Principal Financial Group Chairman Drury to Retire; Griswell to Assume Helm.Business Editors DES MOINES, Iowa--(BUSINESS WIRE)--May 21, 2001 The Principal Financial Group(R) today announced J. Barry Griswell, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , will assume the additional position of chairman following the retirement of current chairman David J. Drury. Drury expects to retire after 35 years with the organization following the completion of the company's demutualization Demutualization The process of changing corporate structure from a mutual fund company to some other form, such as a limited liability or corporation. Notes: This means mutual/life insurance companies convert from policyholder companies to stock companies. and IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , anticipated to take place in late 2001 or early 2002. The early announcement of Drury's retirement plans was made now given the company's upcoming demutualization activities. Drury will remain a member of the Board of Directors. "The ongoing success of the Principal Financial Group is due in large part to the careful attention we've paid to succession planning in our management team," Drury said. "Instrumental in our transformation as an industry leader, Barry Griswell has the experience, skill and strategic vision to successfully lead The Principal(R) in our evolving role as a public company." "This is just one step in a planned transition. Dave Drury's commitment and leadership have helped position the Principal Financial Group for even greater success in the years ahead and I am looking forward to a smooth handoff as we begin the next leg toward achieving our strategic goals," said Griswell. Griswell, president since 1998 and chief executive officer since 2000, is responsible for overall management of the company, including U.S. asset management and accumulation, international asset management and accumulation, life and health, mortgage banking, and corporate support functions. He joined the company in 1988 as agency vice president. Prior to his association with the Principal Financial Group, he served as president and CEO of MetLife Marketing Corporation, a brokerage and supplementary distribution marketing subsidiary of Metropolitan Life Insurance Company. A native of Georgia, Griswell received his bachelor's degree from Berry College, Rome, Georgia, in 1971, and his master's degree from Stetson University, Deland, Florida, in 1972. Griswell has been active in various industry and community organizations including past Chair of LIMRA LIMRA Life Insurance and Market Research Association (now LIMRA International, Inc.) International and the Life Underwriting Training Council Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. (LUTC), is a current trustee of Central College in Pella, Iowa and director of the Business Committee for the Arts. He received his Chartered Life Underwriter (CLU) designation in 1976, Chartered Financial Consultant (ChFC) designation in 1985, and became a LIMRA Leadership Institute Fellow (LLIF) in 1992. Chairman of the board for the Principal Financial Group since 1994, Drury focuses on capital markets development, government and industry relations and the company's growing merger and acquisitions activities. Drury joined the company in 1966 and rose through a variety of positions including chief actuary and head of the investment department. A native of Marshalltown, Iowa, Drury received his bachelor's degree from Iowa State University Academics ISU is best known for its degree programs in science, engineering, and agriculture. ISU is also home of the world's first electronic digital computing device, the Atanasoff–Berry Computer. and is affiliated with a number of private, community, and industry organizations including the Health Insurance Association of America, the American Council of Life Insurers The American Council of Life Insurers (ACLI) is a Washington-based lobbying and trade group for the life insurance industry. ACLI represents 373 insurance companies that account for 93 percent of the U.S. life insurance industry's total assets. , the Society of Actuaries Mission Statement The Society of Actuaries is a professional organization for actuaries based in North America. Its headquarters are located in Schaumburg, Illinois. and the American Academy of Actuaries The The American Academy of Actuaries, also known as the “Academy” or the AAA, is the body that represents and unites United States actuaries in all practice areas. . The Principal Financial Group (www.principal.com) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services including retirement and investment services, life and health insurance and mortgage banking through its diverse family of financial services companies. More employers choose the Principal Financial Group for their 401(k) plans than any other bank, mutual fund, or insurance company in the United States(1). Its flagship and largest member, Principal Life Insurance Company (The Principal (R))(2), was founded in 1879. A member of the Fortune 500, the Principal Financial Group has $117.5 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. and serves some 13 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. (1) CFO See Chief Financial Officer. Magazine, April/May 2001, based on total plans served in 2000 by insurance companies, banks and investment firms. (2) "The Principal" is a registered trademark referring to Principal Life Insurance Company, a member of the Principal Financial Group. |
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