Tower Names Paul Johnston Interim CEO Amid Leadership Shift

Leadership Transition at Tower

Kiwi insurer Tower Limited (NZX/ASX: TWR) has announced a significant leadership change with the resignation of CEO Blair Turnbull, effective 12 February 2025. In response, the company has appointed its current Chief Financial Officer, Paul Johnston, as interim CEO starting 13 February 2025. This move ensures continuity in executive management during what the board describes as a transitional period.

Experienced Hands at the Helm

Paul Johnston brings to the interim CEO role a wealth of international experience in insurance and financial services, alongside a strong background in strategy and operational leadership. Having joined Tower as CFO in January 2022, Johnston’s familiarity with the company’s financial and strategic operations positions him well to steer Tower through this interim phase.

Meanwhile, Angus Shelton, Tower’s Deputy CFO since 2017, is set to assume the interim CFO position, pending regulatory approval. Shelton’s extensive experience in finance within insurance and banking sectors complements the company’s need for steady financial stewardship amid executive changes.

Ongoing Search for Permanent Leadership

The Tower board has confirmed that the recruitment process for a permanent CEO is ongoing. While no timeline has been provided, the company has committed to updating the market once a permanent appointment is made. This leadership shuffle comes at a time when insurers globally face evolving market dynamics, regulatory pressures, and the need for strategic agility.

Investors and analysts will be watching closely to see how these interim appointments influence Tower’s strategic direction and operational performance. The choice of internal candidates for both interim CEO and CFO roles suggests a preference for stability and continuity while the board conducts its search.

Implications for Tower’s Future

Leadership transitions often bring uncertainty, but they can also open opportunities for renewed focus and strategic recalibration. Paul Johnston’s dual expertise in finance and operations could provide a steady hand as Tower navigates the challenges ahead. However, the market will be keen to understand the vision and priorities of the eventual permanent CEO, whose appointment will likely set the tone for Tower’s medium-term trajectory.