BUSINESSDESK: Receivership specialist Michael Stiassny is joining the board of insurer Tower at a time when its ownership and strategy is a moveable feast because of the breakup of shareholder Guinness Peat Group.
Mr Stiassny told BusinessDesk the company was looking for some board members and he had experience in changing and helping things come to a conclusion. He referred comment on the company's strategic review to executives.
Mr Stiassny is chairman of Vector and has handled some of the most high-profile receiverships in New Zealand as a partner of KordaMentha and before that at Ferrier Hodgson.
He will be an independent director on the boards of Tower and Tower Capital. The Tower board currently has seven members, of which three are independent.
The shares rose 0.6% to $1.76.
In September the company said it was considering a number of proposals with interested parties after completing a strategic review with adviser Goldman Sachs.
Group managing director Rob Flannagan said the company was contemplating changing its business structure and it wanted to make sure policyholders were not affected.
He signalled an outcome to the process by February next year.
Tower's 33% shareholder Guinness Peat Group is in wind-up mode and most of its investments are being sold. GPG valued its investment in Tower at £83 million when it reported earnings for the six months to June 30, 2012.
GPG said then that Tower's share price did not reflect the value of its underlying assets.
"We are of the view that the company should affirmatively embark on an immediate process to optimise the structure and composition of its businesses, consistent with the interests of all shareholders."
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Mortgage rates have bottomed, regardless of further OCR cuts
- Sky will take a gamble and put Westworld, aka 'the next Game of Thrones' on Neon
- Warminger stood to gain significant bonus, court hears
- NZ On Air announces a 'platform-neutral' funding future
- 'Real housewife' lawyers up, accuses Devoy of bullying, defamation
Most listened to
- FMA counsel Justin Smith QC described Mr Warminger’s background and the pressure he was under to perform
- Media Snapchat: NBR’s Nick Grant ponders the Human Rights Commission’s role in RHOAKL racism row
- ASB's Jane Turner discusses what's behind NZ's widest month trade deficit
- Kathmandu's Xavier Simonet and Reuben Casey talk through the retailer's results.
- BNZ's Kymberly Martin and Massey University's David Tripe on mortgage rates.