WEBVTT - Dondra Ritzenthaler on Taking the Helm as CEO of Azamara Cruises

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 2>Tim Stenebek on Bloomberg Radio. We got with us a

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<v Speaker 2>Dondra Ritz and Taller CEO of Asimar A Cruzz. Asimar

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<v Speaker 2>A Cruzez has a fleet of four mid sized ships

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<v Speaker 2>that carry about seven hundred guests in oceans rivers, and

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<v Speaker 2>they are able to docket locations that the bigger ships

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<v Speaker 2>can't access. Dondre joins us from Colorado. Good to have

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<v Speaker 2>you with us this afternoon. You've been in the travel

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<v Speaker 2>industry for four decades, twenty years in airlines, twenty years

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<v Speaker 2>and cruises. Give us an idea of the environment that

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<v Speaker 2>you see right now and remind everyone of the guest

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<v Speaker 2>profile of the folks at at Azamara Cruzz.

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<v Speaker 3>So thank you so much. First of all, to both

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<v Speaker 3>of you for having me on. And I do not

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<v Speaker 3>blame you for wanting to share a room. We've got

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<v Speaker 3>plenty of space. You can all have your own stay

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<v Speaker 3>room with us. But it was funny hearing that. And yeah,

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<v Speaker 3>the industry is really beaming and we're excited that we're

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<v Speaker 3>back in the water and that cruising is really taking off.

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<v Speaker 3>In fact, it's rebounding much faster than other vacation experiences,

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<v Speaker 3>where we're actually up one hundred and seven percent versus

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<v Speaker 3>nineteen by the end of twenty three, when trips to

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<v Speaker 3>international destinations are actually down twelve percent. And so we

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<v Speaker 3>have continued to see that momentum into twenty twenty four

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<v Speaker 3>and twenty five is actually looking even stronger. And the

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<v Speaker 3>audience for really the Asimara brand is that affluent traveler

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<v Speaker 3>who has both the time and the desire to really

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<v Speaker 3>get immersed in these beautiful destinations around the world.

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<v Speaker 1>So tell us a little bit about Asimara cruises, because

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<v Speaker 1>I don't know that it's as well known to be

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<v Speaker 1>fair as some of the big cruise liners that are

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<v Speaker 1>publicly traded. Tell us little bit about who you guys

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<v Speaker 1>are long you've been around, where you typically you know

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<v Speaker 1>sell to, and who is your customer.

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<v Speaker 3>Absolutely so, we have actually been around since two thousand

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<v Speaker 3>and seven, and we are smaller, and in fact, we

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<v Speaker 3>kind of like that a lot, Carol, that we are smaller.

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<v Speaker 3>You mentioned it. There's four ships. They each hold about

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<v Speaker 3>seven hundred guests, and we love that because it's a

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<v Speaker 3>much more personal and intimate experience, and we go all

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<v Speaker 3>over the world. In the summertime, we actually have all

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<v Speaker 3>four of our ships in Europe because there's so much

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<v Speaker 3>demand in the europe marketplace, whether you're doing a country

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<v Speaker 3>intensive in Spain or Italy or Greece, we have those,

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<v Speaker 3>and then we actually branch out and do things like

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<v Speaker 3>Africa and South America and you know some of those places.

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<v Speaker 3>Japan is really hot and we have cruises that go

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<v Speaker 3>all through that region and so what we yeah, is

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<v Speaker 3>it currency, is it?

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<v Speaker 1>What's going on?

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<v Speaker 2>Everybody's going everybody's going to Sebastian just back from Japan. Now,

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<v Speaker 2>Elizabeth's back from Japan. Like our whole team is going

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<v Speaker 2>to Japan. Yeah.

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<v Speaker 3>Well it's it's funny because it definitely is hot and

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<v Speaker 3>there's no question and you can see that because y'all

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<v Speaker 3>are living in as well. I think it was because

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<v Speaker 3>you know, it was the last to come back after

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<v Speaker 3>the pandemic and so there's pent up demand and that's

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<v Speaker 3>why we have so much of our cruising going there

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<v Speaker 3>because just like y'all are seeing, it's the same and

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<v Speaker 3>you know, the demographics that want to take in Asimar

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<v Speaker 3>cruise and really get immersed like when you go to Japan.

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<v Speaker 3>You may go to one destination and say for five

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<v Speaker 3>or six days. What we do is we let you

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<v Speaker 3>go in for a full day or maybe even two days,

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<v Speaker 3>because we do a lot of overnights where other cruise

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<v Speaker 3>lines don't, and then we let you go experience another

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<v Speaker 3>part of it. And that's what's really special about the

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<v Speaker 3>Asmar brand. We really get immersed in the destination.

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<v Speaker 2>Hey, Dondra, if demand is so high right now, why

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<v Speaker 2>do you only have four ships?

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<v Speaker 3>Well, you know, we are owned by Sycamore, which is

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<v Speaker 3>a private equity firm out of New York, and we

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<v Speaker 3>very much have discussions with them ongoing and growing our

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<v Speaker 3>beautiful company because we would like to get three four

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<v Speaker 3>more ships so that we can go in even more

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<v Speaker 3>places and take our guests around the world. But that's

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<v Speaker 3>where we are today, and we're going to keep being

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<v Speaker 3>successful in the marketplace and growing the business and using

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<v Speaker 3>our travel advisors, which really a huge distribution channel to us.

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<v Speaker 3>And then as we grow, I suspect that our private

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<v Speaker 3>equity firm will allow us to grow by getting new builds.

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<v Speaker 2>Well, give us an idea. We're you know, we're not

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<v Speaker 2>in the cruise business, and I don't think many of

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<v Speaker 2>our listeners and viewers are. So how much does it

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<v Speaker 2>cost to build one of these ships? And what would

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<v Speaker 2>be the lead time that you would need from ordering

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<v Speaker 2>it to when it's actually delivered.

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<v Speaker 3>Well, it's usually about an eighteen to twenty month in advance.

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<v Speaker 3>Like you go in and you secured the shipyard, and

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<v Speaker 3>then you know, it takes a while because we have

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<v Speaker 3>to design them, we have to then make sure that

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<v Speaker 3>they're built safely, and so it really does take a

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<v Speaker 3>little bit. And you know, as far as how much

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<v Speaker 3>it costs, I don't know how much it would cost

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<v Speaker 3>for our ships because I came from my decade in

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<v Speaker 3>the business that you mentioned earlier. We had much bigger ships,

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<v Speaker 3>and so I wouldn't want to give the price for

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<v Speaker 3>those because it won't cost us much.

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<v Speaker 2>We're talking tens of millions or hundreds of millions.

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<v Speaker 3>Hundreds of millions.

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<v Speaker 1>They're still big. There's still big ships, So go back.

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<v Speaker 3>It's a big ticket item.

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<v Speaker 1>Listen. I was, you know, playing around on the website

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<v Speaker 1>and looking at you know, two people for twelve nights

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<v Speaker 1>in the Caribbean. It looks like it could cost five

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<v Speaker 1>six seven, Like you can go up the tier. Give

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<v Speaker 1>us a range of the costs of taking like a

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<v Speaker 1>twelve night cruise to the Eastern Caribbean.

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<v Speaker 3>Well, you know, it's funny. The Caribbean is definitely a

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<v Speaker 3>place that we go, but those are actually the less

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<v Speaker 3>expensive cruising because there's so much capacity that goes into

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<v Speaker 3>the Caribbean market and we do it very differently than

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<v Speaker 3>any of the competitors in that marketplace. But you could

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<v Speaker 3>go anywhere from you know, we have different cabin categories,

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<v Speaker 3>our suites, which are the ones that sell the you

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<v Speaker 3>know first, actually are you know anywhere from ten thousand

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<v Speaker 3>and then we have a few of the of the

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<v Speaker 3>balcony cabins that you talked about earlier, Carol, that you

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<v Speaker 3>could get for five six thousand per person. So there's

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<v Speaker 3>really something for everybody. But our guests have a tendency

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<v Speaker 3>to want to buy the suite and then that sells

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<v Speaker 3>out first, and then we sail down from there, and.

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<v Speaker 1>Are you sold out? Like, give us an idea, Just

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<v Speaker 1>remind us again, Like Carnival talked about record bookings and

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<v Speaker 1>the outlook and talked about pricing power, so go there again, Like,

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<v Speaker 1>in terms of your bookings, what are you seeing for

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<v Speaker 1>twenty twenty four. What are you seeing in terms of pricing?

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<v Speaker 3>We are definitely in a rising price environment, and in

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<v Speaker 3>our environment, when you start to hit your targets both

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<v Speaker 3>from a booking and the yields that you're seeing, then

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<v Speaker 3>you start to raise your prices, right, and so we

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<v Speaker 3>are definitely right on target for twenty four and honestly,

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<v Speaker 3>twenty five is actually showing some tremendous growth. We're you know,

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<v Speaker 3>thirty three percent ahead of where we were the same

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<v Speaker 3>time last year, which is you know, this year. Because

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<v Speaker 3>we have a tendency in the cruise business and particularly

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<v Speaker 3>at Asmar Cruises, we pooked pretty far in advance, and

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<v Speaker 3>so we're really in the prime booking window for twenty

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<v Speaker 3>twenty five right now.

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<v Speaker 2>Interesting. Okay, hey, give us an idea of You talked

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<v Speaker 2>a little bit about your customer, but I'm wondering about

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<v Speaker 2>the demographic profile of them. Some cruise companies like to

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<v Speaker 2>appeal to families and bringing sort of multi generations on longer,

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<v Speaker 2>longer cruises tend to attract those who are retired because

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<v Speaker 2>they don't need to worry about taking so much vacation.

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<v Speaker 2>Where are you?

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<v Speaker 3>So you know, it's funny because it's two things from

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<v Speaker 3>an age perspect you know, right in that fifty to

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<v Speaker 3>fifty five is the sweet spot for us. But it's

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<v Speaker 3>not just people that are retired. In fact, there's a

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<v Speaker 3>lot of guests that actually really want to go on

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<v Speaker 3>and Asimar Cruise because they've tried other cruise lines and

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<v Speaker 3>they know they like cruising, but they really want to

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<v Speaker 3>get into this global destination immersion and what does that mean. Right,

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<v Speaker 3>So we will get to a beautiful place like Sicily,

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<v Speaker 3>and we will get in at eight o'clock in the morning,

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<v Speaker 3>we won't leave until the next day at five, right,

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<v Speaker 3>not the same day at five. So what happens is

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<v Speaker 3>we have a tendency to get the cruisers who want

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<v Speaker 3>something that's more immersive, and not just those are retired.

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<v Speaker 3>But our sweet spot is definitely in that age demographics.

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<v Speaker 3>And while we certainly accommodate families, that's not our target.

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<v Speaker 1>All right, Dondra, really appreciate getting some time with you.

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<v Speaker 1>Dondra Ritzenaler, she is the CEO of Asamara Cruz is

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<v Speaker 1>joining us on this Friday.

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<v Speaker 2>Well, our next guest writes about a worrisome trend in

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<v Speaker 2>the C suite women lost about a sixty season sweet

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<v Speaker 2>roles at SMP Global Total Market Index Companies in twenty

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<v Speaker 2>twenty three. Carol, it's the first time the number of

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<v Speaker 2>female execs at the very highest level of business dropped

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<v Speaker 2>during the almost twenty year period tracked by SMP Global

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<v Speaker 2>Market Intelligence.

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<v Speaker 1>No I thought we were making progress. So what exactly

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<v Speaker 1>is going on? Bethcoh It is a Bloomberg Opinion senior

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<v Speaker 1>columnist and in the new issue Bloomberg BusinessWeek magazine, the

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<v Speaker 1>new monthly issue, she writes about the declining numbers of

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<v Speaker 1>female executives at a time when the political right is

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<v Speaker 1>blasting d EI efforts. She joins us from New York City.

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<v Speaker 1>As we mentioned, featured this story in the new issue

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<v Speaker 1>Bloomberg BusinessWeek magazine that's on newsstands, online and on the

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<v Speaker 1>Bloomberg Term.

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<v Speaker 2>So, Beth, what's going on here? Because you open talking

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<v Speaker 2>about Rosbrewer over at all Walgreens Boots Alliance, and she

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<v Speaker 2>was out after twenty twenty, just a couple of years

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<v Speaker 2>after starting. We all saw what happened yesterday the company stock,

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<v Speaker 2>but it was sort of a long time coming. You

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<v Speaker 2>use that as sort of like the lead in to

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<v Speaker 2>explain what's happening at these companies.

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<v Speaker 4>Absolutely, you know, it's really interesting you mentioned, you know,

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<v Speaker 4>I picked up on just sort of an alarming set

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<v Speaker 4>of stats. Progress really seems to be backtracking. And ros

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<v Speaker 4>Brewer at Walgreens was a great example of that. When

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<v Speaker 4>she became CEO of the company, she was a record

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<v Speaker 4>number of Fortune five hundred CEOs she was when she

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<v Speaker 4>was named CEO, she was the only black female running

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<v Speaker 4>of Fortune five hundred company at the time, So, you know,

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<v Speaker 4>it really felt like progress. It was celebrated by Corporate America,

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<v Speaker 4>and then less than two and a half years later

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<v Speaker 4>she was out. And you know, I think that this is,

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<v Speaker 4>as you said, one of sixty C suite women who

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<v Speaker 4>had lost a job. So I do think it really

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<v Speaker 4>feels like a decline in a very painful way.

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<v Speaker 1>All right, Beth, So tell us about this stall gender revolution.

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<v Speaker 1>What's going on? Because it does feel like for years, right,

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<v Speaker 1>we've talked about diversity, equity, inclusion, and you know, SPECIF

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<v Speaker 1>focused on a lot of aspects of that, but in

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<v Speaker 1>particular the gaps that were between men and women, and

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<v Speaker 1>it looked like companies were sensitive about it. They were

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<v Speaker 1>publishing data. Why are we now an installed gender revolution.

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<v Speaker 4>Yeah, so, as you mentioned, you know in the piece,

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<v Speaker 4>I say, I think that we've always seen progress and

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<v Speaker 4>stalls and backlashes, and right now we are definitely in

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<v Speaker 4>a stall. And I think a big part of that

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<v Speaker 4>is the climate. Right now. We were in a period

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<v Speaker 4>where people really did care about trying to increase diversity

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<v Speaker 4>within their organizations, and now, for a number of reasons,

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<v Speaker 4>they're afraid to do that, they're afraid to talk about it,

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<v Speaker 4>and I think that has changed the environment. So we

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<v Speaker 4>would recognize we used to recognize the just the last

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<v Speaker 4>couple of years, we started to recognize these hurdles that

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<v Speaker 4>women faced in the workplace, and now I think that

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<v Speaker 4>it's I had a professor tell me it's okay to

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<v Speaker 4>discriminate against women again, and I think that's that's a

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<v Speaker 4>huge part of it.

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<v Speaker 2>Yeah, you're quoting Aaron Read, a professor at McMaster University's

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<v Speaker 2>Business School who studies gender in the workplace. You you

0:12:12.679 --> 0:12:16.280
<v Speaker 2>reference bet the idea that potentially and you write about

0:12:16.280 --> 0:12:18.720
<v Speaker 2>it in the piece that Elon Musk and Bill Ackman.

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<v Speaker 2>You write that they've ratcheted up the rhetoric with post

0:12:22.440 --> 0:12:25.040
<v Speaker 2>on social media, claiming DEI is racist and illegal. We've

0:12:25.080 --> 0:12:27.480
<v Speaker 2>done a lot of reporting around sort of the corporate

0:12:27.480 --> 0:12:30.280
<v Speaker 2>backlash to DEI. But one name in here that you

0:12:30.320 --> 0:12:33.640
<v Speaker 2>do call out as not sort of being in that

0:12:33.760 --> 0:12:36.320
<v Speaker 2>on that same page as Jamie Diamond over at JP

0:12:36.440 --> 0:12:38.080
<v Speaker 2>Morgan Chase. What is he doing?

0:12:39.120 --> 0:12:41.680
<v Speaker 4>Yeah, I mean he puts out an annual letter every year,

0:12:41.920 --> 0:12:44.480
<v Speaker 4>and in it he dedicated this year quite a bit

0:12:44.559 --> 0:12:48.240
<v Speaker 4>of space. The letter itself was quite long, and in

0:12:48.320 --> 0:12:51.240
<v Speaker 4>it he dedicates a good amount of space to talking

0:12:51.240 --> 0:12:54.680
<v Speaker 4>about why DEI is important to the company, to business.

0:12:55.200 --> 0:12:58.320
<v Speaker 4>And I don't think it's a coincidence that we have

0:12:58.440 --> 0:13:01.200
<v Speaker 4>seen now two of his potentials sessors are women in

0:13:01.200 --> 0:13:06.000
<v Speaker 4>an industry that is predominantly white, is predominantly male. You know,

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<v Speaker 4>I think if you create an environment where women want

0:13:11.040 --> 0:13:12.600
<v Speaker 4>to work, they'll come work for you. And I do

0:13:12.679 --> 0:13:16.280
<v Speaker 4>think that elsewhere we've seen women leave roles at companies

0:13:16.320 --> 0:13:19.720
<v Speaker 4>that have been less supportive. So I think that this

0:13:19.840 --> 0:13:23.280
<v Speaker 4>is a great example of what can happen when companies

0:13:23.280 --> 0:13:23.679
<v Speaker 4>walk the.

0:13:23.640 --> 0:13:26.640
<v Speaker 1>Walk, when they do right, when they actually walk.

0:13:26.480 --> 0:13:29.679
<v Speaker 4>In when they do yeah, when they do have absolutely.

0:13:29.440 --> 0:13:32.880
<v Speaker 1>Having said that, going back to Rosalind Brewer at Walgreens

0:13:32.880 --> 0:13:35.880
<v Speaker 1>Boots Alliance and her short tenure there. You know, I

0:13:35.920 --> 0:13:38.840
<v Speaker 1>am curious in reporting this out that she inherited a

0:13:38.880 --> 0:13:44.400
<v Speaker 1>company with issues and problems and it doesn't seem like necessarily.

0:13:44.120 --> 0:13:45.880
<v Speaker 2>There's a term for that, right, What do you keep

0:13:45.920 --> 0:13:49.040
<v Speaker 2>forgetting what that is? It was the glass cliff, Yes,

0:13:49.120 --> 0:13:51.280
<v Speaker 2>the glass cliff, okay, And we spoke about it with

0:13:51.320 --> 0:13:52.880
<v Speaker 2>one of our guests a few weeks ago and she

0:13:52.960 --> 0:13:56.800
<v Speaker 2>said that often women are brought in in these cases.

0:13:56.600 --> 0:13:59.160
<v Speaker 1>Like in a bad situation. Yeah, yeah, no, no go there,

0:13:59.200 --> 0:14:02.960
<v Speaker 1>Like it's just an interesting the comparison between men being

0:14:03.000 --> 0:14:05.680
<v Speaker 1>brought in to deal with a difficult situation how much

0:14:05.720 --> 0:14:10.000
<v Speaker 1>time they're given to fix it versus a woman. Are

0:14:10.000 --> 0:14:11.480
<v Speaker 1>we seeing really a gap in that?

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<v Speaker 4>Yeah? I mean I think there's two things. One is

0:14:14.240 --> 0:14:17.320
<v Speaker 4>that women in general tend to get the top job

0:14:17.760 --> 0:14:21.280
<v Speaker 4>in these glass clip situations where they were brought into

0:14:21.280 --> 0:14:25.680
<v Speaker 4>a struggling company and expected to turn things around. And

0:14:26.120 --> 0:14:28.400
<v Speaker 4>we've also seen in the numbers that they're not given

0:14:28.440 --> 0:14:33.600
<v Speaker 4>as much time. The length of tenure is significantly shorter

0:14:33.680 --> 0:14:37.680
<v Speaker 4>for female CEOs than it is for male CEOs. And

0:14:37.880 --> 0:14:42.600
<v Speaker 4>you know, in ros Browse case, she was not really

0:14:42.640 --> 0:14:45.440
<v Speaker 4>given the time or the authority, right, she had her

0:14:45.560 --> 0:14:50.840
<v Speaker 4>the previous CEO was still very present, largest shareholder. You know.

0:14:51.200 --> 0:14:53.120
<v Speaker 4>When she took the job, they said they really liked

0:14:53.120 --> 0:14:57.000
<v Speaker 4>her retail and digital experience, and when she left, they said, oh,

0:14:57.040 --> 0:15:00.280
<v Speaker 4>they really actually wanted someone with more healthcare experience. They

0:15:00.360 --> 0:15:02.880
<v Speaker 4>knew that going in that that was her expertise. I

0:15:02.880 --> 0:15:06.000
<v Speaker 4>don't that's not her fault, and so I just think

0:15:07.080 --> 0:15:09.960
<v Speaker 4>in general, it's pretty it's typical that when women do

0:15:10.040 --> 0:15:12.600
<v Speaker 4>get these big jobs, it is often at these companies

0:15:12.640 --> 0:15:15.320
<v Speaker 4>that are really hard turnaround situations.

0:15:15.520 --> 0:15:18.000
<v Speaker 2>Yeah, I'm thinking of Mary Dylan over at foot Locker.

0:15:18.120 --> 0:15:21.320
<v Speaker 2>She's somebody who was brought into turnaround foot Locker and

0:15:21.600 --> 0:15:23.800
<v Speaker 2>she's only been there for a short time. But yeah,

0:15:24.120 --> 0:15:24.720
<v Speaker 2>go ahead, Carl.

0:15:24.800 --> 0:15:26.720
<v Speaker 1>So no, no, no, hey, Beth, we only have about

0:15:26.760 --> 0:15:30.120
<v Speaker 1>forty five seconds left here. So now what? So what's next?

0:15:30.200 --> 0:15:30.440
<v Speaker 1>Is there?

0:15:30.600 --> 0:15:31.400
<v Speaker 3>Now? What? Right?

0:15:31.600 --> 0:15:34.320
<v Speaker 4>That's the question? I mean one I'll leave you with

0:15:34.360 --> 0:15:36.360
<v Speaker 4>sort of an optimistic note, and that is I think

0:15:36.440 --> 0:15:39.720
<v Speaker 4>that the last couple of years have shown women what

0:15:39.880 --> 0:15:45.160
<v Speaker 4>is possible when their companies do recognize these hurdles that

0:15:45.200 --> 0:15:47.800
<v Speaker 4>they face. And I think now women are not willing

0:15:47.800 --> 0:15:51.520
<v Speaker 4>to go back, and they're going to leave companies that

0:15:51.560 --> 0:15:55.000
<v Speaker 4>don't support them. They've just seen the other side of it,

0:15:55.080 --> 0:15:58.800
<v Speaker 4>and you know, I think that that is maybe one

0:15:58.840 --> 0:16:00.280
<v Speaker 4>little ray of hope that we can take for this.

0:16:02.840 --> 0:16:05.920
<v Speaker 1>I like that. Yeah, I was thinking of Sorry, I

0:16:05.920 --> 0:16:09.640
<v Speaker 1>was actually quoting what's the network movie quote like a

0:16:10.640 --> 0:16:14.680
<v Speaker 1>I'm I'm mad as hell and I'm not gonna take

0:16:14.680 --> 0:16:17.480
<v Speaker 1>it anymore. Thank you, Paul Brennan. But that's what I

0:16:17.520 --> 0:16:20.120
<v Speaker 1>was thinking for Beth, right, Like, that's how we finish, right,

0:16:20.160 --> 0:16:21.720
<v Speaker 1>I'm mad as hell, I'm not gonna take it anymore,

0:16:21.720 --> 0:16:24.200
<v Speaker 1>and I'm not gonna like just settle for not getting

0:16:24.240 --> 0:16:27.680
<v Speaker 1>to the top, Beth. Great story, Beth Cohen, Senior Columns

0:16:27.720 --> 0:16:30.000
<v Speaker 1>at Bloomberg Opinion. That is in the new monthly edition

0:16:30.080 --> 0:16:33.040
<v Speaker 1>of Bloomberg Business Week, which is out on newsstands now,

0:16:33.320 --> 0:16:35.680
<v Speaker 1>on the Bloomberg and at Bloomberg dot com. And a

0:16:35.720 --> 0:16:40.120
<v Speaker 1>great preview in our weekend show coming your way tomorrow.

0:16:40.280 --> 0:16:42.400
<v Speaker 2>You're not gonna forget that time for a while.

0:16:42.560 --> 0:16:45.120
<v Speaker 1>Yeah, I'm mad as hell. It's a great quote. This

0:16:45.200 --> 0:16:45.760
<v Speaker 1>is Blueberg