International Banker Appointed Hanover CEO

09 May 2007
Media Release

International Banker Appointed Hanover CEO

Hanover Group has appointed a New Zealander with extensive international banking and finance experience, as its new Group Chief Executive Officer.

Chairman, Greg Muir, today announced 42 year old Sam Stubbs will take up the position of Group CEO, and commended his outstanding management and financial expertise.

Current Group CEO, Andrew Schmidt, will continue to focus on M&A and private equity work for the Hanover Group. Mr Muir says, “Andrew has always been clear with the Board that his long-term interests lay not in being a full-time Group CEO but with his specialist role of advising our M&A and private equity investment team. Sam’s appointment enables Andrew to revert to that role. Andrew has provided the Group with sound leadership during a critical period and is responsible for many of the advances we have made as an organisation. He was closely involved in the selection of his successor and believes that Hanover will be very well served in Sam.”

Mr Stubbs spent the past ten years with Goldman Sachs in London and Hong Kong and has wide international experience in funds management and asset financing. He is a graduate of the University of Auckland and is married with two young children.

Mr Muir said, “Sam has been at the heart of many of the innovative and successful developments in international finance that have emanated from London and Asia over the past decade. His experience in European and Asian markets will be extremely valuable to us as we continue to develop our international business interests.

“To attract an international talent of Sam’s calibre to head Hanover Group is a reflection of the growing standing of our organisation and it’s potential as we develop new products and expand into new markets. Hanover Group intends to stay to the fore of New Zealand’s private financial services companies, continuing to set the standard for performance, governance and innovation. Sam Stubbs appointment as Group CEO is a significant step along that path.”

ENDS

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