Luis Valdes Continues as President and CEO of Principal International
DES MOINES, Iowa--(BUSINESS WIRE)--Jan. 19, 2012--
The Principal Financial Group® announced today that Norman R.
Sorensen, chairman of Principal International, will retire at the
end of February 2012 as part of a planned succession after serving
nearly 14 years with the company.
“Norman has had a remarkable impact on The Principal,” said Larry D.
Zimpleman, chairman, president and CEO of The Principal®. "He
led The Principal’s efforts to focus our international businesses, which
has allowed us to grow from break-even to more than 15 percent of
company operating earnings1. Even more importantly, our
international businesses are positioned to continue this growth for many
years to come due to Norman’s leadership. I look forward to Norman’s
contributions as a senior advisor to me in 2012.”
Sorensen will continue to chair The Principal’s International Advisory
Council for the remainder of the year. “Our International Advisory
Council is an important source of input on global business developments
to our management team and to our Board,” Zimpleman said. “Norman also
will assist me with key initiatives and important relationships
Prior to joining The Principal, Sorensen was a senior
executive at American International Group, American Express Company and
Citigroup. He will continue to serve as chairman of the International
Insurance Society, board member for the Encore Capital Group, and a
director of Sara Lee Corporation.
2011, Luis Valdes was named president and CEO of Principal
International and will continue to lead Principal International. “As the
successful head of our Latin American operations for the past decade, I
am excited to see additional global growth under Luis’ leadership,”
For more news and insights from The Principal, connect with us on
Twitter at http://twitter.com/ThePrincipal.
About the Principal Financial Group
The Principal Financial Group® (The Principal ®)2
is a global investment management leader including retirement services,
insurance solutions and asset management. The Principal offers
businesses, individuals and institutional clients a wide range of
financial products and services, including retirement, asset management
and insurance through its diverse family of financial services
companies. Founded in 1879 and a member of the FORTUNE 500®,
the Principal Financial Group has $320.8 billion in assets under
management3 and serves some 17.8 million customers worldwide
from offices in Asia, Australia, Europe, Latin America and the United
States. Principal Financial Group, Inc. is traded on the New York Stock
Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1 Principal International operating earnings were more than
15% of total Principal Financial Group operating earnings as of Sept.
2 “The Principal Financial Group” and “The Principal” are
registered service marks of Principal Financial Services, Inc., a member
of the Principal Financial Group.
3 As of Sept. 30, 2011.
Source: Principal Financial Group
Susan Houser, 515-248-2268
John Egan, 515-235-9500