Tower appoints Paul Johnston as permanent CEO

Level 5, 136 Fanshawe Street
Auckland 1142, New Zealand
ARBN 645 941 028
Incorporated in New Zealand


11 June 202 5

Tower Appoints Paul Johnston as Permanent CEO
Kiwi insurer, Tower Limited (NZX/ASX:TWR) is pleased to announce the appointment of Paul
Johnston as its permanent Chief Executive Officer, effective 11 June, 2025.
Since 12 February 2025, Mr Johnston has served as interim CEO, demonstrating strong
leadership and a clear commitment to advancing the company’s performance. With 20
years of senior experience in the insurance and financial services sector, Mr Johnston has
proven to be an invaluable asset to Tower.
Mr Johnston joined Tower as Chief Financial Officer (CFO) in January 2022 from 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. Prior to his
tenure at Chubb, Mr Johnston spent four years at AIG in senior management positions.
Tower Chairman, Michael Stiassny expressed strong confidence in Mr 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.
“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,” he said.
Mr Johnston shared his enthusiasm for his new role, saying, “I am very proud to be a part of
Tower, a company that inspired my 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,” he said.

Level 5, 136 Fanshawe Street
Auckland 1142, New Zealand
ARBN 645 941 028
Incorporated in New Zealand

Tower is about to commence a comprehensive executive search process for a new
permanent Chief Financial Officer (CFO) and will provide a further market update in due
course. Current interim CFO, Angus Shelton, will continue to serve in this role until an
appointment is made, ensuring stability and continuity of Tower’s financial operations.
Ends
This announcement has been authorised by Tower Limited Board Chair, Michael Stiassny.

For media enquiries, please contact:
Emily Davies
Head of Corporate Affairs and Sustainability
+64 21 815 149
emily.davies@tower.co.nz

For investor enquiries, please contact:
James Silcock
Head of Strategy, Planning and Investor Relations
+64 22 395 9327
James.silcock@tower.co.nz