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The Principal appoints new chairman

Principal Financial Group, a provider of financial products and services, has appointed Norman Sorensen, formerly president of Principal International, as new chairman of Principal International.

Sorensen joined The Principal in 1998. Prior to The Principal, he held senior international marketing and management positions at American International Group, American Express and Citigroup.

Luis Valdes, formerly president, Principal International Latin America, will succeed Sorensen as president and CEO of Principal International.

Valdes has been associated with The Principal since 1991 when he was managing director of BanRenta Compania de Seguros de Vida, which later was purchased by Principal International to become Principal Vida Chile.

Prior to BanRenta, Valdes was an insurance market consultant for The World Bank, Intendente de Seguros in Chile.

Roberto Walker, who served as chief operating officer, Principal International Latin America, will replace Valdes in the role of president of Principal International Latin America. All the promotions are effective immediately.

Walker joined The Principal in 1996. He served in several roles including chief investment officer and chief financial officer, Chile, and country head, Mexico, where he oversaw a number of businesses.

Prior to The Principal Chile, he was chief investment officer of Citibank Global Asset Management and managing director of Citibank Asset Management in Chile.

The Principal chairman, president and CEO Larry Zimpleman said the changes further strengthen Principal International’s proven management team, which will allow the company to continue the rapid growth for Principal International in the years ahead.

The Principal Financial Group offers a wide range of financial products and services, including retirement and investment services, life and health insurance, banking through its diverse family of financial services companies to businesses, individuals and institutional clients.