Tower Chief Executive Officer David Hancock has had his two-year contract extended by up to three months, the insurer said yesterday.
Hancock’s contract with the general insurer was due to conclude on 30 June 2015 but instead it would now run up until 30 September, 2015.
Chairman Michael Stiassny
said yesterday that the board had extended Hancock’s contract to enable him to oversee the delivery of a number of strategic initiatives underway in the business.
“David has demonstrated outstanding leadership in transforming TOWER into a customer-focused general insurer over the past two years. We are pleased that he has agreed to extend his tenure with TOWER to see through some important initiatives that will deliver long-term value to our shareholders,” Stiassny said.
The board has conducted an international search for a new Chief Executive Officer, and expects to be in a position to announce an appointment within the next eight weeks.
Stiassny said Mr Hancock, who also is an Executive Director of the Tower board, will work closely with the new Chief Executive Officer designate to ensure a seamless transition for the business over the coming months.