Investment Firm CEO Announces He's Stepping Down in Order to 'Sit at the Beach and Do Nothing'

Andrew Formica, chief executive officer of Henderson Group Plc, poses for a photograph before a news conference in Singapore, on Thursday, Sept. 3, 2009. Henderson Group Plc, the fund manager that bought New Star Asset Management Group Plc, swung into a loss in the first half as fee income fell, and said the earnings outlook for the rest of the year will be

Munshi Ahmed/Bloomberg via Getty

Who says the Great Resignation is just an American thing?

U.K. investor Andrew Formica, the chief executive officer of $67.9-billion asset manager Jupiter Management Plc, just quit his high-profile job — explaining in an interview with Bloomberg that he plans to spend his days sitting at the beach now.

"I just want to go sit at the beach and do nothing," he said in their chat. "I'm not thinking about anything else."

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The native of Australia joined the firm in 2019, according to the outlet, and has lived in the U.K. for nearly 30 years. Previously, Formica, 51, worked at Janus Henderson Group Plc, where he helped to orchestrate the merger between U.S. company Janus and U.K. firm Henderson in 2017, according to the outlet.

Jupiter Management has seen a decline in business in the last few years, according to Bloomberg.

"Clients have pulled cash from Jupiter for four years in a row … and in the first three months of the year, investors yanked another £1.6 billion, according to its latest earnings report," the outlet reported.

Richard Weil, co-chief executive officer of Janus Henderson Group PLC, center left, and Andrew Formica, co-chief executive officer of Janus Henderson Group PLC, center, ring the opening bell on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, June 2, 2017. U.S. stocks were little changed following monthly payrolls data that fell short of expectations.

Michael Nagle/Bloomberg via Getty

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Formica will stay in his role until October, according to a press release from the company, and then relocate back to Australia.

"Jupiter is a client-led business and I am proud to have worked with such a fantastic and dedicated team as we navigated an extremely challenging period for the business and markets," Formica said in the release.

The businessman's exit from the industry comes at a time when employees around the globe are increasingly seeking change in their careers.

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It's something that even Beyoncé sings about in "Break My Soul," her new single from her forthcoming album Renaissance.

In March, a Harris Poll survey for USA Today found that 20% of workers regret quitting their old job.

For Formica's part, he will remain with the business in a different capacity until June 30, 2023, the company said.

After that, it's time to soak up some rays — as well as spend time with his elderly parents, he told Bloomberg.