Gibbs had been chairman since 2006 following the separation of the former Tower Australian and New Zealand businesses. Under his leadership the company's profitability had grown from $25 million in 2006 to $58 million in 2010, and the company had commenced paying dividends to shareholders in 2009.
Tower expects group profits for the year ending September 30 to be within the analysts' current range of $22-28 million, and for its general insurance business to remain profitable.
Bill Falconer has been appointed as the new chairman. The board has brought forward its succession plans with the intention of appointing a successor for Gibbs.
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