February 26, 2008
The Principal Financial Group Announces Executive Promotions
DES MOINES, Iowa--(BUSINESS WIRE)--The Principal Financial Group® (NYSE:PFG) announced the following executive promotions, effective March 1, 2008:
Daniel J. Houston is named president – Retirement and Investor Services (RIS) Division with responsibility for U.S. asset accumulation businesses, including Principal Bank. In addition to his current responsibilities for the full service pension business and RIS distribution, Houston adds responsibility for the mutual fund and annuity lines of business.
Norman Sorensen is named executive vice president with responsibility for strategy, development and operation of all international asset accumulation businesses for The Principal.
Gregory J. Burrows is named senior vice president – Retirement and Investor Services with responsibility for the full service pension business.
Houston Background
Dan Houston joined the company in 1984 as a group representative in the Dallas group and pension office. He held various management positions with the company from 1990 to present, including being named vice president in 1997, senior vice president in 2000 and executive vice president in 2006.
Houston is a member of several boards, including HealthExtras (NASDAQ: HLEX), Principal International, Inc., and Principal Trust Company (Asia) Ltd. He is on the Iowa State University Business School Dean’s Advisory Council.
A native of Iowa, Houston received his bachelor’s degree from Iowa State University.
Sorensen Background
Sorensen joined the company in 1998. Previously he was a senior executive at AIG. Prior to joining AIG, he held a number of senior international marketing and general management positions at American Express Company and Citigroup.
He is a member of the Boards of Directors of Principal Asset Management Company and Principal Insurance Company (Hong Kong), BrasilPrev Seguros & Previdência (Brazil), Principal Vida (Chile), Principal-PNB Asset Management Company (India), Principal International, Inc., (U.S.), Principal AFORE and Principal Life (Mexico), CCB-Principal Asset Management Company (China), and CIMB-Principal Asset Management (Malaysia).
Sorensen is a Board member of the International Insurance Society (IIS), New York, and of the Pacific Basin Economic Council (PBEC), Hong Kong. He is also Chairman of the International Committee of the American Council of Life Insurers (ACLI), Washington D.C.; co-chairman of the Board of Governors of the Global Financial Leaders Group (GFLG), New York; and an Honorary Fellow of the Brazilian Insurance & Pensions Academy (ANSP), Sao Paulo, Brazil.
He is a graduate of the United States Air Force Academy (USAFA) and Columbia University’s Executive Program for International Managers.
Burrows Background
Burrows joined the company in 1986 as a senior group and pension representative. In 1991 he was named regional director of group and pension sales. From 1994-1996, he was president and CEO of America’s Health Plan, a former subsidiary. Burrows served as the managing director of Principal International’s Argentina operation from 1996-1999 and Japan operation from 1999-2001. He returned to Des Moines, Iowa, in 2001 as the Retirement and Investor Services chief marketing officer, where his responsibilities included merger and acquisition oversight.
A native of Buenos Aires, Argentina, Burrows received his bachelor's degree from the University of South Florida in 1986.
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 $311.1 billion in assets under management2 and serves some 18.6 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.
2 As of December 31, 2007
Contacts
The Principal
Eva Quinn, 515-247-7468
quinn.eva@principal.com
or
Rhonda Clark-Leyda, 515-247-6634
clark-leyda.rhonda@principal.com
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