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New group managing director for Tower

Wednesday 9th April 2003

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Tower has announced that of Keith Taylor is to be the company's new group managing director.

Taylor has been acting chief executive since August 1 2002.

"During that time, the board has conducted an international search for the best credentialled individual to lead Tower and there were strong external and internal candidates for the position," chairman Olaf O'Duill says. "The board believes that Taylor has led Tower through challenging circumstances and has performed in an exemplary fashion, making difficult decisions and providing stability in a stormy environment."

"Tower has made good progress since its setback last year and the board considers that Taylor is well qualified to lead the group into the future and back to more normal levels of profitability."

Taylor has been with Tower for 23 years.

The appointment is effective immediately and details of Taylor's contract will be advised to the market upon its finalisation.

The position of group chief financial officer has been confirmed.
William Giesbers, who has been acting group CFO since August 2002, has been permanently appointed to that position, effective immediately.

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