Tower announces new chairman

Tower board member Keith Barton will replace Olaf O'Duill as the company's chairman and director of its finance arm Tower Ltd.

O'Duill announced his retirement in April effective from the end of May.

Tower's share price has been steadily rising on the back of talk that it may be ripe for takeover or splitting off its Australian business.

Shares in Tower closed up a cent at $3.45 yesterday, from $2.04 in mid-April and a year low in November last year of $1.73.

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