Tower Group Managing Director to Stand Down

Thursday, 21 March 2013, 10:22 am
Press Release: Tower

Auckland – (NZ) TOWER Limited today announced the Group Managing Director Rob Flannagan has given formal notice to the Board under his employment contract.

Mr Flannagan said: “It was important to me that I oversaw the completion of the strategic review implemented by the TOWER Board and this has been done. TOWER now has a refreshed Board with a clear direction of where it wishes TOWER to be in the future. It is time to step aside to allow a new leader to guide the company in its preferred direction. I look forward to working with the Board for a smooth transition."

Interim TOWER Chairman Steve Smith said:

“Rob Flannagan has led TOWER for the past seven years. He has guided this company though challenging times such as the establishment of the New Zealand TOWER Group on the sale of the Australian operations, the global financial melt-down and the Christchurch earthquakes. He has strengthened and built shareholder value every step of the way during his tenure. We are disappointed to lose Mr Flannagan but we thank him for his immense contribution to TOWER and wish him every future success.”

Under the terms of Mr Flannagan’s contract a 12 month notice period is required.

ends

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