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Jupiter Fund Management PLC on Tuesday promoted Chief Investment Officer Matthew Beesley to the role of chief executive officer, as current CEO Andrew Formica will step down in October.
Matthew Beesley will replace Formica as CEO on October 1, however Formica will remain with the company until June 30, 2023, ‘to ensure a smooth leadership transition and to assist with a number of strategic objectives, including supporting the Asian business and development of our Australian market offering.’
Jupiter added that Beesley has been promoted to deputy CEO on Tuesday and will retain his CIO responsibilities during the transition.
Formica, who plans to move back to Australia, was appointed as CEO of the London-based investment manager back in 2019.
Before joining Jupiter back in January, Beesley was CIO of Artemis Investment Management LLP.
Chair Nichola Pease said: ‘Since joining Jupiter, Matthew has clearly demonstrated his strong leadership skills and strategic insights. The board is pleased to have such a strong internal successor to Andrew and is confident his energy, experience and expertise will help drive forward the group's strategy, for the benefit of all of our stakeholders.’
Shares in Jupiter Fund were down 1.3% to 155.14 pence each in London on Tuesday morning.
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