Insurance firm’s face of the future

Aegon's Tommy Young

Aegon's Tommy Young

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TOMMY Young has been appointed as the man to lead Aegon’s life and pensions business.

He will become chief operating officer for its Lytham-based operation.

Mr Young is currently responsible for leading the implementation of Aegon’s restructure and cost-saving programme, a position he has held since the programme began in June 2010.

He will replace Simon Skinner who is moving to the role of chief executive officer of the company’s Irish operation.

As of September 1, Tommy will become part Aegon’s leadership team, the Insurance Executive Committee, and will lead all aspects of the firm’s business operations including IT, change and customer services.

Aegon chief executive Adrian Grace, said he had the perfect man for the job. He added: “Tommy has excellent 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 as well as organisational change through Aegon’s re-structure programme, which Tommy has managed from the outset.

“Tommy is well placed to lead the Life and Pensions operations and position Aegon for future success in its chosen markets of At Retirement and Workplace Savings.”

The new man at the top is set to continue with a cost reduction programme aimed at reducing operating costs by 25 per cent by the end of the year.

He’ll also oversee the transition of the firm’s Guardian closed life and pensions business to equity group Cinven, announced last week.

Tommy joined Aegon in 2009 as governance and controls director of its sales and distribution business. Prior to that he was head of commercial banking for England and Wales at HBOS.