Mark Hoplamazian was predictably a little skittish when his bosses at the Pritzker Organization asked him to become interim president and CEO of the family-owned company’s signature investment and double winner of the Baldrige Award, the Hyatt chain of hotels.

He had spent the bulk of his career on the finance side of the organization—where he had worked since its formation in 1997—rising to president and advising the Chicago-based firm on its investments. Prior to joining Pritzker, Hoplamazian worked in mergers and acquisitions at First Boston Corp.

But the Pritzkers assured him that he would only be the interim CEO, and even put Hoplamazian in charge of the search committee to find his permanent replacement. Interim leadership tenures “are usually disasters,” Hoplamazian noted during a recent Wharton Leadership Lecture. “But I had been with the company so long and loved being there, so I got sucked into the vortex.” Hoplamazian did so well in the interim role that the Pritzkers insisted he remain in the job. Six years later, he is happy it worked out that way.

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