Boonzaier says after a decade in the job it was time for a change.
Boonzaier joined the group soon after it moved from being Government Life to Tower. During the decade Tower has moved from being a New Zealand based mutual life business to a financial services group operating in the Australian and New Zealand market and listed on both the Australian and New Zealand Stock Exchanges.
Boonzaier also fought off a hostile bid from GPG.
Tower has spent much of the past decade moving into and expanding its presence in Australia which now accounts for 70% of the group’s business.
The search for a replacement has begun with the group stating it would look internationally for a candidate and that in the interim Keith Taylor, currently Tower Group chief financial officer, would act as group chief executive.
Also Tower has announced that it is selling its trust business Tower Trust both in New Zealand and Australia.Boonzaier says that the trust business was not a good fit for a wealth management business.
The other issue is that the trust business wasn't seen, by the Tower board, as an area of growth.
Several year's ago AMP quit its trust business, selling it to Perpetual Trust.
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