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TOWER gets new CEO

TOWER has named a new chief executive who replaces outgoing group managing director, Rob Flannagan

Tuesday, July 2nd 2013, 10:11AM

David Hancock has been appointed CEO at TOWER. He is, and will remain, a director of TOWER and TOWER Capital.

TOWER chairman Michael Stiassny said that Hancock was the ideal candidate to lead the company as it completes its transition to a focused general insurer.

“David has been a board member since November and therefore has been instrumental in overseeing the successful strategic review process that has resulted in the sale of TOWER’s Health, Investments and Life businesses.  He has the requisite knowledge and understanding of the business and will provide invaluable leadership as the company enters an exciting new phase,” Stiassny said.

Current Group Managing Director, Rob Flannagan announced his resignation in March and has now resigned from the board.  However, he will remain with TOWER for a short period to effect a smooth transition to Hancock’s leadership.

“Rob has made a significant contribution to TOWER over the past seven years. He has successfully led the company through turbulent times and ensured that the business today is stronger than ever," Stiassny said.

Hancock has over 25 years of broad experience in financial services including as a former executive general manager at the Commonwealth Bank of Australia. He held several board positions at the bank including Commonwealth Securities (Comsec), as well as external professional board positions.  Prior to that, he served in roles at JP Morgan and more recently, as Interim chief executive at Firstfolio Limited, an Australian listed financial services company.

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