CEO Of $68 Billion Company Abruptly Quits To 'Do Nothing' On Beach

Dan
Andrew Formica, former high-powered CEO who quit job abruptly
youtube | Dechert LLP

There's no shortage of drive in the world: people who will stop at nothing to achieve their goals and accumulate wealth.

Conversely, there are also plenty of people who just want to chill. These people, unless they're independently wealthy, still need to work, but they're not going to burn themselves out.

A high-powered CEO has made waves after revealing that he was quitting his position — and giving us a glimpse into what he plans to do next.

Investors seem to be made of something different.

Warren Buffett in 2010
Wikimedia Commons | USA White House

Some are ruthless, while others seem to have bigger hearts. Still, if there's one thing that investors like Warren Buffett all seem to have in common, it's the fact that they just won't quit. There doesn't seem to be any will to take their foot off the gas and just coast.

We all have retirement plans, even if they're vague.

A woman holding a book at a cafe while looking out the window
Unsplash | Alexander Solodukhin

Plenty of people, maybe even the majority of people, want to spend their retirement doing something pleasantly lazy. Investors may want no retirement at all, but for the rest of us, chilling on the beach seems like a nice way to cap off a long career.

One investor wants to do the beach thing.

Sunset at a tropical beach
Unsplash | Sean Oulashin

We don't mean to paint all finance people with the same brush, so it's refreshing to see that at least one CEO of an investment company has retirement plans seemingly in line with the rest of us: hanging out on the beach.

"I just want to sit at the beach and do nothing."

Andrew Formica, former high-powered CEO who quit job abruptly
youtube | Bloomberg Markets and Finance

This is what Andrew Formica, the 51-year-old CEO of Jupiter Fund Management, a $68 billion investment firm, told Bloomberg in a recent interview.

"I'm not thinking of anything else," he added.

Formica's ready to quit this year.

A meeting in a boardroom
Unsplash | Dylan Gillis

At 51, Formica is in his prime (at least as far as investment fund CEOs go). He says he's going to leave his high-powered position on October 1st to pursue his retirement plans (which, again, consist of lying on the beach and doing absolutely nothing).

It seems he's burned himself out.

Person checking stocks on a phone while simultaneously using a computer
Unsplash | Austin Distel

Formica built his company through a series of successful mergers and acquisitions. It seems that now, he either has nothing left to prove or has simply had enough of the stressful world of finance.

He'll be heading back to his native Australia.

Sydney Harbor in Australia
Unsplash | Dan Freeman

Once the transition is complete and Formica has handed the company off to his successor, he says he'll return to his homeland of Australia. After spending the past few decades in England, he's ready to soak up the sun on an Aussie beach.

Formica has personal reasons for his decision.

Person lying down on a sandy beach
Unsplash | Sophie Dale

He said that the desire to be closer to his elderly parents factored into the decision. But, overall, he really just wants to get away from investing and take some time to lie on the beach...while doing nothing else.

What do you think of this story?

Andrew Formica, former high-powered CEO who quit job abruptly
youtube | Dechert LLP

Considering the fact that Formica is a high-powered CEO, his retirement plans feel very relatable. What do you think of his move? Do you have any big retirement plans? Share your thoughts in the comments!