Industry reaction: Jury is out on possibility of Jupiter turnaround

Taking over in October

The incoming CEO for Jupiter, current CIO Matthew Beesley, has his work cut out for him, with industry experts split about the prospect of a turnaround for Jupiter.

The surprise announcement from Jupiter's board this morning (28 June) that Andrew Formica was stepping down in October and would be returning to Australia has been met with a degree of understanding from the industry. One investment expert pointed to the four page letter issued to the chair of the board in May from Jon Little, outlining his dissatisfaction with the current state of the company and Formica's leadership in particular. In his letter, Little said the appointment of Formica was "a mistake" and described his performance as "disappointing" under numerous metrics. Jupiter has...