01—Abstract
Summary
Summary of the 8-K filed August 21, 2024. Cited figures are marked; the original filing is the authoritative source.
Principal Financial Group, Inc. (Nasdaq: PFG) reported in this 8-K filed August 21, 2024 that its Board of Directors appointed Deanna Strable as President and Chief Operating Officer effective with the August 20, 2024 board action.
Ms. Strable, age 55, had served as Executive Vice President and Chief Financial Officer since 2017. Daniel J. Houston, who holds the roles of President, Chief Executive Officer and Chairman of the Board, will continue as Chief Executive Officer and Chairman of the Board.
Strable will have direct responsibility for the company's three businesses: Retirement and Income Solutions, Benefits and Protection, and Asset Management. In connection with Strable's appointment, the Board named Joel Pitz, age 52, as interim Chief Financial Officer and interim principal financial and accounting officer. Pitz joined the company in 1995 and most recently served as Senior Vice President and Controller beginning in 2021.
Strable's compensation as President and COO includes an annual base salary of $850,000,a a target annual incentive of 250% of base salary, and a long-term incentive target of $5,100,000 in restricted stock units. Pitz will receive a $400,000 restricted stock unit award with a three-year cliff vesting period for his interim CFO role. The filing also discloses family relationships among employees: Strable's spouse, Dwight Soethout, is Vice President-Chief Actuary and received $738,787 in 2023 compensation, and Pitz's spouse, Kristine Pitz, is Director - Accounting and received $227,214 in 2023 compensation.
The filing states that these compensation levels are commensurate with peers and were approved by the Human Resources Committee. The company issued a news release on August 21, 2024, announcing the appointments.
02—Key points
Key Highlights
- Deanna Strable, previously Executive Vice President and Chief Financial Officer since 2017, was appointed President and Chief Operating Officer by the Board on August 20, 2024.
- Dan Houston continues as Chief Executive Officer and Chairman of the Board.
- Strable has direct responsibility for Retirement and Income Solutions, Benefits and Protection, and Asset Management.
- Joel Pitz, Senior Vice President and Controller, was appointed interim Chief Financial Officer and interim principal financial and accounting officer.
- Strable's compensation includes a $850,000 annual base salary, a 250% target annual incentive, and a $5,100,000 long-term incentive target in restricted stock units.
- Pitz receives a $400,000 restricted stock unit award with a three-year cliff vesting period for his interim CFO role.
- The filing discloses that Strable's spouse, Dwight Soethout, and Pitz's spouse, Kristine Pitz, are both employees of the company, with 2023 compensation of $738,787 and $227,214, respectively.
03—Questions
Frequently Asked Questions
Who is leading Principal Financial Group after this change?
Dan Houston remains Chief Executive Officer and Chairman of the Board. Deanna Strable was appointed President and Chief Operating Officer, with direct responsibility for the company's three businesses: Retirement and Income Solutions, Benefits and Protection, and Asset Management.
Who is serving as Chief Financial Officer?
Joel Pitz was appointed interim Chief Financial Officer and will also serve as interim principal financial and accounting officer. He joined the company in 1995 and most recently served as Senior Vice President and Controller beginning in 2021.
What compensation arrangements were disclosed for the new executives?
Strable will receive an annual base salary of $850,000, a target annual incentive of 250% of base salary, and a long-term incentive target of $5,100,000 in restricted stock units. Pitz will receive a $400,000 restricted stock unit award with a three-year cliff vesting period for his interim CFO role.
Are there family relationships tied to these appointments?
The filing states that Strable's spouse, Dwight Soethout, is Vice President-Chief Actuary and that Pitz's spouse, Kristine Pitz, is Director - Accounting. Soethout received $738,787 and Kristine Pitz received $227,214 in 2023, which the filing states is commensurate with peers and was approved by the Human Resources Committee.
04—Continue