$68bn UK firm CEO quits job to “just sit at the beach, do nothing”

After announcing his resignation as CEO of Jupiter Fund Management Plc, a $67.9 billion asset management company, Andrew Formica caught everyone off guard. The 51-year-old joined Jupiter just three years back.

He will resign from his post on October 1, according to a Bloomberg report. The company's chief investment officer, Matthew Beesley, will succeed him as CEO.

Formica, who has lived in the UK for almost three decades, wants to go back to Australia, where he was born. He claimed that personal reasons, such as a desire to be close to his elderly parents, were what led him to make the decision.

"All I want to do is go to the beach and relax. I'm not considering anything else."

Jupiter Fund Management, based in UK, looks after stock and bond investments for both individual and institutional clients. The business is a component of the FTSE 250 Index and is listed on the London Stock Exchange.