Ex-Tower chair quits board altogether

By NZPA

Friday 21st February 2003

Former Tower chairman Colin Beyer has completely pulled away from the finance company's helm, withdrawing his candidacy for a director's seat.

Mr Beyer, who resigned as chairman on Wednesday, is one of two board candidates to scratch their names from the race today.

The other is Derek Kirke, a shareholder nominee.

Tower's annual meeting will be held on March 27.

Mr Beyer's decisions came amid continued controversy over the board's responsibility for Tower's financial woes.

Tower fell from grace in November with a drastic profit warning, followed in December by a $74.9 million loss for the September year, partly due to a writedown in its Australian operations.

The company has been without a permanent chief executive since James Boonzaier left under a cloud in July.

Mr Beyer had previously signalled he would step down as chairman, although he had not put a timeframe on it.

His replacement as chairman is Melbourne-based director Olaf O'Duill.

Those still seeking election or re-election for three vacancies on Tower's board are Hutton Peacock, Donald Baskerville, and Tony Gibbs and Gary Weiss. Mssrs Gibbs and Weiss are directors of Tower's 9.9 percent shareholder Guinness Peat Group.

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