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DES MOINES, Iowa (AP) - Retirement and financial services company Principal Financial Group Inc. said Tuesday its chairman and chief executive will retire in December.
| PFG | 41.77 |  1.89 |
J. Barry Griswell, 58, will leave the company on Dec. 31, the company said in a regulatory filing.
The company announced in February that Larry D. Zimpleman, 56, would assume the role of CEO on May 1.
Zimpleman joined Principal in 1971 as a part-time actuarial student and became a full-time actuary in 1973. He has undergraduate and a master's degrees in business administration from Drake University.
Zimpleman, who will retain the title of president, will earn $800,000 a year, according to documents filed with the Securities and Exchange Commission.
Griswell will serve as executive chairman from May 1 until his retirement.
Shares on Tuesday rose 5 cents to $56.32
Principal, a leading 401(k) retirement plan provider, also has investment services, life and health insurance, and banking divisions. The Fortune 500 company has $311 billion in assets under management and serves more than 18 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States.
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