Deanna Strable, president and CEO of Principal Financial Group, has been elected chair of the Des Moines-based global company’s board of directors.
She will become the first woman to hold all three top leadership roles in the 146-year history of the Fortune 500-ranked financial services business.
Strable, formerly the company’s chief financial officer, succeeded long-time Principal leader Dan Houston as president and CEO in January and will replace him as chair Sept. 2, when he retires from his 41-year career with Principal. He had been president and CEO since 2015 and board chair since 2016.
Raised in rural Warren County, Strable joins the growing but still limited ranks of women leading Fortune 500 companies, a group of about 50 that includes Mary T. Barra of General Motors and Jane Fraser of Citigroup.
Preceding her among native Iowans is Beth E. Ford of Sioux City, who since 2018 has served as president and CEO of Minneapolis-based Land O’ Lakes. The nationwide dairy cooperative is No. 262 on the 2025 Forbes list. Principal, at 263, is the highest-ranked Iowa-based company on the list.
Strable’s announcement as board chair came on the same day Target Corp. announced it was promoting another Iowa native, Michael Fiddelke, to president and CEO.
Strable joined Principal in 1990 as an actuarial assistant and held many leadership positions as she progressed through the organization, including more than two decades of leading business strategy and operations. She helped build the company’s benefits and protection business, becoming the first leader of its specialty benefits division before spearheading its integration with Principal’s life insurance business.
She is a graduate of Dowling Catholic High School in West Des Moines and Northwestern University, where she majored in math and economics.
After being named president and CEO, Strable told the Des Moines Register that the financial planning and services offered by Principal are going to be increasingly important to younger generations as retirement dynamics shift from defined benefit plans toward the more individualized investment decisions offered by 401(k) investments.
“I think we’ve actually seen that the younger generation is more interested in savings,” she said, adding that those who witnessed their parents weathering losses during the Great Recession of 2007-09 are particularly aware of the need for sound investment strategies.
One of Iowa’s largest financial firms, Principal has nearly 20,000 employees worldwide, including about 6,000 in the Des Moines metro, and serves 68 million customers. It says it has more than $700 billion in assets under management and $1.7 trillion in assets under administration.
Strable in a news release about her promotion to chair praised Houston for his guidance in a period when the company broadened its business and expanded its international reach.
Retiring chair Houston to continue philanthropy
“We are grateful for Dan’s leadership and dedication which have advanced Principal and helped our customers build strong financial futures,” she said. “I look forward to building upon our foundation of innovation, inclusion, and service to meet our customers’ needs while driving growth and shareholder value.”
Strong supporters of the annual Principal Charity Classic PGA Tour Champions golf tournament at the Wakonda Club, Houston and his wife, Joanie, plan to continue their Des Moines-area philanthropic pursuits in their retirement.
Houston, in the news release, expressed confidence in Stable.
“With Deanna’s exceptional leadership, instrumental in shaping and executing our ambitious growth strategy, Principal is well-positioned for the future through integrated capabilities which create distinct competitive advantages across high-value markets” he said.
Kevin Baskins covers jobs and the economy for the Des Moines Register. Reach him at kbaskins@registermedia.com.
This article originally appeared on Des Moines Register: Principal Financial President and CEO Deanna Strable to add board chair to her titles
Reporting by Kevin Baskins, Des Moines Register / Des Moines Register
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