The Principal Financial Group has appointed a new chief executive officer -- it has also announced a slew of executive promotions.

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J. Barry Griswell has been elected CEO by the Des Moine- headquartered insurer's board, replacing
David Drury, who will continue as the company's chairman. Griswell, who has been at Principal since 1988, has been president since 1998. Prior to joining Principal, he had been president and CEO of MetLife Marketing Corporation, a subsidiary of MetLife.

Drury will concentrate his efforts on capital markets development, government and industry relations and the company's M&A activities.

"We've made tremendous progress this year implementing our global strategy, including the acquisition of BT Funds Management in Australia and entering Brazil through a significant joint venture agreement," Griswell said.

"These changes in responsibility that we're announcing today further align the organization with our strategy of meeting the retirement services needs of customers worldwide."

Several executive promotions were announced, including:

John Aschenbrenner was promoted to executive vice president with responsibility for the company's life and health insurance businesses. He had been elected senior vice president in 1995 and was responsible for the company's individual life insurance, annuity and disability income business, mortgage banking operation and virtual bank.
Richard Prey was promoted to executive vice president with responsibility for the company's retirement products businesses including pension and Principal's mutual funds, as well as group and pension sales. He was appointed president and chief executive officer of the company's retirement plan administration subsidiary, Delaware Charter Guarantee & Trust Company, in 1993 and was named senior vice president responsible for the pension operation of The Principal in 1997.
Michael Gersie was promoted to executive vice president. He retains the title of chief financial officer. Gersie joined The Principal in 1970 as an actuarial trainee, was elected an officer in 1975, senior vice president in 1994 and named CFO in 1996.
Karen Shaff was promoted to general counsel. She will retain her title as senior vice president with responsibility for the law department.
Daniel Houston was promoted to senior vice president with responsibility for domestic retirement administration, including Trustar Retirement Services and Professional Pensions, Inc.

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