Aegon risk chief Garthwaite to depart next month

Charles Garthwaite, the chief risk officer at life and pensions group Aegon UK, is to leave at the end of next month.

Charles Garthwaite: Last three years a challenge. Picture: Peter Devlin

The Edinburgh-based firm said Garthwaite, a former head of risk at Equitable Life and Clive Cowdery’s Resolution, will be replaced by chief actuary and former Lloyds Banking Group director Jim Ewing.

Chief executive Adrian Grace said: “I am very sorry to see Charles leave Aegon. He has been a key player in turning our organisation around, not just in the establishment of a strong and influential risk function, but also with his contributions and energy at board level.”

Aegon’s UK headcount has more than halved to about 2,100 since the start of 2011 as part of a strategy to slash £80 million off its annual running bill.

The Dutch-owned firm last month reported a 17 per cent rise in new business for the third quarter, as a jump in sales of pensions offset a decline in life insurance products.

Garthwaite said: “The last three years have been an extraordinary challenge and, while I am sad to be leaving Aegon, I believe it is time for a change given Aegon’s transformation plans. I’m extremely proud of the job I and the rest of the risk team have done in the last three years and I believe Jim is an excellent successor.”