New Zealand-based Tower is continuing with a radical restructure of its local business following the reluctant departure of long-serving CEO James Boonzaier. The strategy, dubbed “New Horizon”, will see Tower’s five local operations merged to form Tower Australia.

Keith Taylor, who has replaced Mr Boonzaier, said the impending sales of Tower’s personal and corporate business brought on the decision to make the remaining Australian wealth management and risk insurance business a more effective stand-alone operation.

The Australian group’s operating executive and Tower director Ken Boag will leave later this month. Tower Risk and Investment Management MD Andrew Moon will be CEO of Tower Australia. Originally appointed as MD of Tower Life Australia in 1992, Mr Boag played a leading role in the development of Tower’s local business over the past decade.

Subsidiary companies Bridges and Tower Asset Management will not be included in the restructure.