Two Principal Financial Executives to Retire, Four Promoted
February 26, 2016 by Dennis Gorski, managing editor-online, BestWeek: Dennis.Gorski@ambest.com
DES MOINES, Iowa – Principal Financial Group said two executives are retiring and several others have been promoted.
Terry Lillis, current executive vice president and chief financial officer, will retire by the end of the first quarter of 2017, capping a 35-year career with the company. Principal will conduct a search for his successor, according to a statement.
In addition, Ned Burmeister, senior vice president and chief operating officer for Principal International, will retire by the end of the second quarter of 2016, after a 37-year career with Principal. He will be succeeded by Renee Schaaf, current vice president of strategic planning and business development for Principal International, who joined the company in 1980 as a management trainee.
Lillis joined Principal in 1982 as an actuarial student and took his current position in 2014.
Burmeister joined Principal as an actuarial student in 1979 and was named to his present post in 2010.
Other promotions include:
– Nick Cecere to senior vice president, U.S. insurance solutions distribution, from vice president of the division, a post he held since 2009. Cecere joined Principal in 1996.
– Mark Lagomarcino to senior vice president and deputy general counsel, leading enterprise-wide functions. He joined the company in 2002, and was promoted to vice president and associate general counsel in 2011. Prior to joining The Principal, he was associate general counsel for Maytag Corp.
– Leanne Valentine, to senior vice president and deputy general counsel, leading the retirement and income solutions, U.S. insurance solutions, Principal global investors and human resources divisions. Valentine joined the company in 1992 and was named vice president and associate general counsel in 2006.
Operating units of Principal Financial Group have a current Best’s Financial Strength Rating of A+ (Superior).