Tower appoints new independent director

New director brings notable executive experience to the company

Tower appoints new independent director

Insurance News

By Jonalyn Cueto

Tower Limited has announced it has appointed Mike Cutter (pictured) as an independent director to its board to fill a casual vacancy.

Michael Stiassny, chair of Tower, said the board is pleased with the appointment. “Mike brings more than 35 years’ of financial services experience to Tower, including a strong background in risk management,” Stiassny said. “His skillset is a valuable addition to the Tower board and business, as we continue to focus on growth and innovation, while managing the insurance industry’s changing risk environment.”

Cutter has extensive executive experience in the financial services sector across the ANZ region as well as Asia and Europe. He is the current chairperson of Arteva Funding and has held positions at Sezzle and Pepper Money. He is a co-founder of credit risk management consultancy firm Kadre.

Cutter also held directorial positions at Bambora Australia and Equifax ANZ and has served on a number of Australian-based boards including Women’s Cancer Foundation, Ovarian Cancer Institute, Australian Finance Congress, National Insurance Brokers Association, and the Australian Retail Credit Association. Previously, he served as CEO of OAMPS Insurance Brokers (now Gallagher) and GE Money Australia and New Zealand, and CRO of ANZ Australia.

Cutter is based in Melbourne and is a graduate of the Australian Institute of Company Directors and a senior fellow of the Financial Services Institute of Australia.

Blair Turnbull, CEO of Tower, will also step down from the board. He was appointed to the board in March 2023 as an executive director pending the appointment of a new independent director.

As required by rule 2.7.1 of the NZX Listing Rules, Cutter will retire at the Annual Shareholder Meeting in February 2024 and will be eligible for re-election.

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