Chairman goes as Tower considers offers

Tower said today it was “considering a number of proposals with interested parties” after completing a strategic review supported by investment bank Goldman Sachs.

Falconer, whose current term expires next February, has decided to step down now to “enable a new chairman to implement the initiatives emanating from the strategic review,” the company said.

Independent board member Steve Smith has been appointed as interim chairman

Managing director Rob Flannagan said it was the board’s view that Tower’s strength was not reflected in the market price for its shares (last traded at $1.85) at a time when the company had “achieved strong financial results” and had “strengthened operational efficiency”.