Principal Financial Group announced today that the board of directors has appointed President and Chief Operating Officer Deanna Strable as its next president and CEO, effective Jan. 7, 2025.

Dan Houston will continue to serve as executive chair of the board. Strable will also join Principal’s board of directors in January.

“I am honored to be appointed as the company’s next president and CEO and build upon the strong foundation we’ve established under Dan’s leadership,” Strable said in a prepared statement. “Throughout my career, I’ve seen Principal strengthen its position as a leading global financial services company dedicated to helping customers build strong financial futures. Alongside our committed and passionate colleagues around the world, I look forward to continuing our culture of innovation, inclusion, and service, with a focus on meeting customer needs to drive growth and create shareholder value.”

Strable is the first woman to serve as CEO of Principal. Before being appointed president and COO in August, she served as the company’s chief financial officer from 2017 to 2024, and before that, as president of its workplace benefits and insurance business.

Strable has helped supported Principal’s business strategy and operations through the company’s growth, including building the company’s benefits and protections business as the first leader of its specialty benefits division and leading the integration with its life insurance business.

“Deanna brings strategic vision, strong leadership experience, and a deep understanding of the
company’s interconnected business units and great culture,” said Scott M. Mills, lead independent director of the Principal board of directors, in a prepared statement. “She has cultivated a breadth and depth of experience during her 35 years with Principal and held key leadership roles in shaping its strategy and portfolio of businesses.”

Dan Houston has worked at Principal for 40 years, serving as president and CEO since 2015. During his tenure as CEO, Principal’s market capitalization grew from $13 billion to more than $20 billion.

Mills said Houston has been the “driving force behind Principal’s evolution” over the last 10 years.

“I’m incredibly proud of the company we have built, the culture of care and expertise developed, and our unwavering commitment to clients. It has been an honor to serve as president and CEO and work with so many talented employees around the world,” Houston said in a prepared statement. “Deanna has been a trusted partner and a co-architect in the company’s growth strategy. I have the utmost confidence in her leadership and business acumen and look forward to working with her to ensure a smooth transition.”

What’s next?: Look for a full interview with the incoming leader in the Business Record Daily this week.