Principal Financial Group has announced that Terry Lillis will assume the title of CFO effective August 7, 2008, in preparation for the retirement of current CFO and executive vice president Michael Gersie. Mr Lillis becomes a senior vice president immediately.

Mr Lillis previously served as vice president and CFO for the retirement and investor services division of The Principal.

Larry Zimpleman, president and CEO of Principal Financial Group, said: Terry’s proven financial track record in leading our largest business retirement and investor services – provides unmatched preparation for directing the finances of the entire organization.