A London-based company’s chief executive is trending, after he plans to quit his $67.9 billion role to do nothing.
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The billionaire executive’s “sudden” announcement sent shockwaves to Jupiter Fund Management Plc, the company which he had joined in 2019.
According to Bloomberg, Andrew Formica, 51, will “remain in the business until the end of June 2023.”
A statement released on Tuesday to a media outlet revealed Formica may be replaced by the company’s chief investment officer, Matthew Beesley.
And if you thought the businessman made the wrong decision to leave, he told a media outlet that it was more to do with “personal reasons” adding he wants “to be closer” to his elderly parents.
In the telephone interview, he also confessed: “I just want to go sit at the beach and do nothing. I’m not thinking about anything else.”
With that being said, Andrew has managed to “orchestrate the merger between US fund house Janus and UK firm Henderson,” in 2017 as per reports.
But apparently “lost out” on a leadership battle at Janus Henderson in 2018…
That didn’t stop clients from “pulling cash” from the company for “four years in a row” – which led another £1.6 billion to be lost in the first three months of the year, as per reports.
Beesley told Bloomsberg he doesn’t plan to change the “firm’s strategy,” if he gets the role of the CIO…
But added he “will give more details about his intentions” when he takes over, as the company is yet to decide who will take the role as the next CIO.