Aegon Charts Steady Course with Leadership Transition, Eyes Digital Future

NEW YORK, NY – November 03, 2025 – Aegon Ltd. today announced a series of leadership changes designed to position the international financial services firm for continued growth and innovation. David Herzog will succeed William Connelly as Chairman of the Board, effective November 13, 2025, marking a planned transition at the helm. In addition, Leni Boeren has been nominated for appointment as a new Board member, subject to shareholder approval at the 2026 Annual General Meeting. These moves signal a commitment to stability while bolstering the Board’s expertise in critical areas such as asset management and digital transformation.

A Planned Succession at the Helm

William Connelly’s departure after a distinguished tenure marks the culmination of a well-orchestrated succession plan. Incoming Chairman David Herzog brings a wealth of experience honed over decades in the financial services industry. Having served as Executive Vice President and Chief Financial Officer of American International Group (AIG), including navigating the complexities of the 2008 financial crisis, Herzog possesses a deep understanding of risk management and financial strategy. His current role as Vice-Chairman of Aegon’s Supervisory Board and membership on the Audit and Risk Committees demonstrate a proactive engagement with the company’s financial health.

“This transition is a testament to Aegon’s strong governance and commitment to long-term success,” said one industry analyst. “Herzog’s background at AIG, particularly his experience during a period of significant economic turmoil, will undoubtedly prove valuable as Aegon continues to navigate a dynamic global landscape.”

Herzog is expected to build on Aegon’s current strategic direction, which focuses on simplifying its operations, enhancing capital generation, and delivering value to stakeholders. Aegon has been actively reshaping its portfolio, including the divestment of its Dutch insurance activities, and concentrating its efforts on core markets – the United States and the United Kingdom – and strategic partnerships.

Boeren Brings Asset Management Expertise to the Board

The nomination of Leni Boeren as a new Board member is widely seen as a strategic move to strengthen Aegon’s expertise in asset management and digital innovation. Boeren brings a proven track record of leadership at two prominent asset management firms – Kempen Capital Management and Robeco Groep – where she served as CEO. Her experience in driving growth, fostering innovation, and navigating the evolving regulatory landscape will be invaluable as Aegon seeks to expand its asset management capabilities and enhance its digital offerings.

“The addition of someone with Boeren’s background is a clear signal that Aegon is prioritizing asset management as a key growth engine,” commented a financial industry source. “Her experience in both traditional and digital asset management will be particularly valuable as the company navigates the increasing demand for sustainable investment strategies and personalized financial solutions.”

Boeren’s appointment aligns with the broader trend in the financial services industry towards integrating technology and data analytics to enhance customer experience and improve investment outcomes. Aegon has been actively investing in digital capabilities and exploring new technologies, such as artificial intelligence and machine learning, to streamline operations and deliver innovative products and services.

Navigating a Shifting Financial Landscape

Aegon operates within a rapidly evolving financial services landscape characterized by increased competition, disruptive technologies, and changing customer expectations. The company faces challenges such as navigating the low-interest-rate environment, managing regulatory complexity, and adapting to the growing demand for sustainable and socially responsible investments.

The company's strategic focus on core markets, coupled with its commitment to digital transformation and innovation, positions it well to address these challenges and capitalize on emerging opportunities. Aegon is also exploring new growth avenues, such as expanding its presence in the retirement planning market and leveraging its data analytics capabilities to offer personalized financial solutions.

Analysts note that the current macroeconomic climate, including inflationary pressures and geopolitical uncertainties, presents both risks and opportunities for Aegon. The company’s strong capital position and prudent risk management practices, however, provide a solid foundation for weathering any potential storms. The company’s focus on operating cash flow has been a primary focus, with robust third quarter 2025 results demonstrating the success of this approach. Aegon remains committed to delivering consistent returns to shareholders through a combination of dividend payments and share buybacks.