streamlining the businesss

SYDNEY, Sept 22 AAP - Financial services group Tower Ltd today
said it would bring all of its operations in New Zealand into one
organisation and would appoint one chief executive.
The company currently operates two divisions including Tower New
Zealand Insurance & Operations and Tower New Zealand Investment
Businesses.
Tower group managing director Keith Taylor said it had become
apparent that a more streamlined and cohesive structure for the
entire New Zealand business would greatly enhance the company's
ability to leverage the strength of the brand in the market.
He said the new chief executive would have a key leadership role
in ensuring the objectives were met and a search programme for the
position, which is expected to take several months, had commenced.
The company last week announced plans to spin off its Australian
wealth management business and list it on the Australian Stock
Exchange by the end of the year.
The decision followed an internal strategic review of Tower's
Business portfolio.
At the time, Mr Taylor said the company had been criticised for
having too diverse a business, which includes both insurance and
related investment business as well as
wealth management.
"Tower is a leading wholesale fund manager ... (and) also has a
strong position in the insurance markets in which it operates," Mr
Taylor said today.
"We are committed to both of these businesses and the strategy
for Tower New Zealand over the next few years is one of substantial
growth and further improvement in its market position."
The current head of the New Zealand insurance division Paul Hunt
and head of the investment businesse Paul Bevin have indicated they
would not seek the new role, but would continue in their current
roles in the interim to ensure business continued as usual.
Shares in Tower Ltd were unchanged at $2.01 at 1027 AEST.