DES MOINES, Iowa, Feb 24, 2010 (BUSINESS WIRE) -- The Principal Financial Group(R) announced the promotion of Norman R. Sorensen to president - International Asset Management and Accumulation, the Principal Financial Group, and he continues as president and chief executive officer of Principal International, Inc. The promotion is effective immediately. Sorensen is responsible for managing businesses of The Principal(R) outside the United States in the company's international asset management and accumulation segment.
According to Larry D. Zimpleman, chairman, president and chief executive officer of The Principal, "This promotion reflects the strategic importance and business growth potential that the global market represents to the future of The Principal."
Sorensen joined The Principal in 1998. Previously he was a senior executive at American International Group (AIG). Prior to joining AIG, he held a number of senior international marketing and general management positions at American Express Company and Citigroup. Sorensen is a member of the Boards of Directors of Principal Asset Management Company and Principal Insurance Company (Hong Kong), BrasilPrev Seguros & Previdência (Brazil), Principal Vida (Chile), Principal-PNB Asset Management Company (India), Principal International, Inc., (U.S.), and Principal AFORE and Principal Life (Mexico)
Outside of The Principal, Sorensen is vice chairman of the International Insurance Society (IIS), New York,; chairman of the Global & Trade Committee of the Financial Services Roundtable (FSR), Washington, D.C., and a member of the Board of Directors of Sara Lee Corporation (NYSE:SLE), Downers Grove, Illinois.
Sorensen is a graduate of the United States Air Force Academy (USAFA) and Columbia University's Executive Program for International Managers. He is based at the Principal Financial Group home office in Des Moines, Iowa, U.S.A. Principal International, the global arm of the Principal Financial Group, has operations in nine countries and serves over eight million international customers.
About the Principal Financial Group
The Principal Financial Group(R) (The Principal(R))1 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 banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $284.7 billion in assets under management2 and serves some 18.9 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1"The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2As of December 31, 2009
SOURCE: The Principal Financial Group
The Principal Financial Group
Susan Houser, 515-248-2268
Paula Chizek, 515-235-6016