CEO Quits $68 Billion Firm to 'Sit at the Beach and Do Nothing'

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CEO Quits $68 Billion Firm to 'Sit at the Beach and Do Nothing'
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Go off, anti-productivity king!

As far as CEOs and investors go, Formica, at 51, is relatively young to be retiring early, especially from an asset management operation that's valued at a cool $68 billion., clients have been pulling money out of the firm for a consecutive four years — with nearly $1.7 billion drained from the fund in just the first three months of 2022.

But Formica says his decision to leave has nothing to do with Jupiter's challenges. Born and raised in Australia, the exec says he's headed back to the land down under to spend time with his aging parents, among general personal reasons.

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