Russell's appointment was announced in June this year. He reports to CEO Lard Friese and is a member of Aegon's Management Board.

Aegon has signaled the start of a transformation program. During the 1H 2020 results in August, CEO Lard Friese said: "It is my ambition and that of my management team to transform Aegon into a more focused, high-performing group with a balanced portfolio of businesses that is generating reliable free cash flows and delivering sustainable and attractive shareholder returns."

Chief Transformation Officer is a new position at Aegon. Duncan Russell will work closely with the Executive Board in setting the strategic direction of the company and will lead the activities in the areas of Group Strategy and Corporate Development.

Commenting on Duncan's appointment in June, CEO Lard Friese said: "He is the right person to lead our group strategy development and to drive initiatives focused on improving our overall performance. Duncan and I have worked closely together before and I look forward to our renewed collaboration."

Duncan is a native of Wales and is married with two children. He has worked most of his professional career in the financial services sector. His last position was as CFO and board member at Admiral Financial Services, the financial services subsidiary of UK-based insurance company Admiral Group.