The new position will be effective Aug. 18.

“Careful and thoughtful succession planning is an integral part of our business success,” said Larry Zimpleman, chairman of Principal’s Board of Directors. “Dan brings 31 years of experience and extensive knowledge of our global businesses and tremendous leadership skills. I could not be more confident about the future of The Principal.”

Principal said Houston joined the company in 1984 and he was named executive vice president in 2006, president of retirement and investor services in 2008, and chief operating officer in 2014.

“I am very proud to continue the great legacy Larry leaves behind,” said Houston. “I have had the remarkable privilege of learning from him. He not only led our organization through the financial crisis but also helped us evolve from a domestic employee benefits company to a global leader in retirement and investment management. I look forward to leading this organization as we continue to execute our strategy and build on our leadership positions in asset management, retirement and protection.”