RADNOR, PA — Lincoln Financial is restructuring leadership of its life insurance and annuity businesses and promoting three longtime executives to its Senior Management Committee as the company continues a broader transformation of its product portfolio, risk management framework and operating structure.
The changes elevate Darrel Tedrow, Curtis Chesney and Paul Spurr to the insurer’s top executive leadership group and coincide with the planned retirements of two senior executives who have overseen key business units during recent strategic changes.
Lincoln said Tedrow will serve as executive vice president and president of Life Insurance and Retail Shared Services, while Chesney becomes executive vice president and president of Annuities. Spurr was named executive vice president, chief risk officer and chief actuary.
All three executives will report directly to Chairman, President and Chief Executive Officer Ellen Cooper.
The appointments also establish separate presidential leadership for Lincoln’s Life Insurance and Annuity businesses, a move the company said reflects the increasingly distinct operating, product and capital management demands of the two segments.
Tedrow, a 20-year company veteran, will continue leading Lincoln’s life insurance business while assuming oversight of operations and shared-services functions supporting the company’s retail businesses. His responsibilities include financial performance, product strategy and customer experience initiatives.
Chesney, who has spent 17 years with Lincoln and most recently served as chief financial officer of the annuity business, will oversee the company’s annuity operations. The company said he will lead efforts to continue diversifying the business toward spread-based products intended to generate more stable cash flows and reduce sensitivity to market fluctuations over time.
Spurr, who has held leadership positions across Lincoln’s finance, actuarial and risk organizations for more than two decades, will oversee a combined risk and actuarial structure. The company said the change is intended to create a more integrated approach to enterprise risk oversight, capital allocation and product management.
The promotions follow the planned June 1, 2026 retirements of Brian Kroll, executive vice president and president of Retail Life and Annuity Solutions, and Andy Rallis, executive vice president and chief risk officer.
Cooper said the appointments are part of a long-term succession strategy designed to promote leaders from within the organization.
“Darrel, Curtis and Paul each bring deep institutional knowledge, proven leadership, and a track record of results,” Cooper said.
Lincoln said Kroll and Rallis have been working with their successors to facilitate the leadership transition.
The moves come as life insurers across the industry continue adapting to changing interest-rate environments, evolving retirement products and heightened focus on capital efficiency, risk management and long-term earnings stability.
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