DES MOINES, Iowa (AP) _ J. Barry Griswell, president and chief executive of the Principal Financial Group, will assume the additional position of chairman following the retirement of current chairman David J. Drury, the company said Monday.

Drury expects to retire after 35 years with the company following the completion of the company's demutualization and IPO, anticipated to take place in late 2001 or early 2002.

Drury will remain a member of the Board of Directors.

Griswell, president since 1998 and chief executive officer since 2000, is responsible for overall management of the company, including U.S. asset management and accumulation, international asset management and accumulation, life and health, mortgage banking, and corporate support functions. He joined the company in 1988 as agency vice president.