2 Inspiring Execs Explain The Art Of Business Succession
Tamara, when did the idea of moving on from your CEO role first come to mind?
I think the idea of succession or the next phase is often on the mind of any leader. There are very few people who stay in that leadership role for a very long time. We are always – and only – stewards of the business, not owners forever. When you take on funding and investors, you owe them a return on their investment, so the business must evolve. Knowing when to move on is part of the job because change is also healthy. I see it as a duty of care as a leader. There were no terms of our deal with Hyatt that forced my hand – the job was still mine, but I just felt the time was right for the business to have a new leader.
What was it about Natasha that felt like the right fit moving forward?
I've always tried to operate the business with radical transparency. So, when I started thinking about succession, I told my team that I was considering moving on and opened the conversation to see if anyone would raise their hand, and Natasha did. She has also been in the business for 20 years, so I was confident that she could continue the culture and provide stability. Then there are all the things that make Natasha a brilliant leader. Managing people is her superpower. She can deal with almost anything in the business. She’s also a lifelong learner, so anything she doesn't know, she has that curiosity about, and that's really all you can ask for. She’d always been a member of the team who could run with anything, so she felt like the obvious choice.
Natasha, what made you put your hand up?
Tamara took a unique approach by asking all of us about our ambitions. It felt then – even before the interview process formally got underway – like the passing of the torch. The reason I raised my hand was that I felt uncomfortable with it. That was enough motivation for me to know it was likely to result in growth. My only intention is to look after this business and do our best – and I know it takes a team to make that happen. It’s all about ensuring we protect the past while also navigating the next chapter together. Also, my mother would not have been happy if I hadn’t put my hand up!
Tamara, can you tell us a bit more about the interview process and what you learnt from it?
This role wasn't handed to Natasha on a plate, I can tell you that. She had to fight for it. We also had to travel to Chicago to get it signed off by our parent company. She met the CEO and it was a very long process – nearly a year in total. She had to navigate her duties while still executing and delivering in her current role, as well as prepare for the prospect that she might not get the job. It’s not to be underestimated, but ultimately, we made it hard for them to say no.
And you Natasha?
I felt it was a brilliant experience because it really allowed me to work on depersonalising the situation, separating myself from something that was very important to me, while ensuring that I was fulfilling my responsibilities and duties in the meantime. It really made me realise this isn’t a job to me, it’s a pleasure – as much as it may sound a little cheesy. Also, the Hyatt team was so respectful of the fact that Mr & Mrs Smith needed a leader who was already familiar with what made the business special. They were very generous and trusting – so their own role in this succession shouldn’t be ignored.
Tamara, how have you found the transition to chair?
I wouldn't call myself a micromanager anyway, so letting go of the day-to-day responsibilities has been quite liberating. That said, being chair and having such a good relationship with Natasha has allowed me to stay close to the business without being in the thick of it. It means I can steer and guide when I'm needed, but without being operational, which is amazing. And I'm still involved with lots of interesting projects – but Natasha is leading them. I don't want to become a bitter founder – instead, I've made it my mission to set Natasha up for success because if she succeeds, the business will succeed, and I will have done my job. Being a CEO can be quite a lonely job, so I see it as part of my role now to make it feel less so for Natasha.
How does strategy planning work between the two of you now, Natasha?
My job now is to think about how we scale Mr & Mrs Smith and drive value to the Hyatt enterprise. They are, in some ways, the same, but they can also be very different. And that's a new way of thinking, a new challenge. My shareholders have also changed, so that’s another important consideration to build into our plans. I then come to the advisory board, use Tamara and say, ‘Here’s my thinking, what do you think?’ Tamara remains the essence of this business and a brilliant strategic thinker, but I also know it’s okay if we disagree, given the honesty in our relationship. We can say anything without any hard feelings. It’s never about trying to fill Tamara’s shoes – it’s about figuring out what this role of CEO is during this next chapter with Hyatt. I’m fortunate to have a learner’s mindset that will help me navigate this new corporate culture, as I want to understand it. It’s very much part of the deliverables I want to get done quickly so the business has a sense of continuity.
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Tamara, what has surprised you most about the succession process?
There’s a danger I get a bit schmaltzy here, but seeing someone step into the CEO role has actually been quite joyful. Seeing her succeed has given me a lot of pleasure. It feels very purposeful to hand that bat over to someone. A lot of founders say it’s like a mourning process but for me it hasn't been and that's been surprising.
And Natasha?
Strangely, there’s maybe been a bit more sadness for me. Only in so far as you can prepare as much as you want, but there is still a moment where you look around and think, ‘Oh wow, it's changed’. I've only ever worked at Mr & Mrs Smith because of the founders, you know? With James and Tamara not being in the business day to day is a strange thing for me. But life moves on and it's always amazing how rapidly human beings adjust. However, due to the thorough preparation, the extended time and the transparent and supportive hand-holding process Tamara always led, we’ve been able to navigate this new world.
Tamara, what does your working life look like now?
Right now, I'm working on a separate project that’s actually a combination of Mr & Mrs Smith and Hyatt. It's a somewhat secret project, but it represents a new way of working for Hyatt with independent hotels. I wanted to get my teeth a bit more stuck into it and there just wasn't time while I was still CEO and we were transitioning and so this has freed me up to do so. I also sit on the boards of other companies, so I’ve been able to give them more time, which has been great.
What advice would you give people facing a similar situation to you?
Honesty will keep you grounded. It hasn't been political because it’s all been very transparent, and nothing has been a surprise. As a founder, don't hang on too long. Check your ego. If you've hired well, there is probably someone in your business who is ready to step up. Your job is to spot that and clear the path for them and let them be who you know they can be.
And Natasha?
Understand that you have already built a reputation within the business. Lean into that with humility and understand there is support behind you. Use this as an opportunity to start thinking about what the future looks like for the team. Where do they want to be? Who wants to take my role? It sounds bananas to be saying it so early but that is certainly how I'm thinking about this. Whatever that timeline is – ten years, 15 years, whatever – this legacy of great critical thinking, passion and good people, that’s what we have to continue. The business must remain in existence for the next 100 years, with that same essence running through it.
With all that in mind, how are you looking at the next chapter?
From my perspective, we still have so many opportunities to scale our business. We've only just started the integration, and positive developments in markets such as the US take time to come to fruition. So, it's not like the job's done. We’ve only started. It’s really about leveraging our brand equity and positioning Hyatt in this new ecosystem of boutique and luxury independent hotel travel. We’re also taking time to understand what value really means from the enterprise point of view – so it goes back to that shareholder mindset. What's brilliant about this business is that there’s a real desire. As a service-oriented hospitality business, understanding what we can offer to our shareholders is very important to me.
Heritage is another word that comes to mind. Curation is our core, so we want to deepen our relationships with our hoteliers. We become more valuable – not just through revenues, but also the customers we bring, the markets we can now open for them and for them to feel that they are in excellent company when it comes to our hotel collection. More is not better. It is all about quality moving forward.
Anything you want to add to that Tamara?
No – Natasha has to have the last word. It’s her hand on the wheel now.
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