Asset Servicing

Principal Financial sets succession plan for retirement solutions business

Updated with clarification.

Gerald W. Patterson has been promoted to senior vice president for full service retirement and individual investor business at the retirement income solutions unit of Principal Financial Group, spokeswoman Hillary Gebert confirmed Thursday.

Mr. Patterson will take the job in the second quarter, succeeding Gregory J. Burrows, who will retire in July after 32 years with the company, a Principal news release said Wednesday.

Mr. Patterson, a 17-year veteran of Principal, is currently a senior vice president for the retirement income solutions unit supervising individual investor, retail annuity, bank and full-service payout businesses, the news release said.

"Our individual investor segment has 401(k) participants, annuities, bank/trust and IRAs," Ms. Gebert wrote in an email. "Our full service accumulation area assists in plan administration, record keeping, servicing DC/DB plans (and) ESOPs."

Thus, in his new job, Mr. Patterson will "have oversight of the entire full service accumulation and individual investor business," Ms. Gebert wrote. Mr Patterson will continue reporting to Nora Everett, president, retirement and income solutions.An internal and external search is underway to find Mr. Patterson's successor, the news release said.