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The first annual Prairie Meadows CFO of the Year award was presented to Michael Gersie at last week’s 2008 Economic Forecast event.

Sponsored by Prairie Meadows Racetrack and Casino and the Des Moines Business Record, the award honors Gersie for his professional success and personal reputation.

Gersie, 59, has been the chief financial officer of Principal Financial Group Inc. since 1996.

A Chicago-area native and Drake University graduate, he joined Principal in 1970 as an actuarial student. He was promoted to actuarial associate in 1974, then was elected an officer and named assistant actuary in 1975, associate actuary in 1979 and actuary in 1984.

Gersie became second vice president in 1986, vice president in 1990, senior vice president and chief information officer in 1994 and CFO in 1996. He added the executive vice president title in 2000.

A nominating letter from Principal described Gersie as “a model of integrity and high ethical standards” and credited him with establishing “strict reporting and transparency standards for The Principal long before similar industry standards were adopted or mandated by regulators.”

Gersie lives in West Des Moines and is a fellow of both the Society of Actuaries and the Casualty Actuarial Society, and a member of the American Academy of Actuaries. He is an enrolled actuary, a chartered life underwriter and a chartered financial consultant.

Gersie announced last fall that he intends to retire from Principal no later than Dec. 31 of this year.