The Chief Executive Officer of Jupiter Fund Management Plc, a London-based fund management firm, Andrew Formica, has decided to step down from his position to ‘sit at the beach and do nothing.
Formica, who joined the $68 billion fund management behemoth in 2019, will leave on October 1, according to Bloomberg, citing a company statement.
The move has taken everyone by surprise.
He told Bloomberg, "I just want to sit on the beach and do nothing." Formica, who has lived in the UK for nearly three decades, joined Jupiter in March 2019.
Jupiter's Chief Investment Officer, Matthew Beesley, would take over as the new CEO, and Formica would step down as a Director of the investment firm.
Formica has decided to leave for personal reasons and wants to return to his native Australia to care for his elderly parents, the statement added.
