Daiichi Life Group’s US subsidiary, Protective Life Corporation, has disclosed that its Chief Executive Officer (CEO), Rich Bielen, is set to retire at the end of 2026 and be succeeded by Paul Wells, currently President & Chief Financial Officer (CFO), as President and CEO, effective January 1st, 2027.
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.
He has over four decades of experience in financial services, of which he spent 35 years at Protective, serving in several leadership roles. During his tenure as CEO, Protective’s assets grew from $75 billion to $142 billion, its revenue grew from $4.5 billion to $8 billion, and the firm completed six acquisitions.
Bielen said, “Serving as CEO of Protective has been an honour. I am incredibly proud of what our team has accomplished together and deeply grateful to work alongside so many talented colleagues.
“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.”
In January 2026, Wells was appointed President and CFO, after 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, explained the firm.
Michael J. Morrissey, Chairman, Board of Directors, Protective, added, “Paul brings a strong leadership mindset, a focus on the customer and a commitment to teamwork that aligns closely with our strategy and culture. We are confident in his ability to lead Protective in its next chapter of growth.”
Wells said, “I’m incredibly honoured by the board’s confidence and excited to step into this role. 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.”
Morrissey added, “Rich has led Protective through one of the most transformative periods in the company’s history. 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 prioritising a smooth transition to ensure Protective’s continued success. His impact on this company will be lasting, and we are grateful for his leadership.”
Additionally, 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 also shared their plans to retire at the end of this year.
Adams leads Protective’s transformation and corporate strategy efforts and has been with the company for 20 years, while Drew joined Protective in 2016 and oversees all legal functions, including compliance and government affairs.
