CEO Of $68 Billion Firm Quits So He Can ‘Sit At The Beach And Do Nothing’

The CEO of a company worth billions has announced his dreamy plans to quit his job so he can "sit at the beach and do nothing".
credit: Marco Boldrin / Alamy
Andrew Formica is the CEO of the London-based company Jupiter Fund Management. However, at 51, Formica decided to leave his company and head back to his native country Australia.

According to a statement released by Formica, he will leave the position he joined in 2019 on October 1 this year and will resign as a director of the London-based company on that date.

The high-achieving executive detailed his plans in an interview with Bloomberg where he said that he plans to "sit at the beach and do nothing" and not think about anything else.
CEO of Jupiter Fund Management Plc, Andrew Formica Credit: Jupiter Fund Management
Formica joined Jupiter from Janus Henderson Group Plc, where he directed the union between US fund house Janus and UK firm Henderson in 2017.

The CEO, who has been in the UK for almost three decades, revealed that his departure was down to personal reasons, such as wanting to be closer to his elderly parents.

Formica will remain in the business until the end of June 2023 and Matthew Beesley, who is the company’s chief investment officer, will take over from him as CEO when he leaves.

Beesley joined Jupiter in January this year as CIO and was previously CIO at Artemis Investment Management. Formica disclosed in the interview that the board looked at external prospects as well before choosing Beesley.

Formica is reportedly too "young" to be retiring, however, he's accomplished so much in his career, including taking the asset management organization to be valued at $68 billion.

His plans to slow down after reaching that figure is a vast difference from fellow billionaire Elon Musk, who is reportedly worth $225.3 billion, attitude towards work ethics.
Elon Musk. Credit: Sueddeutsche Zeitung Photo / Alamy.
The Tesla founder is set to become the world's first and founding member of the trillionaire's club. As reported by Tipalti Approve, they explained that Musk is predicted to achieve trillionaire status by 2024.

That is no surprise since the SpaceX founder once revealed that he rarely takes vacations, saying that "it would kill you" and also slept on the factory floor of the company.

The report explained: "Since 2017, Musk’s fortune has shown an annual average increase of 129 percent, which could potentially see him enter the trillion-dollar club in just two short years, achieving a net worth of $1.38 trillion (AU $1.98 billion, £1.13 trillion) by 2024 at age 52."

Regardless, kudos off to you Formica, sitting on a beach and doing nothing is the ideal goal.

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