New Zealand’s Tower to Lose Three Executives in Restructure

Tower Ltd., a New Zealand insurer, said its chief financial officer and executives running two of its operating units have resigned as the company restructures.

Tower Insurance chief executive James Douglas, will leave at the end of March, the Auckland-based company said in a statement today. Chief Financial Officer Eric O’Sullivan will leave at the beginning of March, and Steve Boomert, chief executive of Tower Health and Life, left Dec. 10, it said.

Three executives will continue in their existing roles, and the company has made three appointments including Michael Boggs who joins as chief operating officer in March, the company said.

Tower Investments, which has NZ$4 billion funds under management, last month hired four new fund managers and analysts after relocating to Auckland from Wellington, it said in a Nov.30 statement.

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