Tower CFO Michael Boggs to step down in 2015

Tower [NZX: TWR], which sold its health, life and investment units to focus on general insurance, said chief financial officer Michael Boggs will leave in the first quarter of 2015.

"Michael has been a key member of the executive team that has been dedicated to transforming Tower into a customer-focused general insurer over the past two years," chief executive David Hancock said in a statement. "He did an outstanding job throughout our divestment programme. However, after four years with Tower, Michael has decided it is the right time for him to explore new opportunities."

Boggs was named 'CFO of the Year' at the 2014 New Zealand CFO Awards. He will remain with Tower until after the company's annual shareholder meeting in February.

Auckland-based Tower said its replacement search will consider both internal and external candidates.

Shares in Tower last traded at $1.995 and have gained 14 percent so far this year.

(BusinessDesk)