Tower (ASX:TWR), a New Zealand-based insurer specialising in both Kiwi and Pacific Island markets, announced today that CEO Blair Turnbull will step down in February 2025, following the company’s Annual Shareholder Meeting. Appointed in 2020, Turnbull has driven significant transformation at Tower, steering the company toward digitalisation and enhancing its growth potential across the region.
Turnbull’s leadership saw Tower achieve milestones including the 150-year anniversary of operations in Fiji, a new operational centre in Suva, and a recent addition to the NZX top 50, marking Tower’s steady ascent in New Zealand’s financial landscape. Reflecting on his tenure, Turnbull stated, “It’s been a privilege to lead such an iconic business. Together, we have transformed Tower’s customer experience through digital innovations and streamlined operations in key markets.”
Under Turnbull’s guidance, Tower’s “My Tower” platform became a hallmark of its digital transformation efforts, enhancing customer accessibility and operational efficiency. Additionally, the company pioneered risk-based pricing initiatives and introduced parametric insurance products, focusing on faster payouts for natural disaster-affected clients.
Despite these advancements, Tower has faced operational challenges, particularly from rising competition and complex regulatory environments in its Pacific markets.
Tower is preparing to announce its FY24 performance on 28 November 2024. The company will also initiate a global search for Turnbull’s successor.
Shares are trading 4.1% lower at $1.17.