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Tower names Hancock as new chief executive, replacing Flannagan

Tuesday 2nd July 2013

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Tower named director David Hancock as its new chief executive, replacing Rob Flannagan who resigned from the general insurer in March.

Hancock, who is a director of Tower Ltd and Tower Capital Ltd starts in the new role today for a two-year term, chairman Michael Stiassny said in a statement. Shares in Tower last traded at $1.95, having gained 23 percent in the past year.

Tower is refocusing its business on general insurance following a strategic review that resulted in the sale of its health and investment units. Tower embarked on a review of what were then its four operating units in 2010 on the basis that its share price didn't reflect the value of the underlying businesses.

"David has been a board member since November and therefore has been instrumental in overseeing the successful strategic review process that has resulted in the sale of Tower's health, investments and life businesses," Stiassny said. "He has the requisite knowledge and understanding of the business and will provide invaluable leadership as the company enters an exciting new phase."

Hancock will be paid $750,000 a year with the possibility of as much as $500,000 in additional payments should he meet performance measures set by the board, according to the statement. The company will also reimburse him for a move from Australia and repatriation back.

Hancock has more than 25 years of broad experience in financial services including as a former executive general manager at the Commonwealth Bank of Australia, Tower said. He also worked at JP Morgan and as interim chief executive at Australian listed financial services company Firstfolio.

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