Pillar Administration has overlooked an internal candidate many considered the favourite to hire a former managing director of Comminsure as its new CEO.
Peter Beck will take the reins at the NSW Government-owned member administrator from early April, after a search assisted by international recruitment agency Russell Reynolds drew more than 30 applications. An actuary, Beck spent 25 years at the Colonial/Commonwealth Bank group, leading CommInsure at the time of his departure in 2005. Since then he had been a private consultant. Beck will assume control of Pillar from Eric Lo, the general manager of finance and administration who had been acting CEO for four months since the departure of previous chief, Peter Cormack. Many observers thought Lo was the favourite for the top job, given his deep knowledge of Pillar’s complex major client, the NSW State Super closed defined benefit schemes. Lo is understood to be staying on at Pillar in his previous position.
As a blockbuster election looms in the world’s largest economy, Insignia’s super and asset management investment chief Dan Farmer said regardless of the outcome, it will be difficult for the US to address its staggering budget deficit and national debt.
Darcy SongOctober 11, 2024
