When Mark Hoplamazian was appointed CEO of Hyatt Hotels in 2006, he soon realized his defacto leadership style was incompatible with the culture of a hospitality chain. Having built a career in private equity and investing, including as president of The Pritzker Organization up until his appointment as Hyatt President and CEO in December of 2006, he had grown accustomed to the utilitarian, high-pressure, and frosty work environment that's emblematic of the finance industry. He quickly learned that this corporate atmosphere and corresponding governance approach didn’t jibe with that of the hospitality giant.
Speaking with Fortune Executive Exchange, Hoplamazian said both the company and his management style had evolved considerably over his nearly two-decade reign at Hyatt, the $16 billion hotel chain employing more than 50,000 employees across 78 countries. Working in finance, he had limited patience for workplace diversions or small talk with staffers. But the hospitality industry is different; it's people-facing, warmer, and incredibly contingent on customer and employee satisfaction. This change in industry expectations necessitated a rewiring of how he managed and influenced his staffers, as well as how he related to the end-user: guests.
