Loading component...

President and Chief Financial Officer
Download:
WEB.7912507.05.26
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. Opens in a new tab (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 CEQ, 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.
Protective Life Corporation 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 3,900 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 Dai-ichi Life Holdings, Inc., has approximately $140 billion in assets, as of Sept. 30, 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.
Corporate Communications
Source: Protective Life Corporation
Protective refers to Protective Life Insurance Company, founded in 1907, and its affiliated companies, including Protective Life and Annuity Insurance Company.
Protective® is a registered trademark of Protective Life Insurance Company. The Protective trademarks, logos, and service marks are property of Protective Life Insurance Company and are protected by trademark and/or other proprietary rights and laws.
Life insurance and annuity products are issued by Protective Life Insurance Company, Omaha, NE, in all states except New York, where products are issued by Protective Life and Annuity Insurance Company, Birmingham, AL. Protective Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so. Variable products are distributed by affiliated broker-dealer Investment Distributors, Inc., Birmingham, AL.
Guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company. Product features, availability, and issuing companies may vary by jurisdiction.
Information provided on this website is for general informational and educational purposes only and is not intended as investment, tax, or legal advice, nor should it be considered as a recommendation, endorsement, or solicitation with respect to any product or strategy. Individuals should consult their own qualified advisors regarding their specific situation.
When you visit Protective's websites, we may collect personal information from you via your browser or device, or through the use of cookies, analytics tools, and other technologies. You can exercise your privacy choices by completing a “Do not sell my personal information” request or a “Limit the use of my sensitive personal information” request. Please visit our Privacy Policy for more information about our information practices, including information about your privacy choices.
Investment and Insurance products are: NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, A BANK OR CREDIT UNION | MAY GO DOWN IN VALUE | NOT FDIC/NCUA INSURED | NOT INSURED BY ANY FEDERAL AGENCY | NOT GUARANTEED BY ANY BANK OR SAVINGS ASSOCIATION