Principal Says President Deanna Strable to Take Over as CEO in 2025

Deanna Strable

Principal Financial Group’s board of directors announced Tuesday that Chief Operating Officer and recently named President Deanna Strable will take over as CEO on January 7, 2025.

Strable will replace Dan Houston, who will continue to serve as executive chair of the board. Houston will step down after about 10 years as CEO.

Strable will also join Principal’s board of directors in January, according to the announcement. Strable had been the company’s CFO from 2017 to 2024 and, before that, was president of the firm’s workplace benefits and insurance business.

“Deanna has been a trusted partner and a co-architect in the company’s growth strategy,” Houston said in a statement. “I have the utmost confidence in her leadership and business acumen and look forward to working with her to ensure a smooth transition.”

Strable “has been instrumental in leading business strategy and operations,” the firm stated in the announcement, pointing to her work to build the company’s benefits and protection business before she became business unit president in 2015.

“I am honored to be appointed as the company’s next president and CEO and build upon the strong foundation we’ve established under Dan’s leadership,” Strable said in a statement. “Throughout my career, I’ve seen Principal strengthen its position as a leading global financial services company dedicated to helping customers build strong financial futures.”

Houston was appointed president and CEO in 2015 after holding several leadership positions at the firm. He started at Principal as an insurance sales representative in 1984.

During his tenure as CEO, Principal’s market capitalization grew to more than $20 billion from $13 billion.

Houston referenced that growth Monday during the PLANADVISER 360 national conference in Scottsdale, Arizona, where he spoke to an audience of advisers.

Dan Houston

When asked to consider his legacy at the company, however, he referred back to when he first decided to work at Principal. He said he had offers from three companies: the company then called Bankers Life; a plywood manufacturer; and a tire and rubber company. The person recruiting for the life insurance job asked Houston if he wanted to be in the plywood business the rest of his life, the tire business for the rest of his life, or if he wanted to “come to the Bankers Life Insurance Company of Des Moines, Iowa, and help changes people’s lives.”

“I didn’t fully understand what he was saying at the time,” Houston recalled. “But it didn’t take me long in this industry to know that whether it’s a life insurance benefit, a disability benefit, lifetime income for retirement or the ability to [help someone] save for retirement … that’s what attracted me to this industry, and it’s what attracts me to this industry still today. What you do in this room really, really matters.”