Keith Kefgen – Articles

Today’s employment environment is like nothing we have experienced before. The last pandemic happened in 1918, with a very different labour and economic atmosphere. There are no easy answers to a vast number of questions and nuanced circumstances. The travel industry has been particularly hard hit, as so many people were furloughed last year without any real answer about when they would return. As an “academy industry,” a large portion of these furloughed people were in line-level and entry-level management positions – the most vulnerable faction of the American economy.

“Organizations worldwide spend more than $350 billion on corporate training and education each year, but much of it is ineffective.” Companies will continue to look for more effective and efficient ways of delivering training and particularly for methods that support the transfer of learning into behaviors that drive workplace performance. No longer will the key measures of training be the amount of money a company invests or the number of hours each employee spends in training. Training expenditures need to answer the same question as any other business investment: Is there a justifiable return?

Post-pandemics leaders must ensure that their organizations stay intimately connected to a higher purpose and value system that reframes “loss, frustration, isolation, and adversity” as an opportunity to appreciate and model “gratitude, fortitude, humility, and service.”

The restaurant industry has been hit especially hard by COVID. Layoffs, closures, a shift to delivery and outdoor dining, as well as mergers and acquisitions have dominated the news this past year. Many executives and even board directors have taken pay cuts during this health crisis. We also have seen restaurant boards in the news over the last several months. For example, in March 2021, Mellody Hobson will become the first African American Chairwoman of the Board of a Fortune 500 company – Starbuck – which is long overdue.

Casino Journal and AETHOS Consulting Group have been analysing board practices in the gaming industry for over a decade. The results of our recent survey show some vast improvements; however, there are still several companies that continue to lag the marketplace when it comes to corporate governance structure. Our study examined five critical areas of corporate governance:

2020 has been an incredibly tumultuous year within the restaurant industry. Due to the pandemic, the industry has seen closures, bankruptcies, acquisitions, and a complete shift in the way guests interact with restaurants. This year will be a watershed moment for every CEO and very well could determine the future of their businesses and careers. 

The top performing board in this year’s study belonged to Six Flags Entertainment, scoring an impressive 44 out of a possible 46 points. Extended Stay America and Hilton Grand Vacations tied for second with 43 points, while InterContinental Hotels and Pebblebrook Hotel Trust finished in a tie with 42 points. An impressive performance by these organizations. Each has proxy filing that was thoughtful, thorough, and easy to understand. Just what investors and proxy advisors are looking for. Other organizations such as Travel Zoo, Southerly Hotels, and InnSuites Hospitality Trust have much more work to do but should find plenty of low hanging fruit to improve their overall governance.

The end of 2019 ushered in a banner year. Valuations where high and deals were getting done (Penn National & BarStool, Caesars & Eldorado) among them. Then the world changed overnight. Panic in the public markets ensued and valuations plummeted (Penn National went from $49 to $4 in March). The gaming compensation committees had the challenge of paying 2019 bonuses and such just as COVID was devastating their businesses. A though spot to say the least. Markets have since bounced back and casinos are slowing reopening to a new reality. How gaming companies handle executive pay issues at the end of 2020 will be a very interesting read.

Space activation, reactivation, and monetization are hot-button industry topics (e.g., Collina et al., 2017; deRoos, 2011; Tamini, 2018) - especially in the context of certain forces that have disrupted retail, tourism, and hospitality markets. Specifically, Russo and Richards (2016) noted three important paradigm shifts or “turns” that have evolved the concept of consumerism in these businesses, that is, the mobilities, performative, and creative turns (pp. 3–5). A later section deals with these in greater detail, but such trends are substantiated by considerable evidence, and collectively suggest that the most successful service–hospitality concepts intentionally capitalize on “systems theory,” i.e., environment–person bidirectional or enactive influences (Goldhagen, 2017; Jelić et al., 2016; Rentfrow, 2013). Stated simply, the prevailing view is that contemporary tourism and hospitality should approach the issue of space activation as an interactionist proposition.

What a difference 6 months makes. 2020 began with hotel companies coming off one of the strongest years in history and feeling optimistic the good times would continue. Since then, the industry has had widespread closures, massive layoffs, and CEO’s taking significant pay cuts while grappling with a global pandemic. While we will explore the ramifications of this crisis in this article’s conclusion, much of this study is focused on 2019 compensation data.

The first thing that came to mind when Marriott International furloughed two-thirds of its corporate and property staff was - Is this going to severely impact the Marriott brand and the relationship with their most important asset: PEOPLE. Many blue-chip companies in hospitality, gaming and travel followed suit. These same companies have spent untold millions over the past decade building both a customer and an employment brand. Would their reputation be severely impacted in ninety days?

Google the phrase “crisis leadership,” and you get over half a billion (yes, with a “b”) entries. It is one of the hot topics on social media now, with new entries appearing daily. Everyone in the business world is talking about it, and they all seem to characterize it the same way: that crisis leadership reflects a highly specialized skill set or psychometric profile that is significantly different than “everyday” leadership. The spirit or intent of these articles is certainly commendable. Indeed, leadership development remains as much an art as a science, and so data-driven guidance is critically important. However, the core premise of crisis leadership as it tends to be discussed is often misguided or blatantly incorrect.

The government has effectively shut down the hospitality and travel industries. Yes, this will end, and no, it won’t go back to 'normal'. What will the new normal look like? I have heard all kinds of predictions from a V-shaped recovery to social revolution; a wide spectrum to say the least. The fact is no one can see the future and the past is not always a great predictor of future results. We at AETHOS have been spending some of our new-found 'down time' to think about the new normal.

The key language regarding compensation in the CARES is below. How will this affect hospitality, gaming and travel companies who participate? "To receive financial assistance (in the case of air carriers and contractors), or loans and loan guarantees (in the case of other eligible businesses), a company must agree to the following limits (which generally apply during the period of assistance and for one year thereafter) on annual compensation and severance payments for each officer and other employee (other than a unionized employee) whose “total compensation” exceeded $425,000 in 2019 (“CARES Act HCEs”)"

As an evaluator of leadership capability, I have been asked what it takes to lead in a time of crisis, such as COVID-19. My answer has been simple, “you must be equal parts realist, pragmatist and optimist. This mixture of archetypes is essential in dealing with the fast moving and unknown outcomes of a crisis.

The COVID-19 pandemic has now become the most disruptive event in our lifetime. Understandably, virtually all organizations are bogged down in “immediate” decision-making. It is all tactical right now, because there is no place to run and no place to hide; there is no safe haven. But once the immediate circumstances settle, will your organization be hard-wired for panic or innovation?

In his annual review of CEO compensation in the U.S. lodging sector, AETHOS Consulting Group CEO Keith Kefgen shares candid insights as a result of his most recent assessment.

Extreme competitiveness in today’s business world demands that hotel companies consistently outthink and outpace companies within and outside their immediate hospitality verticals. Such competitors include cruise lines, home-sharing, and other luxury or niche experiences like “glamping,” all of which constantly strive to dominate market share. Identifying and securing superstars for senior leadership roles is the cornerstone for ongoing company performance in branding and profit share. Here, companies must be forward-thinking by looking at the “best-in-class” talent from other segments and specifically those within the wider hospitality industry. This is not a new idea, but with the competitor set constantly evolving and broadening, hotel companies need to raise the bar on a continuous basis. This best practice makes sense and can be extremely effective when implemented thoughtfully according to a well-defined strategic purpose.

In the end, leadership is as much art as it is science. Constant practice is necessary to keep your leadership capabilities sharp and relevant. Success in leadership today requires thoughtfulness, caring and compassion. Poor leaders may win occasionally, but never in the end. Take a tip from The Dalai Lama, and become the best leader you can possibly be.

High X-Factor employees legitimately possess a widely transferrable skill set. Retaining such talent is akin to an “HR annuity” and it pays dividends in promoting productivity and ongoing bench strength in succession plans. The lesson is simple and straightforward—strive to hire and promote people who have a strong capacity for contextual performance, not just domain knowledge. Your service standards, guest satisfaction ratings and net promoter scores should increase in accordance with X Factor levels in your employees … up and down the organizational chart.

The latest shaming of US CEOs appears to be in the form of the Dodd-Frank CEO Pay Ratio initiative. Groups like the AFL-CIO are using this topic to rationalize the disappearance of the middle-class. Their most recent analysis puts the average CEO pay at 361 times the typical worker ($14M to $39K). This will continue to be a sore spot for income equality proponents. But think about CEO pay in relation to athlete pay. Floyd Mayweather made over $275M last year for a couple of exhibition fights, while Lionel Messi made $101M for playing soccer and endorsing sneakers. Super Bowl winning QB, Tom Brady made $34M in salary, bonus and endorsements last year. Yes, CEOs make a lot of money. Yes, some of them don’t deserve it. But the answer is in better compensation administration, not government regulation. Will the CEO pay gap create economic instability or unsustainability? We think not.

Core values reflect beliefs, and company culture reflects attitudes and behaviours – together they define the “heart” and perhaps even the “conscience or soul” of an organization. But, beyond these traditional HR and leadership tenets is the more fundamental concept of what we call the organizational spinal cord. In medical terms, the spinal cord is a bundle of nerves that go to and from the brain. Its main function is to transmit neural inputs between the brain and the periphery of the body. In business terms, the organizational spinal cord is the nervous system responsible for stimulating and directing critical actions across the entire “body” of an organization. Beliefs and attitudes define why a company is in business and what it stands for, but the spinal cord is about how the company actually implements its strategic and tactical initiatives.

The last eighteen months has been a reckoning for powerful men in the business world and gaming has been no exception. The #MeToo Movement struck down one of the most recognizable names in the gaming industry when Steve Wynn stepped down from the company he founded, Wynn Resorts. These issues have continued to shine a spotlight on CEO pay, severance and golden parachutes. Four other CEOs in gaming are out or on the way out soon. Caesars recently announced that Mark Fissora is stepping down at the end of the year. All that said, it was a very solid year for casinos stocks, with many of the bigger companies outperforming the small ones.

According to a 2017 report from the Economic Policy Institute on CEO pay, chief executives at the largest 350 public companies in the United States made US$15.6 million on average in 2016 — 271 times what the typical worker earns. In the hotel industry the average total compensation for a public CEO was US$5.7 million or about 100 times more than the typical worker. Should hotel CEOs be criticized or praised? We think it’s a combination of both, but you might be surprised who gets criticized and who gets praised.

Some of the most memorable and effective mid-managers and senior executives utilize leadership charisma to bolster their personal brands, build alliances, gain buy-in from team members and maximize their influence internally and externally to their organizations. But some of the most charismatic leaders have used these skills to wreak havoc. Think of Charles Manson, Adolf Hitler and David Koresh, to name a few. Today, many leadership pundits promote a style of “servant leadership” and empathy that better serves leaders in a modern world. In “Good to Great,” author James Collins calls it Level 5 Leadership. But all too often the “command-and-control” management style still dominates in many workplaces.

Self-confidence can be a friend and foe to emerging leaders and seasoned executives alike. In many cases, leaders must think and act against popular wisdom, and thus must exhibit confidence and grit in the face of severe—and even very public—opposition. Of course, self-confidence can also lead one down a very dark path of narcissism, nepotism and grandiosity if untampered, much less uncontrolled. As Herbert Joly, CEO of Best Buy told us, arrogance is the foe of self-confidence, not its equal. A healthy ego comprised of a sense of self-competence and self-esteem is important, but it is invariably dangerous if it lacks a corresponding sense of introspection.

This era of disruption, innovation and increased global competition means that businesses arguably endure more demands on their time, budget and human resources than ever. Some of the stress in organizations is inherent to today’s market conditions and customer expectations; however, leaders must constantly be wary of self-inflicted wounds. Here, we mean the kind of sustained but avoidable workplace stress that demotivates teams, causes unwanted turnover, reduces productivity and decreases profitability. Here are six strategies that can help guard against self-inflicted stress in a team or entire organization.

All companies have pain points during growth or stabilization phases, so leaders face two critical questions: Where are they, and how can we ease them? There is now an evidence-based model to help business leaders confront these issues more efficiently and effectively. It starts with understanding the “joints” in a company’s anatomy — joints being areas where strategic and tactical components in an organization intersect and are thereby particularly vulnerable to friction or bottlenecks.

New leaders eager to prove themselves by taking a plethora of visible and impactful decisions and actions – aka “Caesar on a march” – can fall into a trap of doing much but accomplishing little. With respect to setting priorities and achieving goals, the problem is that even seasoned leaders can confuse important and urgent, as well as fail to realize they cannot do everything. Important means a task needs to be done, whereas urgent means it must be done immediately. Knowing the difference between the two simplifies priorities. Leaders can forget in the moment that tasks and projects have a domino effect. If you do one task, yet fail to do another, you may have wasted effort on the first task. There are seven tactics that make goal- and priority-setting easier for you and others. Read about these below.

Over the years spent collaborating on in-depth studies of hospitality leadership — including over 100 analytical interviews and assessment tests — my interest and co-research in the “anatomy” of leadership and the interplay of nature versus nurture has led to several studies published in the North American Journal of Psychology and the Cornell Hospitality Quarterly. Our work in this area has consistently found that leadership is more a mental state than a professional role or pursuit. The human brain has evolved over tens of thousands of years into an approximately-three-pound organic computer whose sole task is to make things more certain.

Individuals will only think and act as “managers when focusing on the tactical aspects of business, or the first three characteristics. These speak more to the “cognitive engagement” of team members. However, managers evolve into “leaders” when they focus on maximizing the most weighted characteristic, i.e., relationships. Indeed, research shows that “emotional engagement” with a brand promise or mission drives the greatest loyalty and performance. This lesson is typically not taught in business programs, but rather is learned the hard way during one’s climb up the corporate ladder. Save some time by using the cheat sheet below to foster more effective teamwork.

If you want to improve employee performance, think about your daily (or “rolling”) conversations with employees. No better opportunity exists to reinforce and help refine excellent employee performance. You have the chance to discuss new projects, talk about overdue assignments, give updates about completed tasks, and more. Unfortunately, many managers miss these opportunities and instead try to influence or control teams with the counterproductive “FUD” method, i.e., using explicit or implicit threats of Fear, Uncertainty or Doubt. Leaders instead should use rolling conversations to reinforce the importance of meeting or exceeding goals by linking an employee’s performance to a specific workplace result. How? Read below for some in-depth guidance.

The rights words spoken at the right time can move mountains. Public speaking is an art and skill that can determine business success or failure. However, many studies show that it is often one of people’s greatest fears and sources of anxiety. Executive coaches and seminars can help leaders become more effective public speakers, but much of the anxiety can be reduced by simply being more organized and prepared. The four tactics below will make you feel more in control and better positioned to make a positive and lasting impact on your audience.

Being a CEO in the restaurant industry is tough work; and short lived for many. Nearly 20% of the CEOs in our annual study of pay-for-performance resigned, retired or were pushed out. It would stand to reason that deficient performance would precipitate a CEO’s ouster, but was that really the case?

Leaders have the responsibility of holding team members (direct reports or even peers) accountable for their actions and commitments. It’s often simple in principle but difficult in practice because doing this means leaders must be ready, willing and able to handle conflict. Sadly, many managers avoid any manner of unpleasantness because they value being liked more than being respected, or they overlook bad behaviour when offenders deliver financial results or meet other critical targets. Both approaches do a disservice to team members who should be benefiting from proactive mentorship and honest, constructive performance feedback. Five tactics make handling conflict easier for all.

Communication in the 21st century – personal or professional – involves less conversation and more electronic sharing of information. Written communication, therefore, is often the norm. Sadly, many good business people are very poor writers. Poor writing in any context leaves a lasting impression, which can be especially detrimental in today’s workplace of enduring email, texts, digital documents and social media. The six tactics below will make you a better writer.

The gaming industry is one of the most regulated businesses in the world. With a colourful past, the industry has gone to great lengths to earn a reputation as “squeaky clean.” But has that translated to the boardroom and corporate governance in general? We think so. Casino Journal and AETHOS Consulting Group have been analysing board practices for more than a decade; rating gaming companies on how well they are organized, managed, communicate with shareholders and pay themselves and executives.

Leaders in any industry admit to having anxieties associated with making tough choices, especially choices that affect their employees’ lives. The level of accountability and responsibility implicit in serving in a CEO role isn’t for everyone. Mythology refers to the Titan Atlas who carried something very heavy, possibly the weight of the world, on his shoulders. It is typically assumed that this was a punishment that came down from Zeus, king of the gods, after Atlas sided against Zeus in the war of the Titans vs. the Olympians. But the famous Roman author Vitruvius claimed this “burden” was actually a reward, for "through his vigorous intelligence and ingenuity, he was the first to cause men to be taught about the courses of the sun and moon, and the laws governing the revolutions of all the constellations.” Indeed, we have likewise consistently found that modern leaders view their power, influence and responsibility as a great privilege.

One of the most difficult and humbling things for us human beings is to admit we don’t know something. Our brain has evolved over thousands and thousands of years into a three-pound, organic computer with the sole task of “making things more certain.” Gaining mastery and a sense of control over our physical and psychological environments is a natural, inherent human drive.

This year marked the 4th annual meeting between academics and industry practitioners at Cornell University in beautiful upstate New York. Like past years the October conference was well-attended, and the speaker slate was varied albeit markedly skewed toward hotel and lodging. Despite this, there was enough general content that was applicable for businesses across the spectrum of hospitality.

Besides technology, the gaming industry has one of the largest percentages of entrepreneurs running their respective companies. Larger than life personalities such as Steve Wynn and Sheldon Adelson actually cast a shadow well beyond gaming. But that is changing as entrepreneurs are slowly being replace by corporate execs such as Keith Smith at Boyd, Jim Murren at MGM, Tim Wilmott at Penn and Mark Frissora at Caesars. It is interesting to see how CEO compensation has changed as this process has unfolded. Generally speaking, the entrepreneurs took more of the compensation in equity, while corporate executive appear to have a more balance approach to their compensation mix. In the end, what matters most is whether a CEO earns his or her pay, not necessarily the size of the paycheck. In an effort to analyze executive pay in the gaming industry, AETHOS developed a proprietary pay-for-performance model that allows for the comparison of disparate data points to determine if a pay package was too large or small.

Behind every failed leader is an excuse. In our experience studying and working with global leadership in the hospitality industry, successful leaders consistently tell us in one way or another that excuses were for “losers” whereas “winners” find solutions to tough challenges, or at least look at failed initiatives with a winning attitude and use the situation to adopt key learnings to apply to future scenarios.

It’s not speculation, opinion or assumption…. the fact is that the common mantra of “Hire for attitude, train for skill” is a misguided perspective on hiring, promotion or performance. Many so-called attitudes, motivational or temperament factors are in fact learnable skills themselves. Research consistently reveals that personality tests are poor predictors of workplace performance, whereas measures of General Mental Ability (reasoning, planning, abstract thinking, comprehending complex ideas and learning quickly) and role-specific skills are stronger and more consistent predictors of performance. Think about it, cognitive and emotional intelligence underpin ability and speed to new learn things, as well as capacity to adapt to new circumstances and handle stress. Personality factors, on the other hand, have been shown by independent research to be an inconsistent predictor of professional performance. It seems counterintuitive, but personality factors per se do not drive success in the workplace.

One of the greatest coaches in history, Vince Lombardi, once said, “Perfection is not attainable, but if we chase perfection we can catch excellence.” We love Lombardi but in this instance we profoundly disagree. We believe that perfection is all around us. That said, we do believe that perfection is fleeting, given that the universe—and the nature of the reality in which we live and work – is in a constant state of flux.

AETHOS Consulting Group Managing Director & CEO Keith Kefgen and Axis Global Logistics Managing Partner Wesley Cheringal sat down earlier this week at the 39th Annual NYU Hospitality Industry Investment Conference to discuss the importance of their strategic partnership. Kefgen and Cheringal share insights on why Axis, a logistics and supply chain solutions company, is important in the hospitality sector.

Our January article presented our nominee for “2016 Hospitality Leader of the Year,” though we clearly noted there were many worthy candidates. [...] Since the publication of this article, however, we have been asked to reveal some of the “runners-up” we deliberated. We are happy to oblige.

AETHOS Consulting Group has been expounding on corporate governing practices for more than a decade. Our goal has been consistent; rate gaming companies on how well they are organized, managed and communicate with shareholders. This year’s study included 27 companies that have significant business concerns in the gaming industry.

The concept of servant leadership has long been rooted in philosophy and religion, the grad student correctly noted that older, formal leadership theories did not explicitly support or address the concept. However, the same can be said of many currently held scientific theories, including continental drift or human evolution.

Millennials (aka “Generation Y” or “Echo Boomers”) are the talk about town. A day rarely passes without a new report explaining what this generation wants out of life and how their value set are economic and cultural disruptors. As consumers and employees, GenY is therefore fast becoming the focal point of marketers, as well as cultural, religious and political leaders.

The past year was full of compelling events and personalities within the hospitality industry, and looking back, many leaders stand out as strong contenders for the title of “Leader of the Year.” To our way of thinking, anyone receiving this designation must exhibit true “servant leadership” by aligning people practices to business practices, and in so doing, bring about tremendous quantifiable results and return on investment (ROI) for all shareholders.

Like it or not, corporate governance is about to change in a big way. President-elect Donald Trump has already been talking tough about “dismantling” the Dodd-Frank Act. Many of the Dodd-Frank policies were put in place to curb banks from causing another financial crisis, but others like “Say on Pay” make little sense. While the U.S. Congress and Trump battle it out in 2017, there are a number of trends and actions in corporate governance that public boards should be thinking about in the New Year:

2016 was a watershed year in corporate governance, with major initiatives in say-on-pay, share ownership requirements, director evaluation and transparency. The hospitality industry continues to make significant strides in each one of these areas. This year’s study was different in that it included a number of international companies, and it was interesting to see how companies traded on the NYSE and NASDAQ compared to those on other exchanges. Suffice to say, good corporate governance is a global initiative and not necessarily led by US regulators.

When we began our careers in the hotel business, it was widely thought that our industry paid executives rather poorly. Is that still true today? If CEO pay is any indication, it appears that stigma needs to change. In fact, based on our 20th review of hotel CEO pay, one could say that the industry is a vehicle for getting rich.

Public Boards are increasingly under siege by shareholder activists, putting unprecedented pressure on Board members to perform in all manner of ways to boost enterprise value. But what does it mean to perform as a Board member?

With five fewer companies in the mix this year, the continued shake-up and consolidation trend across public gaming companies is the theme in AETHOS Consulting Group's study of corporate governance in the gaming industry.

Casino Journal and AETHOS Consulting Group have be examining corporate governing practices for more than a decade. This year’s study includes 26 companies that have significant business concerns in the gaming industry. This study examines board makeup, independence, committee structure and pay-for-performance in determining a governance score for each company.

Keith Kefgen and Dr. Jim Houran on the recent trend of consolidation within the hospitality industry: "It’s not about trying to force a square peg into a round hold, but rather about building new, novel, and profitable configurations altogether".

As a global advisory firm, we constantly meet new and interesting professionals. Occasionally some individuals offer innovative perspectives or hold such unique positions that we are keen to hear their insights and profile their experiences in human interest stories – that is, case studies that speak to broad issues of development, leadership or culture-building.

New trends in the board room are emerging based on AETHOS Consulting Group’s study of corporate governance in the lodging industry. This does not mean that perfection has been achieved in previously raised key areas. Unfortunately, we continue to see a few companies with classified boards, little diversity, questionable independence, and holding back as it relates to more performance based compensation.

Using our proprietary pay-for-performance model, AETHOS has evaluated the performance of forty-six CEOs in the hospitality/travel/entertainment industries. The overarching goal? To determine whether a CEO is deserving of his or her pay relative to their peers.

Pay for top gaming industry chief executives is on the uptick, especially for companies concentrating on international opportunities

There is quite a bit of news about "cyber concerns" and breach of security from both the business community as well as individuals. [...] The hospitality industry, hoteliers, restaurants and other such businesses that rely on the use of personal information to provide service to their customers are particularly at risk. Here are but just a few of the areas to consider when limiting exposures and liability.

Every proxy season for the past 20 years I have evaluated the performance of CEOs in the hotel industry using a proprietary pay-for-performance model which looks at key financial metrics such as company size, stock appreciation, EBITDA growth, and total direct compensation within a defined peer group.

The article takes an in-depth look at how leaders must possess both creativity and problem-solving skills to excel on the job. it is argued that these skills can be taught and are not necessarily innate.

In our 15th annual study of US board performance, Host Hotels & Resorts and Starwood Hotels & Resorts tie for first place. Host rose from its 7th place ranking and Starwood from 4th in last year’s study, edging past Sunstone Hotel Investors, last year’s winner.

Is the social media phenomenon really a paradigm shift, or are these technologies merely new tools for doing things people have been doing for thousands of years? The authors look at the likely evolution of social media, and remind us that – especially in the world of hospitality – human interaction will still trump contact through technology.

The 2013 ranking of gaming’s best boards emphasized diversity, clearing the way for MGM Resorts to capture the top spot.

Many would argue that all CEOs are overpaid, but we disagree. Keith Kefgen reveals his findings in the latest edition of our annual review of US hotel company CEO compensation.

After a slower than expected recession recovery, the gaming industry is beginning to see signs of optimism, leading towards an economic rebound. The authors present their 2012 review of US gaming CEO compensation for Casino Journal

Based on our pay-for-performance index, in 2012 Joe D'Amato at Empire Gaming was the industry's most underpaid boss or top-performing CEO, depending on your point of view.

By comparing a company’s stock appreciation, growth in earnings and EBITDA to our Governance Index, Keith Kefgen concludes only a minor connection between the two.

Newer research increasingly implicates self-imposed barriers to women’s advancement at the workplace. We argue that the “glass ceiling” is now predominantly a misnomer and that the current challenges to advancement are best characterized as an “invisible obstacle course”.

Even as key performance metrics - occupancy, ADR, RevPAR - recorded positive growth in 2011, CEO turnover increased at unusual levels. 2011 marked changes at the top spot for 1 out of every 8 publicly trading US hotel companies. The annual survey looks at why a recovering industry causes such upheaval in the executive suite.

Based on our pay-for-performance model, Bill McCarten was underpaid by 120.9% in 2006. The model takes into consideration three primary criteria, EBITDA/FFO growth, market capitalization and stock appreciation and compares that to total compensation.

Based on our pay-for-performance model, Steve Bollenbach at Hilton Hotels Corporation was underpaid by 120% in 2005.

You can’t read a business magazine or newspaper today without executive compensation being hotly debated.

Shareholders are demanding transparency and they are going to get it. With the right balance of metrics, managerial behavior can be directed in the appropriate way.

IRS statute (280G) was enacted to control excessive payment to executives in the event of a Change In Control.

A few years ago there was no such thing as a lead director on a public board. But when the CEO and the Chairman were the same person conflicts were clearly visible. This has been improving and in 2006, 25 of 41 executives in the Chairman position were not the CEO.

We still deem equity pay to be an important part of compensation administration; we just think it is time to end the compensation free-for-all.

Did CEO pay follow the dramatic fall of the US economy in 2009? AETHOS Consulting Group presents this and other findings in our annual CEO survey of the US hotel industry.

The role of the nominating/governance committee is critical in establishing good governance.

If there has been any positive effect to the recent debacles in the world of corporate governance (Tyco, Enron, Adelphia, Worldcom) it is that Wall Streeter’s and Shareholders have become “educated buyer”.

CEO pay continues to be a highly scrutinized topic, especially in today's economic environment. We argue that when compensation programming is done correctly, a CEO's pay should be based on performance relative to his or her peers.

In the last year, numerous cases of backdating stock options have come to light. Apple has been the most high profile company to be embroiled in the scandal. Keith Kefgen looks at "What is backdating?"

Our annual study addresses trends in total compensation for two of the most senior positions at U.S. Gaming Companies.

We question recent suggestions to increase taxes on the highest spending consumers in the U.S. Will such a revenue stream really help balance the country's massive budget deficit?

Should Congress Limit CEO Pay? Keith responds to the a NY Times article written by economist Robert Frank.

To be successful, today’s hospitality executive must be a service fanatic, marketing guru, Wall Street analyst, real estate appraiser and a first-rate coach. Keith Kefgen has some advice for aspiring leaders in hospitality.

AETHOS looks at the Say on Pay bill passed in the United States - a real reform or just good politics?

In this article, the authors discuss how the practice of ‘hedging’ has become popular during the past few down years in the stock market.

Bonuses way up, stock options way down in the 2007 Gaming Industry CEO Survey by AETHOS.

An answer to one of our most frequently asked questions, and a demystification of the construction of a working bonus program.

This review of US gaming company CEOs compares 2010 compensation in relation to stock performance, EBITDA growth and market capitalization over a three year period.

The North American Journal of Psychology and AETHOS tested some of the latest thinking on what intuitions are and when they should be heeded. The study offers guidance for if and when business leaders should trust their gut decisions.

A guide for assessing your company's ethics program, or starting one.

Organization structure can affect the quality of corporate governance. Companies need to carefully analyze their strengths and weaknesses and recruit new directors that can enhance the competency of the overall board of directors.

Aethos Consulting Group recommends a separation of the roles of CEO and Chairman on a hotel company board.

This year we analyzed CEO compensation for 53 public restaurant firms. Based on our pay-for-performance model, the top performer was Joel A. Schwartz of Benihana Inc.

Industry professionals are looking to job boards for comprehensive career tools.

Organizations that understand how executive search firms should operate consistently attract and retain the best and brightest.

The partners at AETHOS present a global perspective on hospitality executive recruitment in 2010.

We named Jeffery H. Boyd President & Chief Executive Officer of priceline.com as the hotel industry’s top-performing chief executive officer of 2008 in our 16th Annual CEO Survey.

Even with fewer bonuses and stock options, the average CEO salary shot up 16.2 percent in 2003, thanks to a spike in casino business finds our annual US Gaming CEO performance study.

LaSalle Hotel Properties wins top spot in the 13th US hotel company board performance study.

CEO compensation in the hotel industry continues to be an important issue in the midst of an economic downturn. Based on our pay-for-performance model, Jon E. Bortz of LaSalle Hotel Properties was underpaid by 111.9% or $2.1 million in 2007.

In this annual survey of board performance we analyzed the public documents of forty-one US public lodging companies.

The 8th annual survey of board performance analyzed public documents of forty-four public US lodging companies.

Sunstone Hotel Investors leaps to the top in the 14th annual Top-Performing Board analysis of US public hotel companies.

Starwood Hotels & Resorts wins top spot in the 12th annual US hotel company board performance study.

Our annual review of the US gaming industry leadership evaluates the stock performance, EBITDA growth and market capitalization of public gaming companies in the U.S. and compares it with CEO pay.

The 12th annual study evaluates the Best Gaming Boards of 2009. Conclusions are based on analysis of 35 public gaming companies.

US gaming industry's boards in 2005 exercised diversity and discretion in their handling of corporate governance, finds our annual survey of best practices in the boardrooms of US public gaming companies.

As the SEC, White House and Congress continue to define board and CEO performance standards, we find that some companies are doing an excellent job. Host Hotels & Resorts lead the 11th annual board performance study of US hotels.

There are many effective means available of assessing current and future company executives. Are you utilizing an effective assessment tool? wE take a look at the what, how, and why of executive assessment.