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CEO quits $68 billion investment firm to ‘sit at the beach and do nothing’

Andrew Formica, CEO of Jupiter Fund Management, has announced his resignation from the $68 billion firm.

June 29, 2022 / 01:36 PM IST

Andrew Formica, CEO of Jupiter Fund Management, has announced his resignation from the $68 billion firm. “I just want to go sit at the beach and do nothing. I’m not thinking about anything else,” Formica told Bloomberg in an interview.

The 51-year-old Formica will step down as chief executive and a director of the UK-based investment firm on October 1. He will be succeeded by Matthew Beesley, the Group's Chief Investment Officer, Jupiter Fund Management announced Tuesday.

“Andrew has always been clear with the Board that his longer-term plans would involve the relocation back to his native Australia with his family,” the company said in its statement. “With the initial phase of Jupiter’s business transformation completed he feels now is the right time to hand over the leadership of the business, to enable the next phase to have consistent and strong leadership throughout that period.”

After stepping down as CEO, Formica will relocate to Australia. The decision to quit was motivated by personal reasons, he told Bloomberg, including wanting to be closer to his elderly parents.

Even though he will step down as chief executive, Andrew Formica will remain in the business till June 2023 “to ensure a smooth leadership transition and to assist with a number of strategic objectives, including supporting the Asian business and development of our Australian market offering.”

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“I am proud to have worked with such a fantastic and dedicated team as we navigated an extremely challenging period for the business and markets,” said Formica. “…I am pleased to see the board appoint Matthew Beesley as my successor, and I look forward to working with him to ensure a seamless transition."
Moneycontrol News
first published: Jun 29, 2022 01:33 pm
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