Tower’s Leadership Shift: Can New CEO Navigate Market Challenges?

Leadership Transition at Tower

Kiwi insurer Tower Limited has officially appointed Paul Johnston as its permanent Chief Executive Officer, cementing his role after serving as interim CEO since February this year. This move signals a strategic leadership consolidation following a period of transition within the company.

Johnston’s appointment comes after an extensive executive search, underscoring Tower’s commitment to stable and experienced leadership. His two decades of senior experience in insurance and financial services, including key roles at global giants Chubb and AIG, have equipped him with a robust understanding of the sector’s complexities.

From CFO to CEO, A Proven Track Record

Joining Tower as Chief Financial Officer in early 2022, Johnston quickly became a pivotal figure in the company’s financial and strategic operations. His tenure at Chubb, where he was CFO and Director for the Far East Region, and his senior management roles at AIG, have provided him with a global perspective and operational expertise that Tower’s board clearly values.

Chairman Michael Stiassny expressed strong confidence in Johnston’s ability to steer Tower through challenging market conditions, highlighting his sharp focus on insurance profitability and operational excellence. Johnston himself expressed enthusiasm about leading Tower, emphasizing his commitment to sustainable and profitable growth rooted in insurance fundamentals.

Next Steps, CFO Search and Stability

While the CEO position is now secured, Tower is embarking on a comprehensive search for a permanent Chief Financial Officer. Interim CFO Angus Shelton will maintain continuity during this period, ensuring financial operations remain steady. This search will be closely watched by investors eager to see how Tower strengthens its executive team to support Johnston’s vision.

Overall, Tower’s leadership changes reflect a deliberate strategy to build on its existing strengths while navigating a complex insurance market. The appointment of a seasoned CEO with deep industry roots may well position the company for renewed growth and resilience.