman since 2002. Griswell will remain on the company's board.

DES MOINES, Iowa--(BUSINESS WIRE)--The Principal Financial Group, Inc. (NYSE: PFG - News) today announced that Larry D. Zimpleman, president and chief executive officer, has been elected chairman of the board by the company’s board of directors, effective May 19. Zimpleman succeeds J. Barry Griswell, who served as chairman since 2002. Griswell continues to serve on the board.

“Larry is the right leader for these challenging times. His depth and breadth of global financial services expertise make him especially well suited for the job,” Griswell said. “In his first year at the helm of The Principal®, Larry and his strong management team have demonstrated their continued ability to achieve strong results even in the face of challenging headwinds.”

Zimpleman commented, “The Principal owes a great debt of gratitude to Barry. His leadership has been outstanding in both the good and challenging times. He strengthened The Principal to become the highly-regarded, world-class company and employer it is today."

Zimpleman Background

Zimpleman joined the company in 1971 as a part-time actuarial student and became a full-time actuary in 1973. From 1976 to 1997, he served in various management and leadership positions at the officer level in the pension department. He was named vice president in 1997, senior vice president in 1999, executive vice president in 2001, president of Retirement and Investor Services in 2003, president and chief operating officer in 2006, and chief executive officer in 2008. A native of Williamsburg, Iowa, Zimpleman received a bachelor’s degree in business administration from Drake University in 1973, and an MBA degree from Drake in 1977.

He became a Fellow of the Society of Actuaries in 1976, and is a past member of the Board of Governors of the Society. Zimpleman is past chair of Principal Funds, and is past chair of the Board of Trustees for the Employee Benefit Research Institute (EBRI). He is a past president and board chair of the American Academy of Actuaries. He is a member of the Actuarial Club of Des Moines. He was a delegate at the 2002 and 2006 National Summit on Retirement Savings hosted by President Bush and the Secretary of Labor.

About the Principal Financial Group

The Principal Financial Group® (The Principal ®)1 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $236.6 billion in assets under management2 and serves some 18.8 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.

Edited by: Erin Kello

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