Principal Financial Group has announced that its Board of Directors has appointed President and Chief Operating Officer Deanna Strable as the next President and CEO of the company, effective January 7, 2025. She will also join the Board of Directors of Principal in January 2025. Prior to being appointed President and Chief Operating Officer in August 2024, she served as the company’s CFO from 2017 to 2024, and before that, as President of its Workplace Benefits and Insurance business.
“I am incredibly proud of the company we have built, the culture and experience developed, and our unwavering commitment to our clients. It has been an honor to serve as president and CEO and work with so many talented employees around the world. Deanna has been a trusted partner and co-architect of the company’s growth strategy. I have the utmost confidence in her leadership and business acumen, and I look forward to working with her to ensure a smooth transition,” said Dan Houston.
“Deanna brings strategic vision, strong leadership experience, and a deep understanding of the company’s interconnected business units,” said Scott M. Mills, principal independent director of Principal’s Board of Directors. He added, “Deanna has developed extensive and deep experience over her 35 years with Principal and has held key leadership positions in shaping its strategy and business portfolio. We look forward to her continued leadership to drive Principal into the next phase of growth.”
According to the company, Strable has been instrumental in the strategy and business operations as Principal has experienced significant growth, and she has continuously strengthened the company’s market position, as detailed by the entity. She helped build the company’s Benefits and Protection business, as the first leader of its Special Benefits division, and led the integration with its life insurance business before assuming the role of President of the business unit in 2015.
“I am honored to be named the next President and CEO of the company and to build on the solid foundation we have established under Dan’s leadership. Throughout my career, I have seen Principal strengthen its position as a global financial services leader dedicated to helping clients build a solid financial future. Along with our dedicated and passionate colleagues around the world, I look forward to continuing our culture of innovation, inclusion, and service, with a focus on meeting client needs to drive growth and create value for shareholders,” said Deanna Strable.
Strable will succeed Dan Houston in the role. Houston has served as President and CEO of Principal since 2015 and has held several leadership positions during his 40 years with the company. During this time, he navigated highly complex business issues, from the financial crisis to industry reform and throughout the global pandemic. Under Houston’s leadership, Principal’s market capitalization grew from $13 billion to over $20 billion, as he focused the company’s strategy on high-value opportunities and growth drivers to serve clients and shareholders worldwide.
“Dan has been the driving force behind Principal’s evolution over the last 10 years,” said Mills. “He set the company’s growth agenda and led it through a significant transformation. Principal is in a strong position today and well-positioned for continued growth thanks to his leadership.”
