Recently, CEOs of large companies left their positions in search of emotional balance, as is the case of Andrew Formica, CEO of the British Jupiter Fund Management. In this article, we will talk about his story and others CEOs who quit because they are going through the same situation. Check out!
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“I just want to sit on the beach and do nothing. I'm not thinking of anything else”
Those were Andrew Formica's words this week in an interview with Bloomberg. The CEO, who took over in 2019 at the British company valued at $68 billion, has announced that he will step down in October.
He cited personal reasons for his decision to return to his native Australia. At the age of 51, the CEO leaves the UK after 30 years to be closer to his parents.
Andrew Formica's case is not isolated
In 2020, Rubin Ritter, former CEO of Zalando, a fashion e-commerce company in Europe, decided to step down after 11 years at the company to dedicate more time to his “growing” family in order to stimulate the development of his professional career wife.
Years earlier, Max Schireson, former CEO of MongoDB, a software company in the United States valued at billions of dollars, also left office to spend more time with his family.
According to him, the only way to balance his personal life was to resign, since the intense travel routine made him stay away from his family and miss important moments with his wife and children.
Pursuit of emotional well-being is responsible for CEOs leaving their jobs
According to a study by Deloitte, a multinational professional services organization, about 70% of top executives level, such as CEOs, are considering leaving their current company jobs in search of another one that better promotes their well-being.
The survey revealed that over 35% of executives feel exhausted, stressed and overwhelmed, and like those employees who leave their posts in search of a work-life balance, approximately 57% of CEOs are burned out enough to quit.
Following the trend, Andrew Formica will step down on October 1st and arrive in Australia in time to take advantage of the sunny season in the spring.