Principal Financial Group announced that Renee Schaaf, senior vice president and chief operating officer of Principal International, will become the new president of Retirement and Income Solutions effective March 1.

Schaff will succeed Nora Everett, current president of Retirement and Income Solutions (RIS) and chairman of Principal Funds, who will retire at the end of March after 27 years with the company. Schaff was named to her current position with Principal International in February 2016. Her tenure at Principal has included leadership positions in marketing, strategy and retirement plan businesses for RIS. She was also vice president of national accounts in the health division before moving to Principal International to lead strategic planning and business development.

Everett has led Principal’s retirement businesses for the past four years. She joined Principal in 1991 as an attorney, and held senior leadership roles within the law department before becoming president of Principal Funds in 2008, and then CEO of Principal Funds in 2010.

Everett has also championed Principal’s talent development and diversity and inclusion efforts over the years, the company said in a news release.

“Nora’s been an instrumental leader in driving business results at Principal,” Principal Chairman, President and CEO Dan Houston said. “She’s played a number of key roles, including leading our U.S. retirement businesses, building a successful mutual fund franchise in Principal Funds, and serving as deputy general counsel on our mergers and acquisition team. She’s also spent her time and talents giving back through her ongoing involvement in our community relations efforts. We wish her all the best in retirement.”

Everett, who recently received the Tocqueville Society Award from United Way of Central Iowa, will become the organization’s board chair next year. She was honored as a Woman of Influence by the Business Record in 2016.