Insurer picks permanent chief

NZX-listed insurer Tower has announced the appointment of Paul Johnston as its permanent chief executive officer after he held the role on an interim basis for four months.

His promotion, effective June 11, comes as the company says he demonstrated strong leadership and a commitment to advancing the company’s performance while interim CEO. 

An announcement to the NZX adds that Johnston’s 20 years of senior experience in the insurance and financial services sector have proven to be an invaluable asset to Tower. 

Johnston, pictured, joined Tower as chief financial officer in January 2022. He had previously worked for Chubb, one of the world’s largest publicly traded property and casualty insurance companies, where he held the positions of chief financial officer and director for the Far East region. 

Before that he spent four years at AIG in senior management positions and has also had roles with Deloitte, National Australia Bank and Meridian Energy. 

Michael Stiassny, Tower’s chairman, says he has confidence in Johnston’s ability to lead the company. 

“After conducting an extensive executive search, it became clear that Paul’s considerable international experience and strong performance as Tower’s CFO uniquely qualify him to lead Tower into the future,” explains Stiassny. 

“Paul’s strategic and operational experience, together with his sharp focus on insurance profitability and adept navigation of recent complex and challenging market conditions positions him as the ideal candidate to drive Tower’s continued success.” 

Johnston adds he is proud to be a part of a company that inspired his return to New Zealand after many years offshore. 

“I am committed to further elevating Tower’s performance through a focused approach on insurance fundamentals and delivering sustainable, profitable growth.” 

Tower notes it is about to start an executive search process for a new permanent CFO, with Angus Shelton continuing in the role on an interim basis until an appointment is made.