The board of Principal Financial today announced that Deanna Strable will take over from Dan Houston as the company's CEO in January.
Strable has been working for Principal since 1990, when she joined the Des Moines, Iowa-based life insurer, annuity issuer and asset manager as an actuarial assistant. She became the company's president and chief operating officer in August.
Houston — who is now Principal's chairman as well as its CEO — will continue to be the chairman. He became Principal's CEO in 2015, when he succeeded Larry Zimpleman.
Principal ended the third quarter with a total of $1.7 trillion in assets under administration, including $741 billion in assets under management. It reported $666 million in net income for the first three quarters of the year on $11 billion in revenue.
The company sells insurance, mutual funds, retirement plans and plan administration services in the United States, and it also sells asset management services outside the United States.
Scott Mills, the lead independent director on the Principal board, said the company picked Strable to succeed Houston because of her leadership experience, understanding of Principal's business units and strategic vision.
