Principal Financial Group Inc. on Tuesday announced several key leadership changes, among them the retirement of Terry Lillis, executive vice president and chief financial officer.
Lillis, who has been with the company for 34 years, announced his intent to retire before the end of the first quarter of 2017. An internal and external search will be conducted to find Lillis’ successor.
An Iowa native, Lillis received a bachelor’s degree from Simpson College and a master’s degree from the University of Iowa. He is a member of the Iowa Actuaries Club, the American Academy of Actuaries and a member of the Society of Actuaries. He also serves on the Mercy Medical Center Board of Directors, the Simpson College Board of Trustees, the Henry B. Tippie College of Business Advisory Board, and the Diocese of Des Moines and Catholic Charities Finance Council. He was named the 2014 Deloitte CFO of the Year by the Business Record.
“In Terry’s 35 years, he has been a great partner and a stalwart of our financial community here at The Principal,” said Dan Houston, president and CEO. “Terry will still continue to play a critical role in leading The Principal, directing the finances of the enterprise and ensuring a smooth transition to his successor.”
Principal also announced the following promotions:
Nick Cecere is named senior vice president – U.S. Insurance Solutions Distribution.
Mark Lagomarcino is named senior vice president and deputy general counsel.
Renee Schaaf is named senior vice president and chief operating officer – Principal International. As part of a planned succession, Schaaf replaces Principal International’s current senior vice president and chief operating officer, Ned Burmeister, who will retire before the end of second quarter 2016, after 37 years with the company.
Leanne Valentine is named senior vice president and deputy general counsel.
“These promotions recognize key leaders within The Principal’s global organization,” Houston said. “These executives have played an integral role in the evolution of The Principal to a leading investment manager. Each brings a unique set of experiences and perspective to our management team. Their leadership and collaboration are crucial to our future success.”
Regarding the anticipated retirement, Houston said: “Ned Burmeister has been influential in the international expansion of our organization. Our global footprint would not be what it is today without his leadership. We wish him the best in retirement.”