Protective Announces CEO Rich Bielen’s Plans to Retire, Names Paul Wells Next President & CEO

Long-time executives Scott Adams and Mark Drew share their plans to retire at year-end

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Protective Life Corporation a U.S. subsidiary of Daiichi Life Group, Inc. (Daiichi Life, TSE:8750), today announced that Rich Bielen, Chief Executive Officer, has shared his plans to retire at the end of 2026. Paul Wells, President & Chief Financial Officer, will succeed Bielen as President & Chief Executive Officer, effective January 1, 2027. Protective also announced that Scott Adams, Executive Vice President, Chief Transformation & Strategy Officer, and Mark Drew, Executive Vice President, Chief Legal Officer, long‑tenured members of the company’s executive leadership team, have shared their plans to retire at the end of 2026.

“Serving as CEO of Protective has been an honor. I am incredibly proud of what our team has accomplished together and deeply grateful to work alongside so many talented colleagues,” said Bielen. “Paul has been an integral part of Protective’s growth strategy for many years, and as I look ahead, I have great confidence in him, our leadership team and the strong foundation we’ve built together to support the company’s continued success.”

Wells was appointed President and Chief Financial Officer in January 2026, previously serving as CFO from 2022 to 2025. Throughout his 20-year career at Protective, Wells has been a trusted leader, known for his strategic perspective, deep understanding of the business and commitment to collaboration.

“Paul brings a strong leadership mindset, a focus on the customer and a commitment to teamwork that aligns closely with our strategy and culture,” said Michael J. Morrissey, chairman of Protective’s board of directors. “We are confident in his ability to lead Protective in its next chapter of growth.”

“I’m incredibly honored by the board’s confidence and excited to step into this role,” said Wells. “Protective has a strong foundation, a clear strategy and an exceptional team that’s committed to serving our customers and communities. Together, we will continue building on our momentum and positioning the company for long‑term success.”

Bielen has served as President and CEO of Protective since 2017. Under his leadership, Protective has strengthened its foundation, diversified its business mix and delivered disciplined, long‑term growth while remaining focused on protecting people through life’s many moments. With over 40 years in financial services, Bielen has spent 35 years at Protective, serving in several leadership roles and helping the company navigate complex business issues, including the 2008 financial crisis, an evolving industry environment and the global pandemic. During his tenure as CEO, Protective’s assets grew from $75 billion to $142 billion, its revenue grew from $4.5 billion to $8.0 billion, and the company completed six acquisitions. Bielen also served as the 2025 chair of the American Council of Life Insurers, helping advance industry priorities and strengthen the life insurance sector’s impact for families and businesses across the country.

“Rich has led Protective through one of the most transformative periods in the company’s history,” Morrissey added. “He is a values‑driven leader who genuinely cares about people and has always been guided by doing the right thing for our customers, teammates and partners. Just as importantly, Rich has been intentional in building a strong leadership team and prioritizing a smooth transition to ensure Protective’s continued success. His impact on this company will be lasting, and we are grateful for his leadership.”

Adams leads Protective’s transformation and corporate strategy efforts and has been with the company for 20 years. Drew joined Protective in 2016 and oversees all legal functions, including compliance and government affairs. Both have made meaningful and lasting contributions to Protective, and Protective will share more on transition plans for these roles in the months ahead. Click here to learn more about Protective’s leadership team.

About Protective

Protective has helped people achieve protection and security in their lives for 119 years. Through its subsidiaries, Protective offers life insurance, annuity, asset protection and employee benefit solutions and is helping nearly 32 million people protect what matters most. Protective's more than 3,800 employees put people first and deliver on the company's promises to customers, partners, colleagues and communities - because we're all protectors. With a long-term focus, financial stability and commitment to doing the right thing, Protective Life Corporation, a subsidiary of Daiichi Life Group, Inc., has approximately $142 billion in assets, as of Dec. 31, 2025. Protective is headquartered in Birmingham, Alabama, and is supported by a robust virtual workforce and core sites in the greater Cincinnati area and St. Louis. For more information about Protective, visit protective.com.