- Release Date: 17/08/15 08:32
- Summary: OFFICE: TWR: Change of Chief Executive Officer at TOWER Limited
- Price Sensitive: No
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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
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