Larry Zimpleman found his way to Des Moines, Iowa–based Principal Financial Group in 1971 by chance, but it’s taken more than luck to make it to the corner office. He joined the firm as an actuarial intern as part of a scholarship program at local Drake University — he was the only person who applied for the scholarship. Now president and COO, he will take over next month as CEO from Barry Griswell, who will stay on as chairman. Zimpleman, 56, helped diversify the insurance company into high-growth asset management. Today 70 percent of its earnings are derived from the U.S. and international retirement businesses, and he plans to acquire alternatives capabilities, including a funds-of-hedge-funds firm and a foreign fixed-income firm. Principal has set aside about $250 million for acquisitions each year; Zimpleman expects to spend $50 million to $100 million on any one purchase.
