Leading Finance and Business Development in the Hospitality Industry

Wuthivet Vetchabutsakorn, Senior Vice President and Group Head of Finance, ONYX Hospitality Group

Wuthivet Vetchabutsakorn, Senior Vice President and Group Head of Finance, ONYX Hospitality Group

Wuthivet Vetchabutsakorn has over 20 years of experience leading companies and helping them achieve their goals and deliver value to shareholders. He is skilled in various areas such as business partnering, treasury, finance, and accounting, risk management, hotel developments & operation, strategic planning, corporate turnaround, and restructuring. Wuthivet has worked in both multinational corporations and listed companies. He has a proven track record in effectively managing stakeholders, building strong relationships with the board, developing strategic plans, implementing financial transformations, and nurturing the growth of future leaders.

Please tell us about your roles and responsibilities at Onyx Hospitality Group.

I am the Senior Vice President and Group Head of Finance, essentially in the role of a CFO. My responsibilities primarily encompass finance, accounting, procurement, and IT functions. I also play a strategic role in the company's development and business expansion, where I oversee an investment team and a business development team. My role involving managing accounting and treasury has expanded to conducting audits, overseeing tax matters, handling IT procurement, and developing business development strategy.

I am involved in collaborating with bankers, allies, and maintaining investor and agile relations. Around 40 percent of my time is dedicated to overseeing and driving the business, which involves working closely with the team, managing operations, commercial aspects, and property-level matters.

"The CFO should allocate their time wisely to important activities. It would be beneficial if around 40 percent of their time is dedicated to driving the business and making a positive impact on its performance."

I engage with the board of management on a quarterly basis to ensure we have a diverse range of strong personalities that offer different perspectives. Furthermore, part of my responsibilities include collaborating with individuals from various departments across the organization, which involves tasks such as recruiting talents, career development, and overseeing departmental operations. My role encompasses not only the technical aspect but also involves operational tasks and strategic responsibilities.

What are the new challenges or trends that you see existing in the industry today?

In the past three years, our main objective has been to ensure the survival and resilience of the business. Our focus has been on refinancing initiatives and finding ways to make the business thrive.

In the next phase, the main focus is on personal growth and supporting the company's growth by securing deals, managing the pipeline, and seeking investment opportunities. Additionally, we recognize the importance of leveraging technology to enhance our current business operations.

We are not only focused on the traditional financial aspects but also on exploring opportunities such as applications and AI functions that can enhance our guests' experience during their stay at our hotel property. Therefore, we are actively collaborating with various vendors to upgrade our technology.

For instance, there is an application designed for clients that allows users to access room service and make reservations in advance, aiming to enhance the overall guest experience throughout their journey.

Could you talk to me about the projects that you have been a part of recently and the initiatives you have taken to enhance the guest experience?

We are currently focusing on several ongoing projects. Firstly, we are addressing the branding aspect of our portfolio, where we have categorized our products into four different brands: Amari, OZO, Shama for long-stay accommodations, and Oriental Residence for luxury accommodations. We are currently collaborating with the team to potentially rebrand and improve customer understanding of our brand. We are working closely with the owner to ensure that our brand aligns with current trends and updates in both our product and service offerings to enhance our properties and further elevate our products. We are focused on driving digitalization within our company by creating a dashboard to keep critical stakeholders informed. This includes improving the budgeting process, forecasting process, and performance management cycle.

We plan to work with a technology partner in order to transition our system to a cloud-based platform. This could involve upgrading our property management system, such as the opera system, and some of the food and beverage point-of-sales systems. In the next three to four years, we will be focusing on renovating our properties and improving our products in order to enhance shareholder value and ensure a sufficient return for them. This is necessary due to the impact of COVID-19 on some of our properties.

How do you envision the future of the hospitality, travel, and finance industries? In what ways do you anticipate these sectors merging, and what kind of impact do you think they will have?

I believe that despite the challenges faced by businesses and individuals during the pandemic, travel will continue. The COVID-19 situation has taught us valuable lessons, emphasizing the need to embrace technology such as online meetings. However, people still need social interaction and networking. Therefore, I anticipate that the industry will recover and bounce back soon, although adjustments to a new normal may be required.

In our industry, it is common to see individuals who have the ability to work remotely and travel simultaneously. This trend of being constantly on the move is becoming increasingly prevalent.

The finance sector should focus on fully embracing and utilizing technology for its growth. It is essential for finance professionals to stay updated and well-versed in the emerging trends and technologies, particularly in terms of digitalization. It is important to not only focus on data processing but also embrace the role of a business partner. Being knowledgeable about finance is essential for financial executives, as they should understand the business and not just be experts in finance.

What advice would you offer to your peers and aspiring professionals in the industry?

The CFO should allocate their time wisely to important activities. It would be beneficial if around 40 percent of their time is dedicated to driving the business and making a positive impact on its performance. It is crucial to possess a rational understanding of financial matters when making significant business decisions. Attending meetings is essential, as it allows for active participation and the expression of impartial viewpoints within the team.

It's important to have a strong functional leader, and since dealing with problems takes up most of the time, it's crucial for team members to be proficient in their areas of expertise.

It is necessary to connect the dots between various functions such as accounting, treasury, and FP&A. Also allocating approximately 15 percent of time toward managing the board of directors at a strategic level is crucial. For instance, conducting quarterly meetings with the board of directors helps in managing expectations and ensuring optimal performance. Lastly, it is important to maintain a positive relationship with external parties such as customers, bankers, analysts, and advisors.