--- title: "CEO Quits $68 Billion Firm to “Sit at the Beach and Do Nothing”" description: "\"I just want to go sit at the beach and do nothing,\" the anti-productivity icon told Bloomberg. \"I'm not thinking about anything else.\"" date: "2022-06-30" modified: "2022-06-30" authors: - name: "Maggie Harrison Dupré" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/mharrison" url: "https://futurism.com/the-byte/ceo-quits-sit-beach-do-nothing" categories: - "Future Society" tags: - "investment" - "productivity" - "the digest" - "work" --- # CEO Quits $68 Billion Firm to “Sit at the Beach and Do Nothing” !["I just want to go sit at the beach and do nothing," the anti-productivity icon told Bloomberg. "I'm not thinking about anything else."]() *\Image: Getty Images\* ## Anti-Productivity Icon As of October 1st, 2022, please do Jupiter Fund Management CEO Andrew Formica a favor and leave him alone! He's quitting his job and logging off, thank you very much. "I just want to go sit at the beach and do nothing," Formica told [*Bloomberg* in an interview]() this week. "I'm not thinking about anything else." ## Company Troubles 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. Jupiter hasn't had the best few years, however. According to *Bloomberg*, 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. ## The Future of Work A widespread reckoning with Productivity Culture [has been having a moment](). There are many a [modern manifesto]() and [self-help book]() that attempt to tackle workplace stress and burnout, and there's even an entire industry dedicated to helping us get our "self care" in. (And it makes a [whole bunch of money]() doing so.) Tech, investment, and finance are all known for having particularly intense work cultures. Many startup founders, including Elon Musk, and are [infamous]() — though often revered — for [intense workaholism](), while extreme, allegedly productivity-boosting [biohacking techniques]() are common. A lot of folks also just never seem to stop. Just look at storied investor Warren Buffet, who's [still hard at work]() at the advanced age of 91. Formica is taking a strikingly different approach, compared to industry peers. And honestly? Good for him. We hope he enjoys the beach, the precious time spent with family, and the presumably deep pockets that help with, you know, retiring at 51. **READ MORE:** [*Jupiter CEO Quits $68 Billion Firm to Sit at the Beach and 'Do Nothing'*]() \[*Bloomberg*\] **More on notable figures logging off:** [*Elon Musk is Missing*]() ## Author At Futurism, I've reported extensively on the rise of AI as a cultural and business force shaping the media industry, and more broadly how those dynamics are changing how we all consume and share information and relate to one another. I'm also fascinated by public health policy and ethics, the role of emerging tech in politics and governance — and the powerful people and forces at those intersections — climate change, and the environment. My investigation on Sports Illustrated's use of AI-generated authors with fictional biographies won a 2024 Mirror Award for "Best Story on Media Coverage of Artificial Intelligence in Journalism and the Media" from Syracuse University's SI Newhouse School, I contributed to Niemen Lab's 2025 Predictions for Journalism series, and I've discussed my work for Futurism during appearances on NPR, CNN, the BBC, the CBC, and more. I grew up in rural Pennsylvania and attended the University of Massachusetts Amherst, where I played Division I field hockey for the Minutewomen as a midfielder. Since then, I've lived in New Orleans, Louisiana and Manhattan, New York. I spend my free time running, reading, perusing archival fashion, and searching for the world’s best negroni. I also have a debonair tuxedo cat, Westley, who's named after "The Princess Bride." ### Author social links [Bluesky]()