Pillar Administration has a new chief financial officer, replacing Eric Lo who acted as the NSW Government-owned administrator’s CEO for several months last year.
Gary Day started as Pillar’s new CFO on January 12, after Lo left in November
Prior to Pillar, Day has held a variety of chartered accountancy, and corporate and management consulting roles. He has been an executive an the Commonwealth Bank, a director with PricewaterhouseCoopers and Chief Financial Officer of AT&T Australia.
Lo acted as Pillar’s chief executive for four months following the departure of Peter Cormack as CEO in December 2007. He is understood to have applied for the top role but lost out to Peter Beck, a veteran of the Commonwealth Bank group.
The NSW Government announced in last November’s mini-budget that it would sell Pillar, to help shore up the State’s sagging finances. Potential buyers of the business are understood to be Link Market Services (the owner of AAS) or IBM (Russell’s corporate super admin partner) however nothing concrete has emerged to date – although few expect the Government’s hoped-for $70 million price tag for Pillar will be achieved.
