Daniel J. Houston was named CEO of Principal Financial Group, said spokeswoman Erica Jensen.
Effective Tuesday, Mr. Houston replaced Larry D. Zimpleman, who will continue as chairman. Mr. Zimpleman will advise Mr. Houston as he takes on his new responsibilities.
This promotion is part of the board's planned succession process. In November, Mr. Houston was named chief operating officer and president at Principal Financial Group. He will continue to oversee these responsibilities.
Principal Financial Group had $540 billion in assets under management as of June 30.