As part of its planned succession process, Principal Financial Group Inc. announced that Norman Sorensen, formerly president of Principal International Inc., has been named chairman of Principal International. Luis Valdes, formerly president of Principal International Latin America, succeeds Sorensen as president and CEO of Principal International.  Roberto Walker, who served as Principal International Latin America’s chief operating officer, succeeds Valdes in the role of president of that business unit. The promotions are effective immediately.  Prior to joining Principal in 1998, Sorensen held senior international marketing and management positions at American International Group Inc., American Express Co. and Citigroup Inc.