Tower has appointed David Hancock as CEO, replacing long-serving chief Rob Flannagan, who announced his resignation in March.

Mr Hancock has previously served as CEO of listed mortgage and financial services business Firstfolio, an EGM for Commonwealth Bank and a board member with Commonwealth Securities.

He is a director of Tower and Tower Capital, and will remain on the board.

“He has been a board member since November and… has been instrumental in overseeing the successful strategic review that has resulted in the sale of Tower’s health, investments and life businesses,” Chairman Michael Stiassny said.

“Mr Hancock has the requisite knowledge and understanding of the business and will provide invaluable leadership as the company enters an exciting new phase.”

Mr Flannagan has resigned from the Tower board but will remain with the company for some time to ensure a smooth transition, Mr Stiassny says.