Principal Financial Group has promoted Pedro Borda, currently president of Principal South Asia and India, to senior vice president and chief operating officer of Principal International. In his new role, Borda will partner with the Des Moines-based company’s global leadership teams to develop and implement business development and digital transformation strategies. He has held multiple leadership positions over the course of his 22 years with Principal, including managing director of Principal’s former business in Argentina, managing director of Principal Afore in Mexico, country head of Mexico, a board member of Principal Chile, CEO of Principal’s ASEAN Region, and president of South Asia and India. Prior to joining Principal, Borda worked in Argentina as a government pension regulator. Thomas Cheong, president of Principal North Asia, will assume Borda’s current responsibilities for South Asia, becoming president of Principal Asia effective March 2. Borda succeeds Renee Schaaf, who has led Principal International as senior vice president and COO for the past three years. As previously announced, Schaaf will assume the role of president of Principal Retirement and Income Solutions on March 1.