Three Homegrown Leaders Elevated to Senior Management Committee Roles, Reflecting Depth of Lincoln's Internal Talent Pipeline and Commitment to Strategic Execution

Lincoln Financial (NYSE:LNC) today announced the promotion of three senior leaders to its Senior Management Committee (SMC): Darrel Tedrow as Executive Vice President, President of Life Insurance and Retail Shared Services; Curtis Chesney as Executive Vice President, President of Annuities; and Paul Spurr as Executive Vice President, Chief Risk Officer and Chief Actuary. All three report directly to Ellen Cooper, Chairman, President and CEO. These appointments are the direct result of Lincoln's deliberate, multi-year investment in developing its next generation of executive leaders from within the organization.

This announcement also marks a structural evolution in the leadership of the company's Life Insurance and Annuity businesses. Each business will now have a dedicated President reporting to Ellen Cooper. This decision reflects the significant strategic realignment currently underway in both franchises — each pursuing a distinct strategy with nuanced competitive dynamics, product sets, distribution landscapes, and capital considerations. The scope and complexity of the work at this stage in each business's transformation requires dedicated executive focus.

Darrel Tedrow joined Lincoln 20 years ago and has been central to the strategic realignment of the company's Life Insurance business in recent years, serving as President of Life since 2024. In his expanded role, Tedrow will continue to lead the Life business while also assuming executive oversight of operations and shared services functions that support the company's Retail businesses. His mandate includes delivering on financial and growth objectives — including improving the free‑cash‑flow profile of the business — advancing product strategy, strategically partnering and collaborating with Lincoln's world-class distribution team, and ensuring a leading customer experience. He brings both the strategic perspective and operational rigor this role demands.

Curtis Chesney brings 17 years of Lincoln experience to his new role leading the Annuity organization. Most recently serving as CFO of Lincoln's Annuity business, Chesney brings a command of the products, economics, and competitive dynamics of this market. He also previously led Corporate Financial Planning and Analysis across all of Lincoln's business segments, giving him an enterprise-wide financial perspective. In his new role, Chesney is responsible for delivering on financial and growth objectives, overseeing product strategy and in-force management and ensuring a high-quality experience for customers and advisors across all distribution channels. He will lead the business through its continued diversification toward more spread-based products designed to produce more stable cash flows and reduce market sensitivity over time, while maintaining disciplined risk management aligned to Lincoln's long-term financial position.

Paul Spurr has been with Lincoln for more than two decades, serving in progressively senior leadership roles across finance, risk, and actuarial functions. By bringing risk and actuarial under a single leader, Lincoln is strengthening its well-established risk management foundation while creating a more integrated, enterprise-wide approach to oversight. Spurr's deep expertise across both disciplines positions him to lead this expanded mandate. In this role, he is responsible for advancing Lincoln's risk management framework, overseeing the company's risk profile, and ensuring risk considerations are embedded in capital allocation, product strategy, and business planning. He also leads actuarial practices across valuation, reserving, and pricing, further enhancing discipline and consistency across the organization.

These promotions coincide with the planned retirements of Brian Kroll, EVP and President of Retail Life and Annuity Solutions, and Andy Rallis, EVP and Chief Risk Officer — both effective June 1, 2026. Kroll and Rallis each joined Lincoln at pivotal moments for the company and delivered on clear mandates to advance the company's near-term strategic objectives while also developing future executive leadership talent. Both have been working closely with their successors to ensure a seamless transition.

"These promotions reflect the incredible depth of talent we have developed at Lincoln and our commitment to thoughtful, deliberate succession planning," said Cooper. "Darrel, Curtis and Paul each bring deep institutional knowledge, proven leadership, and a track record of results that give me tremendous confidence in our path forward. It is genuinely exciting to see leaders of this caliber step into expanded roles, and I look forward to the energy they will bring to our Senior Management Committee as we continue to lead our talented workforce in executing on our strategy and delivering for our customers, partners, and shareholders."

"We also want to recognize and thank Brian Kroll and Andy Rallis for their significant contributions to Lincoln," Cooper continued, "I am deeply grateful for their partnership, their leadership, and their commitment to our strategy and our people — and I wish them both the very best in their well-earned retirements."

About Lincoln Financial

Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2025, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of March 31, 2026, the company has $340 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, Pa., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates.

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Karyn Baldwin

Media Relations

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Lincoln Financial Announces Executive Leadership Transitions