The statement said Formica’s long-term plans involve his relocation back to Australia and that given the initial phase of Jupiter’s transformation is complete, he feels now is the right time to move on.
Nichola Pease, chair of Jupiter, said Formica “has been an excellent leader throughout a highly challenging period for the business, the industry and indeed the world; his expertise and vision have strengthened our underlying business and driven progress towards our long-term strategic objectives.”
Formica will remain with the business until 30 June 2023 to ensure “a smooth leadership transition” and “to assist with a number of strategic objectives”. However, he will relocate back to Australia during that time.
Formica commented that while “it is always hard to find the right time to hand over, we have made significant progress against our strategic priorities ensuring that Jupiter is now a more diversified and resilient business, has enhanced positions in critical areas such as sustainability and data science and has the right building blocks in place to support long-term growth.”
He will be succeeded by Matthew Beesley, the group chief investment officer. He will take up the role of CEO from October, subject to regulatory approval, and retain his CIO responsibilities during the transition.
The board said they had been impressed with Beesley since he joined Jupiter in January this year and the appointment had followed a “thorough review of potential internal and external candidates”.
The CIO commented the leadership had “made the right strategic changes to put Jupiter on the best trajectory to long-term growth” and he “looks forward to playing my part in delivering on our significant potential”.
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