Tower's outgoing CEO Hancock to receive long-term payment of $500,000
David Hancock, who is being replaced by Richard Harding from today.
Tower [NZX: TWR], the general insurer, said departing chief executive David Hancock will get a long-term incentive payment of $500,000, as well as a short-term incentive payment.
Mr Hancock, who is being replaced by Richard Harding from today, had his two-year contract extended beyond June 30 until the end of September to help wrap up a number of business initiatives. Hancock will receive part of his short-term incentive payment now, with the remainder assessed against future metrics and the full amount disclosed in the company's 2015 annual report, Auckland-based Tower said in a statement.
Tower's shares last traded at $2.14, and have slipped 0.5% this year.
(BusinessDesk)
Tina Morrison
Mon, 17 Aug 2015
Mon, 17 Aug 2015
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Tower's outgoing CEO Hancock to receive long-term payment of $500,000
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