Jupiter Fund Management PLC (LON:JUP) has announced that former Henderson boss Andrew Formica will replace Maarten Slendebroek as the group’s chief executive officer from 1 March 2019.
The FTSE 250-listed asset manager said Slendebroek has agreed to remain in the business until 1 May 2019 to ensure a smooth leadership transition and handover.
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Formica was, until 2018, the co-CEO of Janus Henderson Group, having previously been the chief executive of Henderson Group between 2008 and its merger with Janus Capital in 2017.
He was also the deputy chairman of the board of The Investment Association until September 2018.
Jupiter said it had envisaged that any transition in CEO would most likely occur over the next couple of years, but having identified Formica as a potential successor during succession planning and, in light of his availability at this point in time, has decided to accelerate its plans.
Liz Airey, Jupiter’s chairman commented: "We are delighted to have secured someone of Andrew's calibre to succeed Maarten and are particularly appreciative of Maarten agreeing to step down early and remain for a handover period to work with Andrew to ensure a smooth transition."
Formica said: "Jupiter's relentless focus on delivering value to clients through genuinely active investing means it is well positioned to succeed in an evolving industry.”
In a note to clients, analysts at Shore Capital repeated a ‘buy’ rating on Jupiter’s shares, saying: “We would expect this news to be positively received by investors, with many industry observers surprised that Mr Formica lost out when Janus Henderson moved from the joint CEO structure it established the time of the merger (which has struggled operationally).”
In afternoon trading, Jupiter shares were 1.8% higher at 332.50p.
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