Accor Group CEO Sébastien Bazin: ‘Anybody who’s waiting for the day after tomorrow is just an idiot’
- In today’s CEO Daily: Diane Brady talks to Accor Group CEO Sébastien Bazin.
- The big story: Iran’s Ayatollah Ali Khamenei has disappeared.
- The markets: The dollar is down again but the S&P remains near its all-time high.
- Analyst notes from Macquarie on “war” at The Fed, JPMorgan on the S&P 500, Wedbush on stocks, and Oxford Economics on consumer sentiment.
- Plus: All the news and watercooler chat from Fortune.
Good morning. Accor Group CEO Sébastien Bazin says he left the financial industry for a “super narcissistic” reason: “After 25 years in finance and being successful enough, I had no idea whether I was lucky or smart.”
Turns out he’s smart, having expanded the Paris-based hotel group from a portfolio of 13 economy to mid-scale hotel brands, mostly based in Europe, to a global hotel giant with 360,000 people working in 110 countries and 47 brands that include Fairmont, Raffles, Mövenpick, Ibis, Mercure and Novotel. After a “monster that was super complex to run,” he split the business two years ago and hired three more CEOs to run different units, retaining oversight of the luxury and lifestyle division “because this is probably where the danger is the greatest; it’s all about execution and experience, so faster growth, greater risk.” Now, he’s focused on sustainability, expansion in markets like India, and AI to help his people deliver better service.
When it comes to decision making, he first trusts his instincts: “What is my stomach telling me of that situation? Then I need to go to the heart, as it’s going to tell me how the decision will impact others. And the brain tells you one thing, which is the timing upon which you need to make a decision. Anybody who starts with the brain will probably make the wrong decision 80% of the time.”
From finance, he says, “I learned the cost of a dollar and how to assess the risk of a dollar being invested.” At Accor, he learned that executing on a vision takes time. “You need to put it on paper, share it with your board of directors and once you have their blessing, you need to actually explain it to your management team, so that they understand where you’re going.”
Luck aside, he offers three tips that have served him well over the years. “Always be an actor in your own life; never a spectator,” he says. “Anybody who’s waiting for the day after tomorrow is just an idiot, because a decision made later is usually worse than one made today.” And he always tries to show up in a good mood. “Your people may only see you once a quarter or once in a lifetime, and you owe that to them.” More news below.
Contact CEO Daily via Diane Brady at diane.brady@fortune.com
This story was originally featured on Fortune.com