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)