TWR
17/07/2015 10:04
OFFICE
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REL: 1004 HRS Tower Limited
OFFICE: TWR: New Tower Chief Executive Officer named
17 July 2015
Market Information
NZX Limited
Level 2, NZX Centre
11 Cable Street
Wellington
New Zealand
Company Announcements Office
Australian Securities Exchange Limited
Exchange Centre
Level 6, 20 Bridge Street
Sydney NSW 2000
Australia
New TOWER Chief Executive Officer named
TOWER Limited (NZX/ASX: TWR) today announces Richard Harding as its new Chief
Executive Officer.
TOWER Chairman Michael Stiassny today announced the appointment of Mr
Harding, a senior executive with almost 30 years' experience in the insurance
sector in Australia and Asia. His appointment is effective Monday 17 August
2015.
Mr Harding's appointment follows an international search to replace current
Chief Executive Officer David Hancock, who is concluding his two-year tenure.
"Over the past two years TOWER has made significant progress in implementing
its growth strategy, transforming itself into a general insurer that cares
passionately about its customers in New Zealand and the Pacific," Mr Stiassny
said.
"Richard's proven experience in driving transformational change, alongside
his commitment to creating and realising shareholder value, will support
TOWER as its continues on this pathway. TOWER directors were also impressed
with Richard's values-based leadership style and his desire to build and lead
a high performing culture."
Mr Harding's previous role was as Chief Executive Officer of Territory
Insurance Office, the leading general insurer in the Northern Territory of
Australia. Prior to that, he served in senior roles at Insurance Australia
Group (IAG) in Australia and China. Mr Harding holds a Bachelor of Economics
from Macquarie University, Sydney.
Mr Harding said he was delighted to be joining an iconic New Zealand company
with a strong brand, genuine focus on its customers, and commitment to doing
things differently.
"I see significant opportunity to leverage the TOWER brand, customer
relationships and track record of innovation to continue to drive profitable
growth and performance," Mr Harding said.
"Over the coming months I will be looking to build on the momentum that's
been created within TOWER, particularly in its strategic focus on delivering
customer excellence, and to further embed innovation as a key differentiator
for the business."
Mr Stiassny confirmed that David Hancock, who announced in June that his
two-year contract would conclude by 30 September 2015, will work closely with
Mr Harding to ensure a seamless transition.
"David has demonstrated outstanding leadership over the past two years,
initiating a clear strategic direction for TOWER and creating a strong,
experienced executive team to lead the organisation. The Board would like to
thank David for his service and wishes him every success in the future," Mr
Stiassny said.
Mr Harding will relocate with his family from Darwin, Australia, to Auckland,
New Zealand to fulfil his new role. A summary of the key terms of his
employment is set out in the Annexure.
ENDS
Michael Stiassny
Chairman
TOWER Limited
ARBN 088 481 234 Incorporated in New Zealand
For media queries please contact:
Tracey Palmer
Head of Corporate Communications
Tel +64 21 837 860
Email [email protected]
Annexure
Summary of key terms of employment of Richard Harding
Position:
Chief Executive Officer of TOWER Limited
Commencement date and term:
The employment will be for an indefinite term commencing on 17 August 2015
unless terminated earlier as set out below.
Remuneration:
(a) Salary NZ$750,000 per annum (inclusive of any Kiwisaver contributions).
(b) Short term incentive Up to NZ$500,000 per annum if and to the extent
that annual performance measures set by the Board are satisfied.
(c) Long term incentive Subject to shareholder approval being obtained (to
the extent required under the NZX and ASX Listing Rules), Mr Harding will be
entitled to a long term incentive based on a formula to be determined by or
agreed with the Board within 90 days of execution of the agreement which will
be likely to be based on total shareholder returns and an agreed share price.
Termination:
Mr Harding may terminate his employment by six months' written notice.
TOWER may terminate Mr Harding's employment by six months' written notice or
immediately in the case of serious misconduct, serious non-observance of the
terms of employment or serious neglect of his duties, if he is convicted of a
serious criminal offence, disqualified from being a director or no longer
meets TOWER's fit and proper test.
End CA:00267110 For:TWR Type:OFFICE Time:2015-07-17 10:04:18
