In April, Principal Financial Group announced a definitive agreement with Wells Fargo & Company to acquire its Institutional Retirement & Trust business, and now it is announcing additions to its Retirement & Income Solutions leadership teams—bringing those from Wells Fargo Institutional Retirement & Trust (Wells Fargo IRT) and establishing a team to lead the integrated organization in the future.
“The Wells Fargo IRT leaders who will join Principal have deep expertise, industry knowledge and proven experience that will support our ability to bring more solutions, choice and service to clients – no matter their size or complexity of needs,” says Renee Schaaf, president of Retirement & Income Solutions. “Our focus remains on bringing the best-of-the-best from both businesses together as we build out a leading retirement organization committed to helping people to live their best lives.”
The incoming Wells Fargo IRT leaders will become part of established leader teams with the Principal Retirement & Income Solutions business headed by Schaaf as president of Retirement & Income Solutions, Jerry Patterson, SVP of Workplace Savings & Retirement Solutions, and Sri Reddy, SVP of Income Solutions.
The following Wells Fargo IRT leaders will assume roles within Principal at appropriate points throughout the integration process, following close:
- Jon Graff, current director of participant services, will be responsible for administration and operations across Workplace Savings & Retirement Solutions.
- Angie McDaniel, current lead for Business Solutions, will lead a new team at Principal, Business Planning and Solutions, for Workplace Savings & Retirement Solutions.
- Brian Jirak, current director of Trust & Custody, will join the Income Solutions leader team and will have responsibility for trust, custody and pension services.
The following individuals will join the Customer Care group in Principal’s Workplace Savings and Retirement Solutions:
- Mary Hollingsworth, current director of product strategy and positioning, will transition to the Customer Care leadership team.
- Marcia Wepfer, current director of relationship management, will transition to the Field Service leadership team.
- Bob Millikin, current head of institutional services for investment contact centers, will join the contact center leadership team.
The following individuals will join the Employer Services and Operations group in Principal’s Workplace Savings and Retirement Solutions:
- Sheila Cox will be responsible for larger plan administration efforts.
- James Rossini will lead operations across Workplace Savings & Retirement Solutions.
Joe Ready, current head of Wells Fargo IRT, is taking a new role as head of Trust and chief fiduciary officer for Wells Fargo Wealth & Investment Management. Ready will remain connected to the integration of Principal and Wells Fargo IRT, supporting client and employee transitions.
Additional leadership appointments will be made post-closing and throughout the transition process. Further details regarding the leadership structure and integration of the Wells Fargo deferred executive compensation and discretionary asset advisory businesses will be shared in the weeks to come as the two businesses continue to work toward integration.
Principal and Wells Fargo IRT are well-positioned to close the acquisition in early third quarter, pending regulatory approval.