Business Context and Reporting Period
This Form 8-K Current Report was filed by Principal Financial Group, Inc. on January 30, 2012. The report discloses the election of a new director to the Board of Directors, effective February 1, 2012. The company is a global investment management leader offering retirement services, insurance solutions, and asset management.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The only financial figure disclosed is the company's total assets under management, which stood at $320.8 billion as of September 30, 2011.
Material Changes
The primary material change reported is the addition of Luca Maestri to the Board of Directors. Mr. Maestri, previously the Executive Vice President and Chief Financial Officer of Xerox Corporation, was elected to the boards of Principal Financial Group, Inc. and Principal Life Insurance Company. He was immediately appointed to the Audit and Finance Committees.
Guidance, Outlook, and Management Commentary
Management commentary indicates that Mr. Maestri's extensive international and financial experience is expected to guide the company's continued international expansion and leadership in global investment management and retirement services. CEO Larry D. Zimpleman expressed pleasure at welcoming Mr. Maestri to support the company's aggressive growth strategy. No specific financial guidance or risk contingencies were disclosed in this report.
Investor Verification Checklist
- Verify the effective date of Luca Maestri's directorship (February 1, 2012).
- Confirm Mr. Maestri's committee assignments (Audit and Finance Committees).
- Review the company's most recent proxy statement for details on non-employee director compensation, as Mr. Maestri received a pro-rated grant of 1,197 restricted stock units.
- Note that this filing contains no financial results; refer to the most recent 10-K or 10-Q for detailed financial performance.