Global hotel CEO turnover was down in 2013, following an above average number of changes in 2012 and hotel CEO turnover continues to be less endemic than in other industry sectors.
Leaders who assumed office in 2013 were Sébastien Bazin (Accor), Lee Chee Koon (Ascott), Wolfgang Neumann (Carlson Rezidor), Frank Fiskers (Scandic), and Peter Gowers (Travelodge).
The turnover study, now in its tenth year, was conducted by Aethos Consulting Group. According to Chris Mumford, Managing Director of Aethos Consulting Group’s London office, “It is perhaps not surprising that we saw most CEO movement taking place at European hotel companies given the slower economic recovery in Europe than in North America and Asia. In a couple of instances, boards have lost patience and wasted no time in placing their hopes for improved fortunes into a new pair of hands.”
Over the last 10 years of reviewing CEO turnover at the 50 largest hotel companies in the world as published each year by HOTELS Magazine, AETHOS has identified the following trends:
- CEOs are typically 50 years of age when taking office, are male, educated to Masters level, and can expect to stay in the job for 7 years.
- European companies have a higher tendency to force out CEOs and make a quick change.
- CEOs today are better travelled and are becoming more international as their business become ever more global.
- Companies in recent years have placed greater value on previous hotel sector experience to help them through troubled times.
- Retail and brand experience is valued on a CEO’s resume yet we also see more CEOs with real estate backgrounds taking the top seat.
- Companies are increasingly shunning promoting from within to hire CEOs from other companies while having the previous CEO move into a guardian chair role.