Tower extends CEO Hancock's position for 3 more months; seeking new chief

Tuesday 30th June 2015

Tower has extended chief executive David Hancock's contract by three months, keeping him on deck as the general insurer wraps up a number of business initiatives.

Hancock will leave Tower at the end of September after originally being due to finish his two year contract with the insurer today, the Auckland based company said in a statement. Over the past two years Tower has sold its life, health and investment businesses to focus on general insurance.

“David has demonstrated outstanding leadership in transforming Tower into a customer focused general insurer over the past two years," chairman Michael Stiassny said. "We are pleased that he has agreed to extend his tenure with Tower to see through some important initiatives that will deliver long-term value to our shareholders.”

Tower is yet to announce a replacement for Hancock, but said today it had conducted an international hunt for a new CEO and expected to announce an appointment in the coming eight weeks.

Tower shares rose 0.5 percent to $2.17 and have gained 0.5 percent since the start of the year.

BusinessDesk.co.nz

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