Tower (ASX:TWR)a New Zealand-based insurance company specializing in the Kiwi and Pacific Islands 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 led a significant transformation at Tower, driving the company towards digitalisation and enhancing its growth potential across the region.
Turnbull’s leadership has seen Tower achieve milestones including a 150th anniversary of trading in Fiji, a new operations center in Suva and a recent addition to the NZX top 50, marking Tower’s steady rise in New Zealand’s financial landscape. Reflecting on his tenure, Turnbull said: “It has been a privilege to lead such an iconic company. Together, we have transformed Tower’s customer experience through digital innovations and streamlined operations in key markets.”
Under Turnbull’s leadership, Tower’s “My Tower” platform has become a hallmark of its digital transformation efforts, improving customer accessibility and operational efficiency. Additionally, the company has pioneered risk-based pricing initiatives and introduced parametric insurance products, focusing on faster payouts for customers affected by natural disasters.
Despite this progress, Tower has faced operational challenges, particularly due to increasing competition and complex regulatory environments in its Pacific Rim markets.
Tower is preparing to announce its fiscal year 24 performance on November 28, 2024. The company will also launch a global search for Turnbull’s successor.
Shares are trading 4.1% lower at $1.17.