Tower appoints Naomi Ballantyne, Marcus Nagel as independent director

Tower Limited (NZX:TWR) announced the appointment of Naomi Ballantyne as an independent director, effective May 21, 2025, filling a vacant seat. Ballantyne, known for selling Partners Life Limited in 2023, brings extensive experience in the New Zealand insurance sector. She currently serves as Managing Director of KNK Consulting Limited, Chair of TAP Group Limited, and a Director of Dai-ichi Life Asia Pacific Limited. Additionally, Tower's Board has reviewed the independence of director Marcus Nagel following Bain Capital's sell-down of its shares, concluding that there is no longer a Disqualifying Relationship and Nagel is now deemed independent. Ballantyne will retire at the Annual Shareholder Meeting in February 2026 and is eligible for re-election.