The CEO of a $68 billion investment company quit to "sit on the beach and do nothing."

The CEO of Jupiter Fund Management, Andrew Formica, has said that he is leaving the $68 billion company.

The CEO of Jupiter Fund Management, Andrew Formica, has said that he is leaving the $68 billion company. "All I want to do is go to the beach and sit there doing nothing. "I don't think about anything else," Formica said in an interview with Bloomberg.

On October 1, Formica, who is 51 years old, will stop being the CEO and a director of the UK-based investment firm. Matthew Beesley, the Group's Chief Investment Officer, will take over from him, Jupiter Fund Management said Tuesday.

In a statement, the company said, "Andrew has always made it clear to the Board that his long-term plans included moving back to Australia with his family." "Now that the first part of Jupiter's business transformation is done, he thinks it's time to hand over leadership of the business so that the next part of the transformation has strong and consistent leadership."

After Formica steps down as CEO, the company will move to Australia. He told Bloomberg that he quit because he wanted to be closer to his elderly parents and other personal reasons.

Andrew Formica will step down as CEO, but he will stay with the company until June 2023 "to make sure there is a smooth change in leadership and to help with a number of strategic goals," such as supporting the Asian business and developing our offering for the Australian market.

Formica said, "I'm proud to have worked with such a great and dedicated team during a very tough time for the business and the markets." “… I'm glad that the board chose Matthew Beesley to take my place, and I'm looking forward to working with him to make sure the change goes smoothly.