Aegon distribution chief Black steps down

Iain Black has stepped down from his role as chief operating officer for distribution at Aegon and left the company after 21 years.

He officially left at the end of September and his responsibilites have been taken over by former Sesame CEO Patrick Gale, who was appointed as executive chairman of Aegon's distribution companies in June.

Black originally took up the position in March 2010, having previously been managing director of Aegon's group risk business and being heavily involved in the launch of Aegon Ireland.

In his role, Black sat on the boards of national IFAs Origen and Positive Solutions, as well as Tenet Group, in which Aegon had a stake.

A spokesperson for Aegon said: "We appointed Patrick Gale as executive chairman of of distribution in anticipation of Iain leaving as we knew he was looking to do something else.

"Gale will continue to work with Positive Solutions and Origen to make sure they both continue with their preparations for RDR and continue to improve their business performance as well."

In July, Stephen Greenstreet resigned from his role as managing director at Origen, with Gale taking over the day-to-day running of the business until a successor was found.

Aegon's distribution businesses posted combined losses of £5m in 2010.

Black is now expected to move into a consultancy role in the industry.