More senior departures at Aegon
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Aegon head of industry development Peter Williams (pictured) and head of pensions development Rachel Vahey are leaving the provider as a result of its ongoing restructuring programme, announced in June.
Aegon is streamlining the structure of its regulatory analysis and political affairs teams as part of the programme, which will see it focus on at-retirement and workplace savings. Aegon hopes to reduce its operating costs by 25 per cent by the end of 2011.
As a result, Aegon’s corporate affairs, business regulation and pensions development teams will combine to become one team.
Williams joined Scottish Equitable in 1977 and his career began with a period in sales and training, before taking on his current role, in which he has worked closely with the main IFA bodies including the Personal Finance Society and Aifa. He will leave Aegon at the end of March.
Williams chairs the CII’s Qualifications, Examination and Assessment Committee, which he will continue to do when he leaves Aegon.
Vahey joined Scottish Equitable in 1998. Her career at Scottish Equitable and Aegon has included working in marketing, project management and pensions policy. She took on her current role in 2006 and has led Aegon’s work in helping shape pensions policy, in particular pensions reform.
Aegon says Vahey (pictured) helped develop greater industry understanding of key pensions issues through engaging with financial advisers and in communicating Aegon’s views on the pensions environment and retirement market. She will leave Aegon in early April.
In September, Aegon announced that head of corporate affairs Francis McGee was also leaving the company. McGee will leave this month.
Aegon head of business regulation Steven Cameron has been appointed head of regulatory strategy, responsible for leading the new combined team.
Cameron joined Scottish Equitable in 1996 as head of pensions development and during his 15 years with Aegon has played a key role in analysing major regulatory developments, most recently leading Aegon’s analysis and lobbying on the RDR. He has also worked closely with a number of industry groups including the ABI and Scottish Financial Enterprise.
Aegon UK finance director Clare Bousfield says: “Having the best possible understanding of the changing regulatory landscape is key to our strategy development and delivery. At the same time, it is important that we maintain an ongoing dialogue with the Government, regulator and other key stakeholders within our industry. I am delighted that Steven will be leading this work as part of our strategy team and I am looking forward to working with him.
“I would like to thank Francis, Rachel and Peter for their valuable contribution to Aegon over the years and we wish them every success in their future careers.”
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Readers' comments (10)
Bob Donaldson | 14 Jan 2011 1:22 pm
Yet more expertise is lost by the insurance companies in their slow demise.
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Jon Savage | 14 Jan 2011 2:34 pm
More rats desert the sinking ship.
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Anonymous | 14 Jan 2011 3:17 pm
Begs the question How come Otto Thoresen survives. After all, he's the one who got them into this mess.
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Anonymous | 14 Jan 2011 5:58 pm
Would not listen to the comments made above. Aegon is having to go under massive change. New board members are shaping the future of the company and getting rid of people or roles that are no longer required or relevant anymore. I do wish the people getting laid off all the best for the future but it is time for change. The ship is very much intact
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Resolute | 15 Jan 2011 0:00 am
How many more departures from their senior team. Death by a thousand cuts...........
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Anonymous | 15 Jan 2011 4:44 pm
Interesting but sad to see.
I have noticed a gradual collapse in AEGON's ability to compete and a loss of morale amongst the frontline staff over the last months so this comes as little surprise.
What would be useful if there was some analyis done of what is happening in the company as this effects us all.
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Anonymous | 16 Jan 2011 7:33 pm
In response to a comment criticising AEGON's CEO, surely Otto Thoresen deserves credit for the benefits that stemmed from the Thoresen Review and Money Guidance, in bringing greater possibility for equality between industry and the customer. I also understand that Thoresen is helping to bridge the knowledge gap from young people of school age and adults, as chairman of pfeg, the Personal Finance Educaton Group. Taking a more holistic, and certainly a deeper look at Otto Thoresen's contribution in shaping industry perhaps sheds a different light on his work and explains why it is important that he does indeed survive
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Anonymous | 20 Jan 2011 1:39 pm
I'm not surprised at all that people are leaving AEGON. There's a complete lack of leadership and accountability within the business that will take years to change. That leads to poor decision making and general incompetence. Too many times people are promoted from within the business creating a culture of management 'mini me's' rather than a diverse and challenging management culture. Having worked there, I'd be amazed if this business survived. Perhaps Otto should concentrate on leading his business through a period of immense change and extremely poor morale. Lead from the front Otto.
The best people who're able to find jobs elsewhere will do just that.
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Anonymous | 20 Jan 2011 1:39 pm
I'm not surprised at all that people are leaving AEGON. There's a complete lack of leadership and accountability within the business that will take years to change. That leads to poor decision making and general incompetence. Too many times people are promoted from within the business creating a culture of management 'mini me's' rather than a diverse and challenging management culture. Having worked there, I'd be amazed if this business survived. Perhaps Otto should concentrate on leading his business through a period of immense change and extremely poor morale. Lead from the front Otto.
The best people who're able to find jobs elsewhere will do just that.
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Anonymous | 23 Jan 2011 4:30 pm
Aegon is experiencing major changes & I believe that the £80 million pound savings to be found by 2011 year end is only the tip of the iceberg. More good staff will leave the company of their own choice due to very low morale. Real leadership is seriously lacking & proper communications from company to employees is almost nil & void.
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