Aegon, the Dutch financial services group and parent company of Transamerica Corp., announced that an American, Donald Shepard, will succeed Kees Storm as Chairman when he retires next April.
Shepard, who currently heads Aegon’s U.S. operations, has been associated with the company for over 30 years, and has served on its Executive Board since 1992. He indicated that he plans no changes in management structure, and would retain Aegon’s world-wide headquarters in the Netherlands.
Under Storm’s leadership the company became the third largest life insurer in the U.S. following the acquisition on Transamerica in 1999. U.S. operations now account for about 60 percent of its earnings.
It just reported a 14 percent rise in net third quarter profits to € 596 million ($ 534 million), and expects to see 12 to 17 percent growth this year.
Shepard’s appointment heightens the speculation that Aegon’s overall strategy calls for more expansion in the U.S., and that it is actively seeking new acquisitions.
Topics USA
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