Welcoming a old friend back
Thursday, February 3rd 2005, 11:22AM
I'm pleased to see Jim Minto get the top job at Tower - finally. As reported he has been with the company a long time and it always seemed he was being groomed for the top job.
Many years ago he ran the trustee business, then the managed fund side of things and later the health insurance operations.
With all that experience across the group - as the captain of a few of Tower's ships - he seemed ideal for the job.
I thought he may have got it several years ago. Rather he was given the mission of crossing the Tasman and fixing the problematic Australia operations.
Many were surprised, and a little sceptical, that Minto was tapped on the shoulder for this role. He has proved these doubters wrong.
The record shows that he has generally succeeded with this Mission Impossible.
There is speculation that a buyer is already waiting in the wings to acquire the Tower Australia spinoff - Australian Wealth Management. If this happens and a good price is achieved Minto will have served shareholders well.
His experiences in Australia will no doubt be valuable in New Zealand as we move through issues such as adviser regulation.
As I said to him today: "Welcome home".
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