Tower has appointed Michael Stiassney as a director as the fund manager and insurer attempts to lift its performance.
A review in September by the Auckland-based company resulted in chairman Bill Falconer stepping down immediately.
The company is exploring further opportunities to lift Tower's share price, including acquisitions and asset sales.
Tower's acting chairman Steve Smith says Mr Stiassney's experience will be valuable.
Mr Stiassny is the chairman of Vector and holds other directorships.
