This CEO Quit $68 Billion Company...
Andrew Formica Chief Executive Officer of London-based fund house Jupiter Fund Management Plc has surprised everyone by suddenly resigning. The reason for resigning is also quite interesting. Actually, Andrew Formica resigned from his post just because he has to enjoy the seaside. news agency Bloomberg quoted a company statement as saying that Formica, who joined the $68 billion fund management giant in 2019, will step down on october 1.
The report said that Jupiter's Chief Investment Officer Matthew Beasley will take over as the new CEO and Formica will also be relieved of his position as director of the investment firm.
It was also reported that Formica has decided to step down as CEO citing personal reasons and wants to return to its native australia to live with its aging parents.
"I just want to sit on the beach and do nothing," he told Bloomberg.
Mr. Formica has spent almost thirty years in the United Kingdom. He joined Jupiter in march 2019. Prior to Jupiter, he worked with Janus Henderson Group Plc and was instrumental in the merger of US fund house Janus and UK's Henderson in 2017.
According to a Bloomberg report, clients have withdrawn cash from Jupiter for four consecutive years, and the firm saw an outflow of £1.6 billion in the first quarter of the year.
