New Zealand insurer Tower says CFO Paul Johnston will become interim CEO next month when Blair Turnbull leaves the business.

Mr Turnbull, who has been CEO since August 2020, resigned in November and will depart on February 12.

The insurer says its search for a permanent CEO is ongoing.

“Mr Johnston, who joined … as CFO in January 2022, has considerable international experience in insurance and financial services, and an extensive background in strategy and operational leadership,” Tower said.

“This expertise equips him to effectively guide the organisation during this transitional period.”

Deputy CFO Angus Shelton will take Mr Johnston’s current role on an interim basis, subject to regulatory approvals.

Tower says Mr Shelton has held senior finance positions at the insurer since 2017 and has “substantial” experience in the insurance and banking sectors.

The company made a full-year profit of $NZ83.5 million ($75.4 million) in the year to September, up from $NZ7.1 million ($6.4 million) in the previous period, driven by an absence of large weather events.