Aegon has appointed Michele Bareggi (pictured above) as chief strategy, transformation, and growth officer, with his role set to commence on November 1, 2024.
Bareggi will also join the company’s executive committee, taking over from Duncan Russell, who transitioned to the position of group chief financial officer in September 2024.
Bareggi, with more than 25 years of experience in financial services, previously worked at Athora, a European savings and retirement services group. During his time there, he played a key role in driving the company’s growth and expanding its presence in markets such as Belgium, Ireland, Italy, and the Netherlands.
His background also includes senior roles at Morgan Stanley and Credit Suisse, where he was involved in private and public markets.
The leadership change comes as Aegon faces financial challenges. In March, Aegon reported its financial results for the second half of 2023, revealing a yearly net loss of €199 million. The loss was attributed to realised losses from its investment portfolio, despite operational gains.
The firm’s operating result for the second half of 2023 decreased by 32% to €681 million, impacted by previous management actions and one-off benefits from the prior period.
Despite these setbacks, Aegon has reaffirmed its commitment to its leadership team. The company proposed CEO Lard Friese for re-election as executive director and CEO during the annual general meeting (AGM) of shareholders.
“I am pleased Michele is joining Aegon. His extensive experience in investment banking, transforming organizations and leading customer-focused innovation will be invaluable as we accelerate our strategy to transform our businesses into leaders in their markets,” Friese said.
Friese, who has led the company since 2020, is credited with steering Aegon through a period of transformation, focusing on investment, protection, and retirement solutions.
William Connelly, chairman of Aegon’s board of directors, expressed strong support for Friese’s re-nomination. He highlighted Friese’s role in making Aegon a more focused company with improved operational performance, a stronger balance sheet, and an enhanced risk profile.
Bareggi, meanwhile, is expected to play a key role in driving Aegon’s ongoing transformation efforts.
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