Money Management

Principal International promotes North Asia president to wider role

Thomas Cheong, the president of Principal International's North Asia business, will take on the broader role of president of Asia effective March 2, according to an announcement Wednesday by the international arm of Des Moines, Iowa-based Principal Financial Group.

Pedro Borda, president of Principal South Asia and India, will be promoted to senior vice president and chief operating officer of Principal International, replacing Renee Schaff, who is assuming the role of president of Principal retirement and income solutions, the news release said.

Mr. Cheong in an email said that when Principal International's previous Asia president, Rex Auyeung, stepped down in 2016, the company split Asia into two regions, naming Mr. Cheong and Mr. Borda as the heads of North Asia and South Asia, respectively.

With Mr. Borda's promotion to Principal International's COO role, the company has decided to recombine oversight of the two regions again, Mr. Cheong said.

Luis Valdes, president and CEO of Principal International, in a company news release Wednesday, said Mr. Cheong's experience across asset management, pension and life insurance businesses makes him the right choice to "lead and reinforce Principal's long-term commitment to our Asia markets."