Principal appoints Deanna Strable as first female CEO; Iowa native has deep local ties

Deanna Strable, a native Iowan and a Dowling Catholic High School graduate, will be the next CEO of Principal Financial Group, the company announced Tuesday.

Strable, the first woman to lead the Des Moines-based Fortune 500 firm, will take over Jan. 7, 2025. She will succeed Dan Houston.

“I am honored to be appointed as the company’s next president and CEO and build upon the strong foundation we’ve established under Dan’s leadership,” Strable said in a news release. “Throughout my career, I’ve seen Principal strengthen its position as a leading global financial services company dedicated to helping customers build strong financial futures. Alongside our committed and passionate colleagues around the world, I look forward to continuing our culture of innovation, inclusion, and service, with a focus on meeting customer needs to drive growth and create shareholder value.”

Houston will continue to serve as executive chair of the Principal board of directors, the company said.

“It has been an honor to serve as president and CEO and work with so many talented employees around the world,” Houston said in the news release. “Deanna has been a trusted partner and a co-architect in the company’s growth strategy. I have the utmost confidence in her leadership and business acumen and look forward to working with her to ensure a smooth transition.”

One of Iowa’s largest financial firms, the company has nearly 19,000 employees worldwide serving 68 million customers. It has $288 billion in assets and had $14.9 billion in revenue and $1.3 billion in profits in 2024, according to Forbes.

Strable will join the Principal board in January. She has been the company’s president and chief operating officer since August, and before that had been chief financial officer since 2017. She also has been president of the company’s workplace benefits and insurance business.

“Deanna brings strategic vision, strong leadership experience, and a deep understanding of the company’s interconnected business units and great culture,” Scott M. Mills, lead independent director of the Principal board, said in the news release. “She has cultivated a breadth and depth of experience during her 35 years with Principal and held key leadership roles in shaping its strategy and portfolio of businesses. We look forward to her continued leadership driving Principal into the next phase of growth.”

The news release said Strable has been instrumental in leading business strategy and operations. It said she helped build the company’s benefits and protection business as the first leader of its specialty benefits division before stepping into the role of business unit president in 2015.

Locally, Strable serves on the board of directors at Simpson College and previously held various positions for the United Way of Central Iowa.

Houston has served as president and CEO of Principal since 2015 and has held several leadership positions during his 40 years with the company. During his tenure, Principal’s market capitalization grew from $13 billion to more than $20 billion, the news release said.

“Dan has been the driving force behind Principal’s evolution over the last 10 years,” Mills said in the release. “He set the company’s growth agenda and led the company through significant transformation. Principal is in a position of strength today and is well positioned for continued growth thanks to his leadership.”

Kevin Baskins covers jobs and the economy for the Des Moines Register. Reach him at kbaskins@registermedia.com.