According to a Principal news release, the reorganization results in three major business divisions and realigns distribution, from a consolidated organization, into each division unit. The changes are effective immediately.
“This strategic realignment will drive performance by intensifying each of our businesses’ focus on our key markets, giving each division complete control of profit/loss results and distribution,” said J. Barry Griswell, chairman, president and chief executive officer, in a statement.
The changes include:
- Larry Zimpleman was named president of Retirement and Investor Services with responsibility for US and international asset accumulation and Principal Bank.
- John Aschenbrenner was named president of Insurance and Financial Services, with responsibility for the life and health segment and mortgage banking.
- Michael Daley, executive vice president, will leave the company as a result of the reorganization.
James McCaughan continues as president of Principal Global Investors, with responsibility for global asset management. Michael Gersie continues as executive vice president and chief financial officer with responsibility for financial operations, information technology, and administrative services.