New TOWER CEO named

02 Jul 2013 

TOWER Limited Chairman, Michael Stiassny today announced the appointment of David Hancock to the role of Chief Executive Officer.

Mr Hancock is currently – and will remain – a Director of TOWER Limited and TOWER Capital Limited.

Mr Stiassny said that Mr 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,” Mr Stiassny said.

Current Group Managing Director, Rob Flannagan announced his resignation in March and has now resigned from the Board of Directors. However, he will remain with TOWER for a short period to effect a smooth transition to Mr 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. The Board would like to thank Rob for his service and wishes him every success in the future.

"At this time, the Board would also like to acknowledge and thank the TOWER staff for their efforts as they implemented activities associated with the strategic review. It has been a tough journey and the team has met the challenge head on,” Mr Stiassny said.

Mr 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 Officer at Firstfolio Limited, an Australian listed financial services company.

Mr Hancock will take up his position on Tuesday 2 July 2013. A summary of the key terms of his employment is set out in the Annexure.