After working for more than 34 years at Principal Financial Group Inc., Ellen Lamale will retire in early 2011. She is currently senior vice president and chief risk officer at the company.

Lamale joined Principal in 1976 as an actuarial student and has held several senior-level positions, including chief actuary and chief risk officer. Named to her current position in 2008, Lamale is responsible for Principal’s actuarial, internal audit, risk consulting, corporate treasury and capital markets operations.

“Ellen has provided extraordinary leadership to the organization in many areas,” said Larry Zimpleman, Principal’s chairman, president and CEO, in a press release. “We thank Ellen for her years of service and wish her the best as she enters retirement.”

In anticipation of Lamale’s retirement, Tim Dunbar, currently executive director of Principal Global Investors (PGI) Equities, has been promoted to senior vice president for strategy and finance. He will be responsible for the capital markets, treasury and strategic development divisions. Dunbar will “transition into his new role over time in order to ensure a seamless transition for the business,” the company said. Mustafa Sagun will continue as chief investment officer for PGI Equities, and the company said there will be no changes to the investment philosophy, process or team.

Effective Jan. 1, Lamale’s responsibilities as chief risk officer will be assumed by Greg Elming, currently senior vice president and controller, who will become senior vice president and chief risk officer. Angie Sanders, currently chief accounting officer, has been promoted to vice president and controller.