DOW JONES NEWSWIRES
Principal Financial Group Inc. (PFG) said its board elected
Chief Executive Larry D. Zimpleman as chairman, effective
Tuesday.
He succeeds J. Barry Griswell, who has been chairman since
2002.
Zimpleman, who joined the company in 1971 as a part-time
actuarial student, became chief executive last year.
"Larry is the right leader for these challenging times. His
depth and breadth of global financial services expertise make him
especially well-suited for the job," said Griswell, who will remain
on the board.
Earlier this month, Principal Financial reported a 34% drop in
first-quarter profit as the life insurer and asset manager
continued to be hurt by equity-market declines.
The life-insurance sector has been roiled by troubles in
investment portfolios and annuities, both heavily exposed to the
downbeat financial sector.
But Principal Financial is among those expected to get some help
from the Troubled Asset Relief Program, after the Treasury
Department decided to include life insurers among the financial
companies eligible for such aid. The company has applied for $2
billion.
Principal Financial's shares were at $20.65, down 0.8%, in
after-hours trading.
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975;
Kathy.Shwiff@dowjones.com