01—Abstract
Summary
Summary of the 8-K filed May 20, 2025. Cited figures are marked; the original filing is the authoritative source.
On May 19, 2025, Principal Financial Group, Inc. (the "Company") named Joel Pitz Executive Vice President and Chief Financial Officer, effective immediately, as disclosed in this Form 8-K dated May 20, 2025.
Pitz, age 52, joined the Company in 1995 and had served as Senior Vice President and Interim Chief Financial Officer since August 2024, after serving as Senior Vice President and Controller from 2021 to August 2024. He succeeds Deanna Strable, who was named President and Chief Executive Officer in January 2025. The filing sets out his compensation: an annual base salary of $552,500,a a target annual incentive of 200% of base salary, and a long-term incentive target of $2,348,125 in restricted stock units.
The filing also discloses that Kristine Pitz, Director – Accounting and Mr. Pitz's spouse, has been a Company employee since 1995 and received $225,034b in base salary and bonuses in 2024, with compensation approved by the independent Human Resources Committee. The appointment was announced in a news release issued May 20, 2025 (Exhibit 99.1), which describes Pitz's international finance and strategy experience and his prior role as chief accounting officer. The release also notes the Company is Nasdaq-listed (PFG) and had approximately 20,000 employees and about 70 million customers as of March 31, 2025.
02—Key points
Key Highlights
- Joel Pitz named Executive Vice President and Chief Financial Officer, effective immediately, on May 19, 2025.
- Pitz, 52, joined the Company in 1995 and had been Senior Vice President and Interim CFO since August 2024.
- Base salary set at $552,500, with a target annual incentive of 200% of base salary.
- Long-term incentive target of $2,348,125 delivered in restricted stock units.
- Pitz succeeds Deanna Strable, who became President and CEO in January 2025.
- Pitz's spouse, Kristine Pitz (Director – Accounting), received $225,034 in 2024 base salary and bonuses; the filing states her pay was approved by the independent Human Resources Committee.
- Appointment announced in a news release dated May 20, 2025 (Exhibit 99.1).
03—Questions
Frequently Asked Questions
Who is the new Chief Financial Officer of Principal Financial Group?
Joel Pitz, who was named Executive Vice President and Chief Financial Officer on May 19, 2025, effective immediately. He joined the Company in 1995.
What was Joel Pitz's role before becoming CFO?
He served as Senior Vice President and Interim Chief Financial Officer beginning in August 2024, and previously as Senior Vice President and Controller from 2021 to August 2024.
What compensation will Pitz receive as CFO?
An annual base salary of $552,500, a target annual incentive of 200% of base salary, and a long-term incentive target of $2,348,125 in restricted stock units.
Is there a related-party relationship disclosed?
Yes. Kristine Pitz, Director – Accounting, is Mr. Pitz's spouse and has been an employee since 1995. She received $225,034 in base salary and bonuses in 2024, and the filing states her compensation is commensurate with peers and was approved by the independent Human Resources Committee.
Who previously held the CFO role?
The filing states the role was previously held by Deanna Strable, who is now President and Chief Executive Officer; she was named president and chief operating officer in August 2024 and president and CEO in January 2025.
04—Continue