Michael Stiassny retires, Naomi Ballantyne elected as Chair

Level 5, 136 Fanshawe Street
Auckland 1142, New Zealand
ARBN 645 941 028
Incorporated in New Zealand
Incorporated in New Zealand
18 February 2026

Michael Stiassny retires, Naomi Ballantyne elected as Chair
Tower Limited is pleased to announce that Naomi Ballantyne has been elected by the Tower
Board as its new Chair, effective immediately, replacing Michael Stiassny who retired as a
director of Tower following its Annual Shareholder Meeting today.
Ms Ballantyne is a highly respected leader in New Zealand’s financial services sector with
more than four decades of experience in insurance. She founded Partners Life in 2010 and
led it to become one of the country’s most successful life insurers before its sale in 2023.
She brings deep executive and governance expertise, currently serving as Managing
Director of KNK Consulting, Chair of TAP Group Limited, and Director of Dai-ichi Life Asia
Pacific Limited. Her previous leadership roles include founding ING Life (NZ) and Unique
Solutions and Advice, and serving as Chief Operating Officer at Sovereign (now AIA). She has
also held several directorships across the financial services industry.
Ms Ballantyne joined the Tower Board in May 2025 to fill a casual vacancy and was re-
elected today.
Ms Ballantyne says, “It is an honour to be elected Chair of Tower, a company with strong
momentum, a clear purpose, and a talented team focused on delivering for customers
across New Zealand and the Pacific. I look forward to working with my fellow directors to
support sustainable growth, continue to strengthen Tower’s future resilience, and deliver
strong value for both customers and shareholders.

“It’s been a pleasure serving on the board with Michael Stiassny. During his tenure Tower has
strengthened its balance sheet, sharpened its strategic focus, and made major advances in
digital and operational capability. On behalf of the Tower Board, I would like to thank Michael
for his significant contribution to Tower’s future,” she says.

Ends
This announcement has been authorised by Tower Chief Executive, Paul Johnston.

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