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Aegon’s Leadership Transition: Duncan Russell to Take Over as CFO


Aegon, a global insurance company with a mission of providing people with the confidence that their financial future will be secured, continuing to develop and transform, took a major decision concerning its further work – the company named Duncan Russell a new CFO. Russell’s appointment will take effect starting September 1, 2024, when the current vice president of global operations, Matt Rider, retires from the company after seven plus years of excellent work for the company. 

This leadership change takes place at the most critical moment for Aegon since the financial arena is changing every day and offers new opportunities for the company. Due to his experience in the field and significant contribution to the company’s profitability, Duncan Russell will be able to make a significant impact on the organization’s financial strategy and achieve Aegon’s goals for strategic and operational development. 

I am pleased to appoint Duncan Russell as our new CFO,” said Lard Friese, Aegon’s CEO. “I am confident that with his financial acumen, deep insurance expertise, and comprehensive knowledge of the capital markets and our organization, he will continue to contribute to the success and transformation of our company.” 

Russell took up the position of Chief Transformation Officer in Aegon in 2020 and has had tremendous experience since he joined. He joined Aegon in the year 2015 from the UK-based Admiral Group Plc where he was the Chief Financial Officer of Admiral Financial Services. His comprehensive work history also consists of positions at NN Group N. V. as Group Capital Management, Treasury, Business Development, and Group Strategy and J. P. Morgan as Managing Director and Head of Equity Research European Insurance. 

I am grateful for the opportunity to be the next CFO of Aegon,” expressed Russell. “We have ambitious operational, strategic, and financial goals, and I am excited to continue working with my colleagues to deliver on them.” 

As Aegon prepares for this leadership transition, the company is also taking the opportunity to express its profound gratitude to the outgoing CFO, Matt Rider. Friese acknowledged Rider’s invaluable contributions, stating, “I also want to extend my deepest gratitude to Matt Rider for his dedication and contribution over the years. His wealth of financial and insurance expertise, his leadership, and guidance have been instrumental in building and maintaining Aegon’s strong financial profile and improving its financial performance.” 

Rider, who will continue to serve as a member of the Board of Transamerica on a non-executive basis, reflected on his tenure with a sense of pride and optimism for the future. “It has been a privilege to serve as CFO of Aegon,” he remarked. “I am proud of the things we have accomplished as a team and am grateful for the opportunity to have contributed. As I retire, I am confident in Duncan’s leadership, and wish him and the entire team continued success.” 

The choice of Duncan Russell for the position of CFO in Aegon is also evidence of the company’s policy concerning the internal personnel promotion and the continuity of management. Having such an experienced leader as Russell and such a dynamic legacy of Rider, Aegon is ready to face all challenges and threats and reach all opportunities that are hidden in the far future while keeping high financial results and creating value for shareholders. 

Given the fact that the global insurance industry remains one of the fastest growing and developing industries, Aegon’s decision to ensure an effective leadership change remains one of the best ways to demonstrate that this company is a truly progressive and flexible organization. With a focus on operational excellence, financial acumen, and a deep understanding of the industry’s dynamics, the company is poised to capitalize on emerging trends and drive sustained growth in the years to come. 


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