Principal Financial Group has put Larry Zimpleman and Daniel Houston in charge of its retirement division, following the impending retirement of Richard Prey.
Principal, which provides corporations with 401(K) defined contribution (DC) pension plans, has put Zimpleman, senior vice president, in charge of retirement and investor services operations. In particular, Zimpleman will be responsible for Principal's global expansion efforts and integrating it with the firm's US retirement business.
The firm also announced that Zimpleman will also oversee the company's pension underwriting, systems and pricing business. Houston, senior vice president - retirement and investor services, will be in charge of US retirement business, including firm's Trustar Retirement Services and Professional Pensions business units.
According to Principal, the early announcement of Prey's retirement will help ensure a smooth transition of power. Prey spent 36 years at the firm and has been in charge of the pensions business since 1999.
Speaking about the appointments, Barry Griswell, Principal's president and chief executive officer, said: Dick Prey's commitment and leadership in the retirement industry have helped position the Principal Financial Group for even greater success in the years ahead. Equally important, Larry Zimpleman and Dan Houston have the proven skills and expertise to successfully lead our retirement and investor services operations in its key role in our evolution as a public company.
Last month, Principal announced that it was entering the Japanese market following the introduction of DC pension plans. Principal's foray into the Japanese DC market is a joint venture between ING Group and its Professional Pensions unit. Principal is also involved in the process of converting from a mutual to a listed public company.
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