AEGON UK today announces the appointment, subject to regulatory approval, of Tommy Young as Chief Operating Officer for its Life & Pensions business.
Tommy is currently responsible for leading the implementation of AEGON's re-structure and cost-saving programme, a position he has held since the programme began in June 2010.
Tommy will replace Simon Skinner whose appointment as CEO of AEGON Ireland was announced on 8 August. In his new role Tommy will join AEGON's leadership team, the Insurance Executive Committee, and will lead all aspects of AEGON's business operations including IT, Change and Customer Services. Tommy will take up the position on 1 September.
Tommy's priorities for 2011 will be to complete AEGON's cost reduction programme which is on track to deliver 25% reduction in operating costs by end 2011. He will also oversee the transition of the Guardian closed life and pensions business to Cinven, a deal that was announced by AEGON on 16 August. In addition Tommy will lead the ongoing programme to identify and correct historical issues within AEGON's customer policy records and ensure it is on track to repay the majority of the redress by end 2011.
Tommy joined AEGON in 2009 as Governance & Controls Director of its Sales & Distribution business. Prior to that he was Head of Commercial Banking for England and Wales at HBOS. Tommy has significant experience of delivering operational change and has a strong customer services background through Director level roles at both Barclays and Sage.
Adrian Grace, chief executive, said:
"Tommy his excellent COO credentials with a proven track record in delivering significant operational improvements and a strong background in customer service. He has already acquired a detailed knowledge of all aspects of our business and delivered substantial cost savings and organisational change through AEGON's re-structure programme, which he has managed from the outset.
"Tommy is well placed to lead AEGON's Life & Pensions operations and position AEGON for future success in its chosen markets of At Retirement and Workplace Savings."
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