Principal Financial Group Announces Organizational Changes; New Structure Further Drives Performance
DES MOINES, Iowa--(BUSINESS WIRE)--Dec. 3, 2003--Principal
Financial Group, Inc. (NYSE:PFG) today announced a realignment of its
organizational structure and senior leadership changes. The
reorganization results in three major business divisions and realigns
distribution, from a consolidated organization, into each division.
"This strategic realignment will drive performance by intensifying
each of our businesses' focus on our key markets, giving each division
complete control of profit/loss results and distribution," said J.
Barry Griswell, chairman, president and chief executive officer. "This
is a natural next step in leveraging our leadership position in the
small and medium business market, while streamlining the
The following changes are effective immediately:
-- John E. Aschenbrenner is named president -- Insurance and
Financial Services, with responsibility for the life and
health segment and mortgage banking.
-- Larry D. Zimpleman is named president -- Retirement and
Investor Services with responsibility for U.S. and
international asset accumulation and Principal Bank.
-- Michael T. Daley, executive vice president, will leave the
company as a result of the reorganization.
James P. McCaughan continues as president of Principal Global
Investors, with responsibility for global asset management. Michael H.
Gersie continues as executive vice president and chief financial
officer with responsibility for financial operations, information
technology, and administrative services.
"We appreciate Mike Daley's many contributions. His boundless
energy and experience helped strengthen the distribution and marketing
functions and positioned them for continued sales growth and alignment
with the businesses they support," said Griswell.
About the Principal Financial Group
The Principal Financial Group(R) (The Principal (R))(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 mortgage
banking through its diverse family of financial services companies.
More employers choose the Principal Financial Group for their 401(k)
plans than any other bank, mutual fund, or insurance company in the
United States(2). A member of the Fortune 500, the Principal Financial
Group has $134.8 billion in assets under management(3) and serves some
14.8 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 trademarks referring to Principal Financial Group, Inc.
(2) CFO Magazine, April/May 2003, based on total plans served in
2002 by insurance companies, banks and investment firms.
(3) As of September 30, 2003
CONTACT: Principal Financial Group, Des Moines
Tina Marchetti, 515-248-0065
Investor Relations Contact:
Tom Graf, 515-235-9500
SOURCE: Principal Financial Group