Principal Financial Group has tapped 17-year company veteran Jerry Patterson as its new senior vice president of full service retirement and individual investor businesses for Retirement and Income Solutions (RIS). 

Patterson, who will take his new position in the company's early second quarter, will fill the post after the retirement of Greg Burrows this July.

Patterson currently serves as Principal's senior vice president of RIS, where he oversees individual investor, retail annuity, bank and full service payout. 

“Jerry’s strong business acumen, innovative thinking and passion for helping people save and have enough in retirement makes him a natural successor,” Principal's RIS President Nora Everett said in a statement. “His strategic vision and drive for results will help us meet the ever-evolving needs of our customers for many years to come.”

Patterson joined Principal in 2001 as chief marketing officer of the company's Life and Health businesses. He previously served in various marketing and management positions for a number of financial and insurance companies including as CEO of Nippon, Life Benefits in New York.

Principal is undergoing an internal and external search for Patterson's successor to serve in the company's retail annuity bank and full service payout businesses.