Principal elects new chief

Principal elects new chief

JAKARTA (JP): Principal Indonesia, a member of the Principal
Financial Group, announced on Tuesday changes in its board of
directors.

The company said Jeffrey P. Newnam, who was previously vice
president, was named president of the company, replacing F. Dough
Rasmussen.

Rasmussen assumes a new assignment at Principal's head office
in Des Moines, the United States. Iskandar Sutadisastra remains
in his position as vice president as does Rudi Kamdani as
director.

Principal Indonesia, which focuses on retirement plans and
services, said the new board assumed its duties on April 1.

Newman said the company booked a 600 percent increase in sales
in 1999 compared to the previous year.

He said total assets under management reached more than Rp 181
billion, which were accumulated from the contributions of 138
companies and more than 17,700 employees participating in its
retirement plan.(hen)