Tower CEO gets NZ$500k payout

Company News

Tower Limited (ASX:TWR) says that Richard Harding has taken the reins from David Hancock as CEO of the New Zealand-based insurance firm effective from today. 
Mr Hancock will remain on as a director of the board as well as on the boards of Tower’s Pacific Islands companies however he will be taking a three month sabbatical. 
Under the terms of his two year contract Mr Hancock receives NZ$500,000 as well as a short-term incentive part payment with the remainder measured again future metrics. 
Tower reported a net loss of $4.77 million for the six months to the end of March 2015.