CEO of $68 billion firm quits so he can ‘sit on the beach and do nothing’

The CEO of a company worth billions has announced plans to quit his job in order to ‘sit at the beach and do nothing’.

Andrew Formica is the CEO of the London-based company Jupiter Fund Management, which is valued at $68billion (£55billion).

However, he has taken the decision at the age of 51 to leave the company head back to his native Australia.

And his plans sound pretty dreamy if you ask us.

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In an interview with Bloomberg, Formica said: "I just want to go sit at the beach and do nothing. I'm not thinking about anything else."

He announced in a statement that he will be in his post until October 1 when he plans to resign as a director.

The CEO is leaving his job to focus on the beach and fair play to be honestJupiter Fund Management/Creative Commons

Formica also explained in the interview that he’s leaving in order to be closer to his parents and for other personal reasons.

Matthew Beesley who is the company’s chief investment officer will take over from him as CEO when Formica leaves.

Formica became CEO after joining Juniper from Janus Henderson Group Plc, where played a big role in the merger between US fund house Janus and UK firm Henderson in 2017.

Meanwhile, it comes after research published earlier this year led to some eye-opening findings about billionaires during the pandemic.

While it left many people in poverty, billionaires have experienced a huge wealth increase amid the coronavirus pandemic. According to a recent report by Oxfam, over the past two years, someone has become a billionaire every 30 hours.

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