Principal Financial Group has made two appointments in preparation for the retirement of Dennis Francis, head of Principal Capital Management.
"In preparing for Dennis' retirement, we saw an important opportunity to add expertise to ensure continued growth and to further leverage our global investment management capabilities to achieve our strategic goals in the retirement and investment services arena," said J. Barry Griswell, chairman, president and CEO.
The firm has hired Jim McCaughan as head of global asset management. McCaughan most recently served as CEO of the Americas division of Credit Suisse Asset Management and will assume the role of president and CEO of Principal Capital Management when Francis retires later this year. Julia Lawler, currently president of Principal Capital Real Estate Investors' real estate equities group, has been promoted to SVP and CIO. Lawler will assume the duties of CIO on July 1, by which time Principal expects to name her successor.