Government promotions are inevitably introduced with press releases. Francesca Bodie‘s elevation to the newly created place of COO for the venue improvement, administration and funding firm Oak View Group (OVG), additionally comes with the announcement of two vital offers she led for the corporate based by her father, OVG CEO Tim Leiweke and music’s multisector entrepreneur Irving Azoff.
Bodie, who served as OVG’s president of enterprise improvement previous to her promotion, engineered the corporate’s strategic funding in Household Leisure Holdings, the corporate behind the favored dwell franchises, Sizzling Wheels Monster Vehicles Stay, which is tied to the traditional toy model, and Magic of Lights, an all-ages vacation mild present. OVG additionally unveiled activations with premium wine and spirits model, Christian Navarro — together with The NINETEEN 62 Membership, a luxe lounge at Baltimore’s CFG Financial institution Enviornment and premium concession kiosks at 4 OVG amenities — the primary offshoots of a enterprise with Navarro that Bodie additionally spearheaded.
Bodie’s new position will improve from capital improvement, mergers, and acquisitions to a give attention to new income streams together with overseeing all day-to-day operations for OVG globally, in addition to main OVG’s government committee of extremely numerous and completed executives into this subsequent stage of development.
In line with the corporate, Bodie, a graduate of Stanford College who has labored within the amenities enterprise since highschool “after I helped load-in the Ringling Brothers Circus at STAPLES Heart,” has raised greater than $12-billion of invested capital for seven venues that OVG constructed and opened within the final 18 months, together with the $1-billion-plus makeover for the redevelopment of Seattle’s Local weather Pledge Enviornment, New York’s $1.5 billion UBS Enviornment, the $375 million Moody Heart in Austin, Texas; the $300 million Acrisure Enviornment in Palm Springs, Calif.; and the $200 million CFG Financial institution Enviornment in Baltimore.
In an unique interview with Billboard, Bodie says that after OVG’s year-and-a-half development surge, her father — who she refers to as “Tim” — recognized a necessity for processes and communication. So, this place is about constructing depth and organizational construction, and to place processes in place for [OVG360 CEO] Chris Granger to develop his firm.
Bodie, who’s the mom of two sons, 8 and 4, says her new position “may also permit me to strengthen our worldwide platform, which goes to be an enormous focus for us these subsequent few years.”
In an interview with Billboard earlier this 12 months, Tim additionally stated that worldwide was a giant a part of OVG’s future.
I’m very enthusiastic about it. The seeds that we planted even throughout COVID are simply now displaying fruition and development. April 19 is the large opening for Coop Enviornment [in Manchester, England], which is the primary facility we’re opening internationally. It’s the most important enviornment in the UK, with the most important personal funding in any facility within the U.Okay. It’s going to change touring in Western Europe. That’s going to be the beginning of our domino impact. Our technique has at all times been that we’ve to be in essentially the most influential capital markets on the earth. São Paulo, Brazil is beneath building; Madrid is in our pipeline as is Vienna, after we received the bid towards fairly robust competitors. As soon as we make that personal funding — and we’ve robust native companions in every of these markets — we’re going to increase our service enterprise in coordination. Taylor Swift’s tour has proven that followers are touring internationally, however the abroad markets don’t have the amenities that we’ve right here. Acts are nonetheless enjoying in buildings that had been constructed many a long time in the past. So, for us there’s an enormous alternative for the personal sector to return in and create what the followers count on — which is acoustically good sound, big facilities, an enormous give attention to premium hospitality, after which giving the artist a platform to play in an optimum surroundings, together with caring for them from a security perspective in addition to a sustainability perspective.
Coop Metropolis is the primary carbon impartial enviornment in the UK?
The primary ever in Europe. In my new position, I’m going to be an enormous advocate and accomplice of Chris in our GOAL [Green Operations and Advanced Leadership] initiative in addition to our sustainable design. LEED certification is absolutely nearly the way you design the constructing. The place we as an business take advantage of impression on amenities is operations. Not each facility goes to have the ability to get to carbon neutrality, however everybody can transfer the needle in a greater means. We monitor water, waste and vitality utilization, amongst different metrics, and if we are able to enhance these markers yearly, that could be a good factor for our surroundings. Now, each constructing that we’ve [owned-and-operated facilities as well as venues OVG manages or where it handles food-and-beverage service] might be on the GOAL platform, which is in partnership with AWS (Amazon Net Providers). Any facility with a mass gathering can be part of GOAL. We are available in and measure each utilization group {that a} facility has: water, air high quality. sanitization round COVID, meals waste, and clearly, carbon and vitality is a big portion of it. We consider a facility’s age and decide what ought to be anticipated of the venue. Then we give them instruments that establish areas that, operationally, they’ll drive higher utilization the following 12 months.
In that very same Billboard interview, Tim stated that someday you will step into the CEO position. Your promotion to COO looks like step one in a succession plan. Is there a timetable?
I can’t make that assumption. I’ll say this. Tim has by no means been extra passionate in regards to the business or in higher form. I’ve labored with him formally since 2008, unofficially since 2004, and that is essentially the most energetic and enthused he has ever been in his skilled profession. OVG hasn’t even hit the midway mark. We’re going to double in worth right here within the subsequent three to 5 years.
So, he hasn’t mentioned this with you?
If that’s his plan he hasn’t shared it with me. He at all times says, “Earn your maintain,” so he’s instilled a piece ethic in me that I’m very grateful for, however our story is about depth proper now. We made two crucial hires with Chris Granger becoming a member of us — his imaginative and prescient round knowledge and team-building is spectacular for that development — and Ade Patton, a Fortune 500 CFO.
Can you set a quantity on the plan to double OVG’s worth?
Tim’s purpose is a $10 billion firm and I’ll depart it at that.
What’s your perspective on the dearth of girls in music business C-suites?
I really feel lucky as a result of there’s no grey space for Tim on this, and it’s not as a result of he has a daughter. It’s simply how he’s. We have now 50-50 illustration on our government committee. There are two ladies and 4 males on our board, and all of us have equal votes. It’s essential to Tim to get voices and opinions from numerous backgrounds. I don’t need to grime anybody, however I don’t see that decision to motion at Legends and ASM International – and I labored at AEG and MLSE [Maple Leaf Sports & Entertainment] —that permits the upward trajectory we’ve right here. I’m additionally lucky as a result of [Azoff Company co-presidents] Beth Collins who’s been an ideal buddy of mine and can also be fellow board member, and Susan Genco, in addition to the parents at Azoff have been unbelievable. Irving is a cofounder [of OVG] and I’ve recognized him since I used to be in seventh grade. It’s a shared tradition system between Tim and Irving the place they’ve robust ladies round them they usually empower them in a means that’s distinctive within the enterprise.
How does your administration type differ from the CEO?
Tim is a visionary. His factor is, Why not? Why can’t we do that? We’re entrepreneurs. He additionally says, “We aren’t afraid.” We don’t make fear-based choices. We keep centered. This promotion is a chance for me is to maintain us centered as we increase. We have now an amazing urge for food for added M&A. That’s one of many the explanation why we’re very bullish on Household Leisure Holdings. You’ll see our firm triple down on content material and make it possible for our amenities have one of the best alternatives to diversify content material. If present amenities or new markets make sense and hit our return threshold, we’re in that sport of development. And Chris Granger would echo me on the 360 facet. They received 30 out of 33 bids final 12 months, and they’re on a rocket ship to diversification.
How does AEG’s sale of ASM International to Legends have an effect on what you are promoting?
We at all times anticipated there can be two [players in the facilities sector]. It doesn’t change the place we’re investing capital or what our mission assertion is. We have now extra entrepreneurial spirit relating to partnerships and alignment. As for Legends, anyone who has handled the Feds not too long ago is aware of that they should undergo an approval course of, simply as we did with Spectra [the venue management and hospitality provider that OVG Facilities merged with in 2021 to create OVG360.]. I believe they’ve their work minimize out for them on the NFL facet. That stated, I’ve an amazing quantity of respect for that workforce. Shervin. [Mirhashemi, the CEO of Legends] was at my marriage ceremony and so was [AEG president/CEO] Dan Beckerman. I want them one of the best, however I don’t take into consideration them very a lot to be sincere with you. None of us do.
Are you able to elaborate on the problem Legends faces concerning the NFL?
In case you take a look at Legends’ position within the final little bit of NFL stadiums which have come up for service bids, venture administration or premium or sponsorship, they’ve the lion’s share of them, which would appear to place prospects at an obstacle when one firm may have that a lot market share of NFL stadiums for F&B, premium/sponsorship gross sales and operations.”
Have you ever carried out any new offers within the final six months you could discuss?
We’ve carried out just a few that might be introduced within the new 12 months that can increase our portfolio in a significant means in London. We’re very centered on development there. We have now relationships and offers from the world perspective each in Cardiff, in partnership with Stay Nation, and in Bristol which is a good sister market to Coop. You’re going to see us proceed to be very aggressive in Wales, Scotland, Eire, and the encompassing areas as a result of there isn’t an amazing quantity of density there. From a service add perspective, we’re going to be aggressively rising our government workforce and actively bidding on meals and beverage and facility administration.
You’re spearheading OVG’s Las Vegas improvement. There are such a lot of venues there. How are you going to make this one totally different?
Vegas is that this anomaly the place there’s by no means a glass ceiling to what it may be. Take a look at the Wynn. It’s essentially the most worthwhile lodge on the strip and it has been for many years. And each time somebody tries to match it, the Wynn raises the bar a notch. T-Cellular Enviornment was the final facility Tim constructed earlier than he left [as president/CEO of AEG]. That constructing is 10 years previous, and, no disrespect, it’s nice for [Las Vegas’ NHL hockey team] the Golden Knights. However what we see is the necessity to set a brand new bar on touring, and that venue wants to talk to what’s greatest at school at this time.
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