Business Context and Reporting Period
This Form 8-K Current Report was filed by Principal Financial Group, Inc. on August 19, 2019. The filing reports a corporate governance event regarding the Board of Directors rather than financial performance for a specific fiscal period.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to the appointment of a new director and does not contain financial statements or operational metrics.
Material Changes
The material change reported is the election of Jonathan S. Auerbach as a new director of Principal Financial Group, Inc. and Principal Life Insurance Company. The appointment is effective September 15, 2019. There are no reported changes to financial positions or operational results in this document.
Outlook, Commentary, and Risks
- Committee Assignments: Effective with the Board's annual retreat in September, Mr. Auerbach will serve on the finance committee and the nominating and governance committee.
- Compensation: Mr. Auerbach will receive compensation consistent with other non-employee directors, including a pro-rated grant of restricted stock units based on the closing stock price on September 13, 2019.
- Conflicts of Interest: The filing states there is no arrangement or understanding regarding his selection and that he has no material interest in any prior, existing, or proposed transactions with the Company.
Investor Verification Checklist
- Verify the effective date of Jonathan S. Auerbach's directorship (September 15, 2019).
- Confirm his specific committee assignments (Finance; Nominating and Governance).
- Review the Company's most recent proxy statement (filed April 9, 2019) for details on the non-employee director compensation program.
- Check the stock price on September 13, 2019, to determine the value of the pro-rated restricted stock unit grant.