DES MOINES, IA - Norman R. Sorensen, who is the president and chief executive officer of Principal International, Inc., has been elevated to president - international asset management and accumulation of parent company, Principal Financial Services, Inc.

"This promotion reflects the strategic importance and business growth potential that the global market represents to the future of The Principal," commented chairman, president and CEO Larry D. Zimpleman.

Principal also promoted Ned Burmeister to SVP and chief operating officer of Principal International, Inc. responsible for finance, planning, operations and risk management outside the United States for the international asset management and accumulation segment.

And in two further moves:

-- Luis Valdes was named president, the Principal Financial Group--Latin America and SVP, the Principal Financial Group, which makes him Principal's top executive in the Latin American region. Valdes is based in Santiago, Chile.

-- Rex Auyeung was appointed president, the Principal Financial Group–Asia and SVP, the Principal Financial Group, establishing him as the top executive in the Asian region. He is based in Hong Kong.

Both Valdes and Auyeung will continue to lead the pension, asset accumulation and mutual funds businesses of Principal International, Inc. in their respective regions.

Sorensen joined Principal in 1998 and previously worked for American International Group, Inc. (AIG), American Express Company and Citigroup, Inc. In his new position, he is responsible for managing all the businesses outside the United States in Principal's international asset management and accumulation segment. He will continue to be in charge of Principal International, Inc., which was established in 1990 and puts a special focus on emerging markets. (IAM News)

 

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