Corporate head McGee to step down at Aegon

Francis McGee, who has led the firm's lobbying and public affairs effort, is leaving ahead of a cost-cutting drive expected to result in the loss of a number of senior management roles.

The announcement comes a week after Aegon revealed that more than 200 roles are being cut across the UK as part of its efforts to reduce costs by 25 per cent. However, its 4,000-strong UK workforce, based mainly in Edinburgh, is expected to be slimmed down further.

A spokeswoman for Aegon said: "Francis has played a very important and successful role in leading the public affairs and lobbying team since he joined in 2005. We have agreed with Francis that he will leave the organisation in the early part of 2011, and wish him every success."

McGee has been heavily involved in directing Aegon's response to UK pensions reform and to the Financial Services Authority's retail distribution review. He joined Aegon in July 2005 following four years at the Association of British Insurers and has previously worked at the Treasury, the Bank of England and the Personal Investment Authority, the forerunner to the FSA.

McGee said: "I have had five and a half fantastic years working with Otto (Thoresen, Aegon's UK chief] and a brilliant team of colleagues. I have decided not to decide what to do next. I am not going anywhere at once and I want to focus on the remaining things I need to do here."

Meanwhile Aegon-owned IFA Positive Solutions has posted a pre-tax loss of 7 million for 2009, following a profit of 5.7m the previous year. It said the deficit was due partly to a deferred 5m tax charge.