Renee Schaaf will assume the role of president of Principal Financial Group's retirement and income solutions unit on March 1.
Ms. Schaaf will replace Nora M. Everett, who will retire at the end of March. Ms. Everett also is the chairwoman of the board of Principal Funds, part of Principal Global Investors, spokeswoman Erica Jensen confirmed. Ms. Everett joined Principal in 1991.
Ms. Schaaf currently is senior vice president and chief operating officer of Principal International. She joined the company in 1980 and has held various positions across the organization, including leadership positions within the retirement and income solutions unit.
Successors for Ms. Schaaf in her current role and Ms. Everett in her Principal Funds chairwoman role will be named in early 2019.
"Renee is a seasoned executive with a deep understanding of our domestic and international business strategies," said Daniel J. Houston, chairman, CEO and president of Principal Financial Group, in a news release. "Her previous experience in RIS and her current work to help our Principal International business advance … make her a great fit."
Principal Financial Group managed $668 billion as of Sept. 30, of which $283 billion was through the RIS unit.