Aegon has appointed former Sesame boss Patrick Gale as chairman of the distribution board overseeing its two IFA businesses, Origen and Positive Solutions.
Aegon’s managing director of group risk Iain Black will take on the role of chief operating officer of distribution.
The news follows a £16m loss across Origen and Positive Solutions for 2009, revealed in Aegon’s results last month.
Gale was chief executive of Sesame between 2000 and 2007, after which he joined Just Retirement as chief operating officer but left in October 2008.
Black will report to UK chief executive Otto Thoresen and work closely with Origen managing director Stephen Greenstreet and Positive Solutions chief executive Jim Reeve.
Thoresen says: “The retail distribution review brings challenges for our adviser businesses. Iain Black has an impressive track record of strategy delivery across different areas of our business. Patrick Gale brings a wealth of valuable experience and insight from inside the adviser
community to the non-executive chairman role.”
Informed Choice managing director Martin Bamford says: “Clearly, Aegon’s distribution arms are not profitable businesses and also with FSA action against networks and large IFAs it is necessary to keep a watchful eye on all businesses.”