TWR
17/08/2015 08:32
OFFICE
NOT PRICE SENSITIVE
REL: 0832 HRS Tower Limited
OFFICE: TWR: Change of Chief Executive Officer at TOWER Limited
17 August 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
Change of Chief Executive Officer at TOWER Limited
TOWER Limited (NZX/ASX: TWR) confirms that David Hancock's two-year tenure as
Chief Executive Officer concluded yesterday, with Richard Harding commencing
as Chief Executive Officer today, Monday 17 August 2015.
Mr Hancock remains on TOWER's board as a director and in the short term also
remains on the boards of TOWER's Pacific Island companies. Following the
conclusion of his tenure as CEO Mr Hancock will take a three-month
sabbatical.
Under the terms of his contract with TOWER, Mr Hancock will receive a
long-term incentive payment of NZD$500,000. Mr Hancock is also entitled to a
short-term incentive payment. At the time of this announcement, the board has
determined that part of the short-term incentive payment will be paid now,
with the remainder to be assessed against future metrics. The full amount of
incentive payments to Mr Hancock will be disclosed in TOWER's 2015 annual
report.
TOWER's board thanks Mr Hancock for his significant contribution to TOWER in
his role as Chief Executive Officer and acknowledges his role in delivering
value to both shareholders and customers during his tenure.
TOWER confirms that its board members are:
o Michael Stiassny Independent, Chairman
o David Hancock Not Independent
o Stephen Smith Independent
o Graham Stuart Independent
o Rebecca Dee-Bradbury Independent
o Warren Lee Independent
Michael Stiassny
Chairman
TOWER Limited
ARBN 088 481 234 Incorporated in New Zealand
For further information, please contact:
Tracey Palmer
Head of Corporate Communications
Mobile: +64 21 837 860
Email: [email protected]
End CA:00268495 For:TWR Type:OFFICE Time:2015-08-17 08:32:03
