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Aegon Names Lard Friese To Succeed Alex Wynaendts As CEO; Stock Up

Shares of Aegon NV (AGN.L,AEG) were gaining around 3 percent in the morning trading in Amsterdam after the Dutch life insurance company announced Monday that its Supervisory Board intends to propose the appointment of Lard Friese as Chief Executive Officer to the Annual General Meeting of Shareholders.

He will join the company as CEO-designate effective March 1, 2020 and succeed Alex Wynaendts at the AGM to be held on May 15, 2020.

The company noted that Wynaendts will work closely together with Friese from March onwards to ensure a seamless leadership transition. He will remain available as advisor to the company until September 30, 2020.

Friese, who holds around 30 years' experience in the financial services industry, is currently chief executive officer of NN Group. He was with Aegon between 1993 and 2003.

William Connelly, Chairman Supervisory Board, said, "The company is now optimally positioned for the next phase of development, and Lard's intended appointment is a natural next step in building a sustainably growing and profitable business."

Wynaendts joined Aegon in 1997 and was appointed as a member of the company's Executive Board in 2003. He became Chief Operating Officer in April 2007, and was appointed CEO and Chairman of Aegon's Executive Board the following year.

In Amsterdam, Aegon shares were trading at 3.92 euros, up 3.02 percent.

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