In January 1971 Bakker was nominated as CEO and chairman of the board of directors of Ago Insurance; he resigned as a member of the House of Representatives the same day he became CEO and chairman of Ago Insurance serving from 15 February 1972 until 1 January 1983. In December 1982 Ago Insurance and Ennia N.V. choose to merge to form the Aegon N.V. with Bakker appointed as CEO and chairman of the board of directors serving from 1 January 1983 until 1 January 1984. Bakker also became active in the private sector and public sector and occupied numerous seats as a corporate director and nonprofit director on several boards of directors and supervisory boards (ING Group, Zilveren Kruis) and served on several state commissions and councils on behalf of the government (Staatsbosbeheer, Netherlands Cadastre Agency, Sociale Verzekeringsbank and Public Pension Funds PFZW) and as a diplomat and lobbyist for several economic delegations on behalf of the government. Bakker later served as chairman of the supervisory board of the DSM Company from 1 May 1984 until 1 July 1988.
Bakker was known for his abilities as a manager and negotiator. Bakker continued to comment on political affairs until his death at the age of 83.