Guinness Peat Group (GPG) has placed one of its directors on the Tower NZ board.

The company owns a 35% stake in Tower and the appointment of GPG non-executive director Michael Allen was at its request.

Tower Chairman Tony Gibbs says Mr Allen’s experience in wealth management and investment will be “a major asset” to the board.

Mr Allen was formerly in charge of Westpac’s institutional bank in New Zealand and sits on the boards of a number of GPG-related companies in Australia, the UK and NZ.

Mr Gibbs says the Tower board has decided Mr Allen is not an independent director.