Principal Financial Group, Inc. (PFG, Financial) has announced a significant leadership transition. Daniel J. Houston, who has served as the Chief Executive Officer since 2015, will retire from his position effective January 7, 2025. Following his retirement, Mr. Houston will continue to contribute to the company as Executive Chairman.
In his new role as Executive Chairman, Mr. Houston will receive an annual base salary of $1,100,000, with a target annual incentive compensation of 375% of his base salary. Additionally, he will be granted a long-term incentive of $4,240,000 in restricted stock units.
Simultaneously, the Board of Directors has appointed Deanna Strable as the new Chief Executive Officer, effective January 7, 2025. Ms. Strable, who will also serve as a Class III member of the Board, will continue her role as the company's President. She has been with Principal Financial Group since 1990, starting as an actuarial assistant and advancing through various roles, including Executive Vice President and Chief Financial Officer from 2017 to August 2024.
As President and CEO, Ms. Strable will earn an annual base salary of $1,000,000, with a target annual incentive compensation of 300% of her base salary. Her long-term incentive target is set at $8,500,000 in restricted stock units. Notably, Ms. Strable has no family ties with any Board member or executive officer, and her appointment as CEO was based on her extensive experience and leadership within the company.
Additionally, Dwight Soethout, Vice President-Chief Actuary and spouse of Ms. Strable, has announced his intention to retire. He will remain with the company during a transition period until a successor is appointed, assisting in the transition process. In 2023, Mr. Soethout's compensation, including base salary, bonuses, and long-term incentives, totaled $738,787, aligning with industry standards and approved by the Human Resources Committee.
This leadership transition marks a new chapter for Principal Financial Group as it continues to build on its legacy of financial services excellence.
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