Why this CEO of $68 billion company wants to 'sit at the beach and do nothing'

SAN FRANCISCO: In a stunning move depicting the emptiness that loads of money can bring in your life, Andrew Formica who is CEO of London-based fund house Jupiter Fund Management has just decided to quit, sit at the beach and do nothing.

He joined the $68 billion fund management giant in 2019 and will resign from his position on October 1 this year.

"I just want to go sit at the beach and do nothing," Formica told Bloomberg.

Formica has quit citing personal reasons and wants to move back to Australia to be with his parents.

He will be succeeded by Matthew Beesley, the Group's Chief Investment Officer, who will take up the role of CEO with effect from that time, subject to customary regulatory approvals.

According to the company, Formica has always been clear with the Board that his longer-term plans would involve the relocation back to his native Australia with his family.

"Andrew has been an excellent leader throughout a highly challenging period for the business, the industry and indeed the world; his expertise and vision have strengthened our underlying business and driven progress towards our long-term strategic objectives," said Nichola Pease, Chairman of Jupiter.

According to Formica, while it is always hard to find the right time to hand over, "we have made significant progress against our strategic priorities ensuring that Jupiter is now a more diversified and resilient business, has enhanced positions in critical areas such as sustainability and data science and has the right building blocks in place to support long term growth".

"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."