Principal Financial Group has announced that Deanna Strable, current president and chief operating officer, has been appointed president and chief executive officer, effective January 7, 2025. As stated in a news release from Principal, Ms. Strable will succeed Dan Houston, who will transition to serve as executive chair of the company’s Board of Directors.
“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,” said Mr. Houston in the release. “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.”
Ms. Strable is set to join Principal’s board of directors in January. She became president and COO in August 2024, having previously served as CFO from 2017 to 2024. Earlier in her career, she held leadership roles, including as president of Principal’s workplace benefits and 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 the release. “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. We look forward to her continued leadership driving Principal into the next phase of growth.”
Ms. Strable has played a large role in advancing Principal’s business strategy and operations during a period of substantial growth, contributing to the expansion of the company’s market position. She led the Benefits and Protection business, integrating its life insurance and specialty benefits divisions, before her role as business unit president in 2015.
“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,” said Ms. Strable, in the release. “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.”
Houston, who has served as president and CEO since 2015, will conclude a 40-year tenure at Principal. Under his leadership, the company navigated complex industry challenges, including the financial crisis, regulatory reform, and the global pandemic. Principal’s market capitalization grew from $13 billion to over $20 billion during his time as CEO, reflecting his focus on value-driven growth.
“Dan has been the driving force behind Principal’s evolution over the last 10 years,” said Mr. Mills in the release. “He set the company’s growth agenda and led the company through significant transformation. Principal is in a position of strength today and is well positioned for continued growth thanks to his leadership.”
