Tower's outgoing CEO Hancock to receive long-term payment of $500,000

Tower, the general insurer, said departing chief executive David Hancock will get a long term incentive payment of $500,000, as well as a short term incentive payment.

Hancock, who is being replaced by Richard Harding from today, had his two year contract extended beyond June 30 until the end of September to help wrap up a number of business initiatives. Hancock will receive part of his short term incentive payment now, with the remainder assessed against future metrics and the full amount disclosed in the company's 2015 annual report, Auckland based Tower said in a statement.

Tower's shares last traded at $2.14, and have slipped 0.5 percent this year.

BusinessDesk.co.nz

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