Thoresen 'committed to Aegon'

AEGON chief executive Otto Thoresen has ruled himself out as a contender to succeed Sir Sandy Crombie as chief executive at Standard Life.

Thoresen said he was committed to Dutch life and pensions giant Aegon, which employs 3,000 staff in Edinburgh.

Crombie, who turned 60 in February, announced earlier this year that he planned to retire – but said he would stay on until a successor had been appointed.

Thoresen was yesterday reported as saying speculation about Crombie's successor had been "running for far too long" and when asked if he was ruling himself out, he said: "Yes. I am very clear that my commitment is to Aegon UK."

Other names in the running are Standard Life finance director David Nish and Standard Life Investments' Keith Skeoch.

Lloyds Banking Group executive director for insurance Archie Kane has also been tipped as a possible candidate.

Aegon, which has this year announced that it is axe more than 250 jobs in Edinburgh, bought Scottish Equitable in 1994.

Thoresen took over as chief executive four years ago and has pushed the company from top ten to top three in the life and pensions sector.