By Chelsey Dulaney

Principal Financial Group Inc., a provider of insurance and retirement plans, on Wednesday promoted operations chief Daniel J. Houston to chief executive.

Mr. Houston, a 31-year veteran of the company, succeeds Larry Zimpleman, who will remain executive chairman.

Mr. Zimpleman has been CEO of the company since 2008. He joined the Principal Life business in 1971 as an actuarial intern.

Principal has grown partly through international expansion, including the $1.51 billion acquisition of Chilean pension manager Cuprum SA in 2013. In November, Principal said it would buy AXA SA's pension business in Hong Kong for about $335 million.

Foreign-exchange rates have pressured its results recently.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

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(END) Dow Jones Newswires

August 19, 2015 07:13 ET (11:13 GMT)

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