Principal Financial Group has announced that its president and chief operating officer, Deanna Strable (pictured), will assume the role of president and chief executive officer, effective Jan. 7, 2025.
In addition to her new responsibilities, Strable will join Principal’s board of directors in January 2025. Strable’s background includes her tenure as chief financial officer from 2017 to 2024 and as president of Principal’s workplace benefits and insurance division before her COO appointment in August 2024.
Lead independent director Scott M. Mills said that Strable brings a strategic vision, extensive leadership experience, and a thorough understanding of the company’s business units and culture.
“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,” Mills said.
Principal highlighted that Strable was key in developing the firm’s benefits and protection segment, including her early work as the head of the specialty benefits division and later leading its integration with the life insurance sector. She became the president of this business unit in 2015.
Strable will succeed Dan Houston, who will transition to the role of executive chair of the board. She expressed her gratitude for the appointment, recognizing the foundation laid under Houston’s leadership and describing her commitment to advancing Principal’s global financial services role.
“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,” she said.
Reflecting on his time at Principal, Houston remarked on the company’s culture and commitment to clients, adding that it has been a privilege to work with the global team.
“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,” Houston said.
Houston’s tenure as CEO, beginning in 2015, included navigating complex industry challenges such as the financial crisis, regulatory changes, and the COVID-19 pandemic. Under his leadership, Principal noted that its market capitalization grew from $13 billion to over $20 billion, with a strategic focus on high-value growth opportunities for customers and shareholders.
“Dan has been the driving force behind Principal’s evolution over the last 10 years,” Mills said. “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.”
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