News Column

The Principal Announces Senior Management Promotions

February 26, 2014

Management advancements reflect growing global investment management leadership

DES MOINES, Iowa--(BUSINESS WIRE)-- Principal Financial Group® today announced a number of senior management promotions and changes effective immediately:

  • Terry Lillis is promoted to executive vice president and chief financial officer.
  • Gary Scholten is promoted to executive vice president and chief information officer.
  • Beth Raymond is promoted to senior vice president and chief human resources officer.
  • Mary O’Keefe, senior vice president and chief marketing officer, will retire at the end of June 2014 after more than 24 years with The Principal®.

    Larry D. Zimpleman, chairman, president and CEO, commented, “These promotions reflect The Principal’s strength as a leading global investment manager. As part of our succession planning process, these executives will play a heightened role collaborating between The Principal’s investment management businesses and the accumulation and insurance businesses.”

    Regarding O’Keefe’s retirement, Zimpleman said, “Mary’s hard work and dedication has had a major positive impact on The Principal and our communities. We thank Mary for her years of service and wish her the best.” The Principal will conduct an internal/external search for the chief marketing officer position.

    In addition to these senior management promotions, several Principal Global Investors executives were named to new roles that reflect the growth and magnitude of the organization’s global asset management business:

  • David Blake is named senior executive director & head of Principal Global Fixed Income.
  • Pat Halter is named senior executive director – Principal Real Estate Investors.
  • Barb McKenzie is named senior executive director & chief operating officer – boutique operations.
  • Ellen Shumway is named senior executive director – strategy & boutique operations.

    According to Jim McCaughan, president of Principal Global Investors, these promotions recognize key leaders within The Principal’s asset management operations. “Dave, Barb, Pat and Ellen each have played key roles in the evolution of the Principal Financial Group to a leading global investment manager. We rely on their critical leadership as we focus on the execution of our growing global boutique operations.”

    O’Keefe Background

    O’Keefe, 57, joined The Principal in 1990 and was named to her current position in 2004. She is responsible for corporate marketing, branding, communications and corporate giving and has held several senior leadership roles, including having responsibility for human resources and corporate strategic development. As part of her community leadership role for The Principal, O’Keefe led the development and construction of The Principal Riverwalk and chairs the successful Principal Charity Classic. O’Keefe was inducted into the Iowa Volunteer Hall of Fame in 2012 and honored for her work to increase employment opportunities for veterans with the Seven Seals Award, the highest civilian recognition awarded jointly by all seven U.S. military branches. She has served on the boards of and led fundraising efforts for numerous community and state organizations.

    Lillis Background

    Lillis, 61, joined The Principal in 1982 as an actuarial student. He held various senior actuarial and management roles through 2000 when he was named chief financial officer – Retirement & Investor Services. He was promoted to senior vice president and chief financial officer for The Principal in 2008. Lillis received a bachelor’s degree from Simpson College and a master’s degree from the University of Iowa. He is a member of the Iowa Actuaries Club, the American Academy of Actuaries and a member of the Society of Actuaries. He also serves on the Mercy Medical Center Finance Board Committee, the Simpson College Board of Trustees, the Henry B. Tippie College of Business Advisory Board, and the Diocese of Des Moines and Catholic Charities Finance Council.

    Scholten Background

    Scholten, 56, joined the company in 1980 as an assistant planning analyst. He held numerous management positions in information technology through 2002 when he was named senior vice president and chief information officer. Scholten is a fellow of the Life Office Management Institute and is past chair of the LOMA Individual Product Systems Committee. He chairs Principal Global Services, Private Limited, a wholly owned subsidiary of the Principal Financial Group located in Pune, India. Scholten currently serves on two Principal International Chilean Boards: Principal International de Chile S.A. and Principal Asset Management Chile S.A. Scholten has served as the chairman of the board for the Technology Association of Iowa. In 2011, he was appointed to serve on the Iowa Governor’s Science, Technology, Engineering and Mathematics (STEM) Advisory Council, and joined the group’s executive committee in 2013. Scholten received a bachelor's degree from the University of Northern Iowa.

    Raymond Background

    Raymond, 48, joined the company in 2000 as assistant director – executive compensation. She served in several management roles in human resources through 2010 when she was named vice president of human resources. Prior to joining The Principal, she held human resources positions at GuideOne Insurance, MidAmerican Energy Company, InterCoast Energy Company and Norwest Corporation. Raymond earned a bachelor’s degree from Coe College and a master’s degree from Central Washington University. She is a certified compensation professional with the WorldatWork organization. She also is a local and national member of the Society for Human Resources Management.

    Blake Background

    Blake, 47 joined the company in 2000 and most recently served as global head of fixed income and chief investment officer of Principal Global Fixed Income. In this capacity, he is responsible for building the firm’s fixed income business across the Americas, Europe and Asia. In his role as chief investment officer, he oversees portfolio management, research and trading conducted by investment teams involved in various traditional and liquid alternative strategies. Prior to joining the company, he was a senior portfolio manager for Boatmen’s Capital Management, a subsidiary of Bank of America, where he began his career in 1989. Blake received both a bachelor’s degree and an MBA from Saint Louis University. He has earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Institute.

    Halter Background

    Halter, 54, joined the company in 1984 as a commercial real estate representative. He held numerous management positions within the commercial real estate business through 2004 when he was named head of Principal Real Estate Investors. He oversees the overall global real estate strategy, new business development, and business management, including oversight of a staff of 350+ professionals located in the United States, United Kingdom, Singapore and Australia, as well as $48.7 billion in assets under management. Halter received a bachelor's degree in finance and marketing and an MBA degree in finance from the University of Wisconsin. He is a member of the Pension and Real Estate Association, the Commercial Mortgage Securities Association, the Association of Foreign Investors in Real Estate, the Real Estate Roundtable, the National Association of Real Estate Investment Management and is past chair of its Board, and serves on the Board of the Center for Real Estate at the University of Wisconsin.

    McKenzie Background

    McKenzie, 53, joined the company in 1984 as a commercial real estate representative. She has held several commercial real estate and international investment management positions before being named executive director and chief operating officer - boutique operations for Principal Global Investors. She is responsible for the development and efficient operation of business processes to facilitate the growth of the firm globally. This includes oversight of compliance, operations and IT. In addition, she oversees all activities at three of our boutique investment managers. McKenzie received a bachelor's degree from the University of Iowa and a master's degree from Indiana University. She is a fellow of the Life Office Management Institute.

    Shumway Background

    Shumway, 50, joined the company in 2005 as vice president – Corporate Strategic Development. She later was named executive director - strategy and boutique operations for Principal Global Investors. Shumway oversees all activities at seven of our boutique investment managers, as well as leads Principal Global Investors’ efforts in mergers and acquisitions, strategy and risk. Prior to joining the company, Shumway held strategy and finance positions at McKinsey & Company and J.P. Morgan & Company, Inc. She received a bachelor’s degree from Johns Hopkins University and an MBA from the University of Chicago.

    For more news and insights from The Principal, connect with us on Twitter or on The Principal Blog.

    About the Principal Financial Group

    The Principal Financial Group® (The Principal®)1 is a global investment management leader offering retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $483.2 billion in assets under management2 and serves some 19.4 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.

    2 As of Dec. 31, 2013.



    The Principal Financial Group

    Susan Houser, 515-248-2268

    houser.susan@principal.com

    Source: Principal Financial Group


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