CEO quits $68bn investment firm to chill at the beach
What's the story
Quit the job, hit the beach, and do nothing - a dream of many but a reality for a handful. Andrew Formica, the CEO of the $67.9 billion UK-based asset management firm Jupiter Fund Management LLC, is one of the lucky few. Announcing his resignation from the company, Formica told Bloomberg, "I just want to go sit at the beach and do nothing."
Context
Why does this story matter?
The world we live in is a fast-paced environment where chasing success is the norm. Material pursuits have become an inherent part of our psyche that anything against the goal-based life catches us by surprise. Stories of people like Formica who decide to quit their lucrative job to pursue the simplicity of life is a wake-up call for all of us.
Decision
Formica's long-term plan has always been to relocate to Australia
The 51-year-old Formica joined the investment firm in 2019. His decision to step down as the CEO and director of the company has caught the world by surprise. The firm, however, was not surprised. "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," said the company's official statement.
Future
Mathew Beesley will succeed Formica as the CEO
Formica will remain in his position till October 1. Mathew Beesley, the group's Chief Investment Officer, will succeed him as the CEO. The 27-year asset management veteran who was instrumental in the 2017 merger of investment firms Janus and Henderson will remain in the business till June 2023 "to ensure a smooth leadership transition and to assist with a number of strategic objectives."
Reason
Formica wants to be closer to his elderly parents
Formica's decision to quit his position is motivated by personal reasons, including his desire to be closer to his elderly parents. "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," he said. He added that he is looking forward to working with Beesley to ensure a seamless transition.