Principal Financial Group is entering a new era of leadership with the appointment of Deanna Strable as its next president and chief executive officer.
The transition, taking effect on January 7, marks a historic step as it will be the first time a woman will lead Principal, a formidable player in the retirement savings and DC plan space.
Strable, who was designated as the firm’s president and chief operating officer in August, will succeed Dan Houston, who will remain involved with the company as executive chair of the board.
In a Tuesday statement acknowledging the transition, Houston expressed confidence in Strable’s capabilities and commitment as "a trusted partner and a co-architect in the company’s growth strategy."
“I’m incredibly proud of the company we have built, the culture of care and expertise developed, and our unwavering commitment to clients,” he said. "I have the utmost confidence in her leadership and business acumen and look forward to working with her to ensure a smooth transition.”
Echoing that sentiment, Scott Mills, lead independent director of Principal’s board, cited Strable’s leadership record and deep knowledge of the company.
“Deanna brings strategic vision, strong leadership experience, and a deep understanding of the company’s interconnected business units and great culture,” he said, stressing Strable's impact "in shaping its strategy and portfolio of businesses.”
Strable’s time at Principal spans 35 years, encompassing a range of leadership positions. Prior to becoming president and COO, she served as chief financial officer from 2017 to 2024, following a term as president of Principal’s workplace benefits and insurance business. Her appointment to the CEO role also includes a seat on the board of directors.
In a statement, Strable reaffirmed her commitment to advancing Principal’s vision.
“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. “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.”
With a 40-year record of employment and progressive leadership at Principal, Houston’s tenure as president and CEO began in 2015. During that time he guided the firm through pivotal industry challenges, including the 2008 financial crisis, regulatory reforms, and the global pandemic. Under his watch, Principal’s market capitalization rose from $13 billion to over $20 billion, supported by his focus on aligning strategy with high-value growth opportunities for both clients and shareholders.
In July 2019, Principal cemented its place as a top recordkeeper in the defined contribution and 401(k) space when it acquired a chunk of Wells Fargo's institutional retirement and trust business. Two years later, it carved a strategic inroad into the RIA space through an agreement with Edelman Financial Engines, under which selected large employers on its platform would be able to offer personalized retirement advice and financial well-being guidance.
“Dan has been the driving force behind Principal’s evolution over the last 10 years," Mills said. "Principal is in a position of strength today and is well positioned for continued growth thanks to his leadership.”
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