His exceptional leadership and unwavering dedication to the organization have truly set him apart. He has consistently steered the company towards success with his positive and visionary approach, and the ability to motivate and inspire those around him. He will continue to bring the same passion and commitment to his new position, driving us to even greater heights.
As he embarks on this new chapter, his guidance and mentorship will be invaluable to us all, and we are excited to continue this journey under his leadership.
He is Madhavan Menon, our Executive Chairman.
It has been 10 years since we last interviewed him, for the magazine, so it seems only fitting to do another face to face with the person who, with his trusty team, steered this company successfully ‘back from the brink!’
Madhavan joined Thomas Cook India in 2000 as the Executive Director responsible for the Foreign Exchange business, and stepped up to the position of Managing Director in January 2006; Chairman & Managing Director in January 2016; and Executive Chairman effective July 2023.
Congratulations on your new designation! How would you define your new role as Executive Chairman, and how does it differ from your previous position?
From my perspective nothing has really changed, and this is why I call it “Rebadging”. I was designated Chairman & Managing Director last year after Mrs. Kishori Udeshi retired as the Chairperson, and continued as an Independent Director for personal reasons. I also believed that it was an opportune time to elevate Mahesh Iyer from Executive Director & CEO to the position of Managing Director of Thomas Cook. My rebadging, and Mahesh’s elevation, are subject to Shareholder approval at the upcoming AGM.
I will continue to oversee the Thomas Cook India Group as it consists of Companies. I believe all the CEO/MD’s of the ten Companies have the necessary experience and ability to run their Companies. I will continue to focus on managing the relationship of the Group with the Majority Shareholder Fairfax Financial Holdings, Governance across Group Companies, and monitoring the performance of the Group, both from a strategic, as well as a performance perspective.
What are your primary goals and objectives for the company in your new role?
My goal is to shepherd the group back from the calamity that was inflicted on us between 2020 and 2022, while sustaining some of the strategic objectives and the benefits that we derived from executing these objectives. I am sure many of you have witnessed the bang with which travel has rebounded since 2022, and reflected by the results that the Group has posted over nearly four quarters. Additionally, it is my responsibility to ensure that we capitalize on the opportunity that the end of the calamity offered us. Having said that certain segments are taking their own time to rebound, especially in the Destination Management business. I am confident that the next couple of years will be very promising for the entire Group.
What are the first 3 words that come to your mind when describing Thomas Cook.
Not three, just two words, “CUSTOMER EXPERIENCE”! This is central to our existence and sustainability. We identified this way back in 2018, and started using the phrase “Customer Experience” instead of “Customer Service”. This change was reinforced as we came out of the pandemic, and witnessed several changes in terms of the customer profile, customer expectations and the availability of abundant information – online.
During the two years of Covid that swept the world, the Thomas Cook Group faced some of its biggest challenges. As its Head, what were the learnings from the pandemic for you and the Organization?
My favorite phrase is “Going from Hero to Zero in 24 hours!” to describe what we faced at the end of March 2020, and I continue to use it even today. Sounds a bit Bollywood, except that this was a reality. I have never faced so many challenges at the same time both personally, and professionally, in my entire life. When one realizes that when there is no light at the end of the tunnel, you find ways to do things you never thought you could.
Having said that, the greatest lesson I learnt from the pandemic was the fact that I drew a great amount of confidence, energy and focus from my colleagues who surrounded me. While I have witnessed and preached ‘Teamwork’ all my life, I had never witnessed it in its virtual form. My God, it was so effective. My children say that I turned from a cynic, (as far as they were concerned), into this eternal optimist! This is indeed true. I now live and breathe hope.
The Group stood together through the two years despite all the challenges and shared all those precious moments together despite being separated by distances. I witnessed people at all levels focus on surviving as a distraction from the unpredictable.
I will always cherish the support, commitment, and extensive effort that each employee put in to ensure that we fulfil our aspirations. This has really left me at a loss of words to express my gratitude.
What were the critical achievements of the Organization despite this difficult period?
There were many achievements but will name a few.
- We upgraded our technology across each business and company with the primary focus of digitizing our processes. While this is still a work in progress, we did take large strides in this direction.
- Integration of the back end at Thomas Cook and SOTC in the Leisure and Corporate/Business Travel.
- Cost rationalization. An extremely difficult, but necessary, decision to ensure our survival. We intend to embed some of these savings for several years.
- Obtaining financial support from Fairfax Financial Holdings in 2021.
- Focusing on customer and employee hygiene during the pandemic. Both these are innovations that I am extremely proud of.
You have witnessed a return to normalcy over the last three quarters, and recent results have been good. Can you explain the factors behind this?
I can only describe it in a single phrase “Back from the Brink”. The reorganisation, improved productivity, digitalisation cost optimisation, and the rebound in customer demand contributed to the recovery of the profitability of the Group. I expect that this trend will continue for some time to come.
As the Executive Chairman, how do you envision fostering innovation and driving growth within the Organization?
I have always believed that the mantra of success lies in innovation and constantly refreshing your offering, and having a pulse on what the customer is thinking. All this adds up to giving the customer the experience of a lifetime. I believe that if we stick to these principals, we will witness growth in the years to come.
What is the way forward for the Group? How do you envisage the company 5 years from now?
Honestly, I am not one to speculate on the future! Let me try and take a shot at it, and please do forgive me if it sounds too philosophical!
I see the Thomas Cook Group growing from strength to strength, and each of the Companies becoming the biggest in their local geographies.
What has been your personal learning through the last three years?
The first lesson that I learnt is that there is always hope and opportunity in each situation, however bad or good it is.
A second lesson is, don’t wait for things to change, start driving change on an ongoing basis. Before the pandemic many of you may have heard me say that ‘Change is the new normal’. Change is constant, and will be a permanent feature of our lives. Prior to the pandemic people used to constantly look for deals in Travel, today people are still travelling despite costs being significantly higher, and seem to be here to stay.
A third lesson I learnt, was to continue working, as Lili seems to have got sick of seeing me at home!
What is your strategic view for the Organization going forward? Any expansion/ Acquisitions etc.?
While this is not an immediate priority, it will always be on our radar. However, we must first recoup all the losses that we ran up during 2020-2022.
Now on a personal level and in lighter vein!
Your happily expanding family comprises of — Two Grand Children Nina and Ray, Lili my partner/ boss of forty years, and my children Pooja & Rohan, Shankar & Devika, and Ziya & Zoya.
You kick-start your day with — exercise, by either walking 5 Km, or stretching with my Trainer.
When you are not thinking of Thomas Cook you chill out by — the answer is multifaceted. Spend time with Lili in our Khadakwasla house, smoke a cigar accompanied by a glass of wine, and a lot of screen time.
On your bedside table one would find — My Phone and the TV Remote.
What do you consider the most overrated virtue? — Mine, all of them!
What is the trait you deplore most in yourself? — Too much of a tendency to rationalise and I am sure this irritates a lot of people.
And in others? — I have a very short attention span so people lose me
Your idea of an ideal holiday? — In Forty years, I have never planned a holiday, and I do not believe that this will change any time soon. Ask Lili and she will tell you that I prefer Thomas Cook to a Holiday! Actually, she plans every holiday and I follow her.
Your work mantra! — Keep my ears and nose to the ground. Reach the office early. Take those bullets that you believe will harm the Organization….as I believe that the buck stops with me!