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Aegon appoints new COO

Aegon UK has appointed Tommy Young as its life and pensions business chief operating officer.

Young (pictured) replaces Simon Skinner who was appointed Aegon Ireland chief executive on August 8.

Young will now join the Aegon leadership team, the insurance executive committee and will lead all aspects of Aegon’s business operations including IT, change and customer services, taking up his new role on September 1.

He was previously responsible for leading the implementation of the Aegon restructure and cost-saving programme since June 2010.

Young joined Aegon in 2009 as governance and controls director of its sales and distribution business. He was previously HBOS head of commercial banking for England and Wales.

Aegon says Young’s priorities for 2011 will be to complete the firm’s reduction programme which aims to deliver 25 per cent reduction in operating costs by the end of 2011.

He will also oversee the transition of the Guardian closed life and pensions business to Cinven, a deal announced by Aegon on August 16.

He will also lead the programme to correct historical issues with Aegon’s customer policy records and ensure it is on track to repay the majority of redress by the end of the year.

Aegon UK chief executive Adrian Grace says: “Tommy has excellent COO credentials with a  proven track record in delivering significant operational improvements and a strong background in customer service.”

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