Aegon has appointed Tommy Young as chief operating officer of its life and pension business.
He takes over from Simon Skinner who was appointed Aegon Ireland chief executive last month. Young joins the Aegon leadership team, the insurance executive committee and will lead all aspects of Aegon’s business operations including IT and customer services.
He joined Aegon in 2009 as governance and controls director of its sales and distribution business. Since June 2010, Young has been responsible for leading the implementation of Aegon’s restructure and cost-saving programme. He was previously HBOS head of commercial banking for England and Wales.
Aegon says Young’s priorities for 2011 will be to complete the cost-saving programme, which aims to deliver a 25 per cent reduction in operating costs by the end of 2011.
He will oversee the transition of the Guardian closed life and pension business to European private equity group Cinven, following an acquisition deal announced in August.
Young will also lead the programme to correct historical issues with Aegon’s customer policy records.
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.”
Aegon UK’s earnings for the second quarter halved to £9m from £18m in the second quarter last year as the firm’s distribution businesses, Positive Solutions and Origen, made combined losses of £1m.
Syndaxi Chartered Financial Planners managing director Robert Reid says: “Adrian Grace is moving the Aegon business towards a more commercial structure than it was previously and this is the next move in that strategy.”