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

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

August 7th Morning Report
PHL - Promisia to acquire Chatswood Retirement Village
MEL - Annual Shareholder Meeting 2026 / Director Nominations
August 6th Morning Report
General Capital (NZX: GEN) Announces Credit Rating Upgrade
August 4th Morning Report
Devon Funds Morning Note - 03 August 2026
GEN - General Capital gives Notice of Annual Meeting 2026
AFT Chair David Flacks to retire before the next ASM
PCT - Precinct NZ $65 million Wholesale Bond Issue