Insights From the C-Suite: Faye Ashby, SVP, Chief Accounting Officer, Norwegian Cruise Line Holdings
As part of a new, members-only series, Women Leading Travel & Hospitality is asking industry executives about their professional journeys, mentorship, how they stay up-to-date on the latest technology and trends, how they take care of themselves, and so much more. This week, insight comes from Faye Ashby, senior vice president and chief accounting officer, Norwegian Cruise Line Holdings.
Women Leading Travel & Hospitality: Can you share a specific instance where you successfully navigated a major change or challenge, highlighting the key lessons learned and how they shaped your leadership approach?
Faye Ashby: In 2020, the cruise industry faced an unparalleled shutdown due to the COVID-19 pandemic, leaving our company without revenue for approximately 500 days as passenger sailings came to a halt. This presented significant financial and operational challenges.
Financial Challenges: Initiating multiple debt and equity capital financings became imperative to secure the company’s liquidity and sustain operations. In addition, we implemented salary reductions across the workforce, a difficult but essential step to safeguard the company’s financial stability.
Operational Challenges: Transitioning to a remote work environment presented operational hurdles, requiring a reimagining of processes such as closing the books, processing payroll, issuing customer refunds, and managing vendor payments as well as supporting the periodic filing requirements for 10-Qs/10-Ks as a publicly traded entity.
Key lessons learned:
- Resilience and adaptability: The team exhibited remarkable resilience and adaptability, emphasizing the importance of fostering a culture that thrives in times of adversity.
- Empathy and consideration: Understanding team members’ personal challenges and offering support not only boosted morale, but also reinforced a sense of unity and shared purpose.
- Flexibility in leadership approach: Embracing flexibility enabled more effective decision-making and problem-solving in the face of rapid change.
- Communication is paramount: Keeping the team informed and engaged fosters trust.
WLT&H: How have mentorship and sponsorship played a role in your professional development, and how do you actively engage in cultivating talent within your organization?
FA: Mentorships and sponsorships have been pivotal in my development. Early in my career, I benefited from the guidance of experienced mentors who provided valuable insights, shared their experiences, and offered constructive feedback. These mentorship relationships not only helped me navigate challenges but also accelerated my learning and skills development.
Likewise, sponsorship played a crucial role in advancing my career. Having advocates who actively supported my professional growth, vouched for my capabilities, and provided opportunities for visibility and advancement significantly contributed to my success. Recognizing the impact on my own journey, I’m committed to actively cultivating talent within my organization. I participate in mentorship programs as well as engage in informal interactions with junior colleagues offering guidance and advice. Additionally, I advocate for sponsorship initiatives, identifying and supporting individuals with high potential and ensuring they have the visibility and opportunities needed for career advancement.
WLT&H: How do you maintain a healthy work-life harmony, and what strategies do you employ to prioritize your well-being amidst high-level responsibilities? How do you ensure your team does the same?
FA: Maintaining work-life harmony as an executive is vital. I proactively plan and schedule vacations to spend quality time with family and friends. My passion for the spa is well-known to my team, and engaging in wellness activities is integral to setting a positive example. I actively encourage my team to use their paid time off and personal days. The company’s cruise benefits provide a unique opportunity for the team to unwind. I advocate for the use of these benefits to promote relaxation and well-being as well as provide an opportunity to experience our quality product. My goal is to have an environment where the team feels supported in maintaining a healthy balance between work and personal life.
WLT&H: How do you stay informed about industry trends and emerging technologies, and what role does continuous learning play in your ongoing personal and professional development?
FA: As a CPA, staying current with new developments and accounting standards is a professional requirement that I prioritize. In addition, I actively engage in continuous learning to stay informed about industry trends and emerging technologies, fostering both my personal and professional development. Networking with peers within the hospitality industry is a key aspect of my strategy, providing valuable insights and perspectives. Attending industry-related events allows me to immerse myself in the latest trends and advancements. Moreover, regular meetings with management across my company and external partners provide opportunities to discuss and share knowledge about evolving industry and technology landscapes. By combining these efforts, I ensure that I’m well equipped with the latest information, enabling me to make informed decisions, contribute effectively to my organization, and maintain a proactive approach to my own professional growth.
Are you a C-suite woman executive in the travel and hospitality industry? We’d love to feature you! Reach us at wlt@skift.com.