Principal Financial appoints Joel Pitz as CFO

DES MOINES, Iowa - Principal Financial Group (NASDAQ:PFG), a financial services company with a market capitalization of $18 billion and strong financial health according to InvestingPro metrics, announced the appointment of Joel Pitz as its new executive vice president and chief financial officer, effective immediately. Pitz, a seasoned veteran with 30 years at the company, steps into the role with a wealth of experience in financial strategy and business alignment.

Pitz’s ascent to CFO follows his tenure as the senior vice president and controller and then as interim CFO since August 2024. His prior roles at Principal include CFO for international businesses and chief accounting officer, giving him a broad perspective on the company’s global financial operations.

"I’m honored to step into the role of chief financial officer," Pitz stated. "I look forward to working alongside our talented teams as we continue to drive sustainable growth and create value for our stakeholders now and into the future."

He succeeds Deanna Strable, who has risen within the company ranks to become president and CEO as of January 2025. Strable expressed confidence in Pitz’s abilities, noting his strong leadership and trusted advisory role during his interim CFO period.

Principal Financial Group, a global financial institution with a 145-year history, employs approximately 20,000 individuals and serves around 70 million customers. The company has maintained dividend payments for 24 consecutive years and currently offers a 3.7% dividend yield. With annual revenue exceeding $15.7 billion and a proven track record of profitability, the company has recently been acknowledged for its ethical practices and as a top workplace in money management. InvestingPro analysis reveals 8 additional key insights about Principal’s performance and outlook.

This leadership transition is part of Principal’s ongoing efforts to align its financial strategy with its business goals and to ensure continued growth and stakeholder value. According to InvestingPro’s comprehensive analysis, the company maintains a healthy current ratio of 1.45 and has demonstrated strong returns over the past five years. The information is based on a press release statement from Principal Financial Group and InvestingPro’s detailed financial research report, which provides in-depth analysis of over 1,400 US stocks.

In other recent news, Principal Financial Group announced its first-quarter earnings for 2025, which fell short of analyst expectations. The company reported earnings per share (EPS) of $1.81, missing the forecasted $1.89, and revenues of $4 billion, below the expected $4.06 billion. Despite the earnings miss, EPS showed a 10% increase compared to the first quarter of 2024. Principal Financial managed $718 billion in assets under management, maintaining a robust position despite market volatility. The company returned $370 million to shareholders through share repurchases and dividends during the quarter. Analysts from various firms have yet to publicly adjust their ratings, but the financial results indicate a deviation from Principal Financial’s historical trend of meeting or exceeding forecasts. The company also highlighted the strong performance of its private real estate and stable value products. Principal Financial continues to focus on aligning expenses with revenue and expects pension risk transfer sales for the full year 2025 to remain consistent with 2024 levels.

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