Long-serving Tower chairman Colin Beyer yesterday retired as head of the listed financial services company's board.
However, he plans to stay on the board and is offering himself for re-election at next month's annual meeting.
Fellow director, 55-year-old, Melbourne-based, Olaf O'Duill, will become chairman.
Lots of changes are expected to the board as two other directors, Sir Colin Maiden and Lindsay Cuming, retire by rotation and are not seeking re-election.
Along with Beyer, vying for the three vacant positions are two Guinness Peat Group candidates, Tony Gibbs and Gary Weiss. The other candidates seeking election are Donald Baskerville, Derek Kirke, and Hutton Peacock.
O'Duill's executive career has been in banking and finance in Ireland, Australia and the United States.
