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Tower looking for CEO

Thursday, September 23rd 2004, 6:18AM
Tower is to merge its New Zealand operations into a single organisation under one chief executive - who has yet to be found.

The company says Tower New Zealand Insurance and Operations, run by chief executive Paul Hunt, and Tower New Zealand Investment Businesses, run by chief executive Paul Bevin, will merge under one umbrella.

Hunt and Bevin have both said they are not interested in the new chief executive role.

The move is designed to provide a more streamlined and cohesive structure for Tower's New Zealand business and to strengthen the brand.

"We are committed to both of these businesses and the strategy for Tower New Zealand over the next few years is one of substantial growth and further improvement in its market position. The new chief executive (of) Tower New Zealand will have a key leadership role in ensuring these objectives are met," group boss Keith Taylor says. The search for someone to fill the new role is expected to take several months. Last week Tower announced plans to spin off its Australian wealth management business and list it on the Australian stock exchange.

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