Tower’sacting group chief executive (Australia & New Zealand) Keith Taylor has announced a number of senior executive changes at Tower, including the departure of acting chief executive of Tower Australia, Andrew Moon.
Jim Minto, who previously led a number of Tower companies in New Zealand and who most recently acted as chief executive of Tower New Zealand, will fill the position left by Moon.
Current managing director of Tower Insurance Paul Hunt will replace Minto as acting chief executive of Tower New Zealand.
While these changes are effective immediately, Tower’s group chief executive appointment is yet to be finalised.
Tower claims that this announcement is not related to the trading halt put on the group after it admitted yesterday that its interim performance results would not live up to market expectations.
In a statement to the Australian and New Zealand stock exchanges yesterday, Tower said the group’s results for the 12 months to the end of September would be below market expectations.
A meeting of Tower’s directors has been scheduled for today, after which the group intends to make an announcement regarding its performance. The trading halt is expected to remain in force until the announcement is made.
