Daniel J. Houston was named president and chief operating officer of Principal Financial Group, spokeswoman Susan Houser said.
Mr. Houston replaced Larry D. Zimpleman, who will continue as chairman and CEO.
Mr. Houston will oversee all global businesses, including Principal Global Investors, its money management arm; Principal’s international, retirement and investor services; and its U.S. insurance solutions unit. In addition, he was also elected to the board of directors. He will report to Mr. Zimpleman.
Mr. Houston was president of retirement, insurance and financial services at Principal Financial Group. He will retain these responsibilities.
Principal Financial Group has $513.5 billion in assets under management as of Sept. 30.