Name: Why this CEO takes 5 months off
Uploaded: 2015-04-17
Duration: 3 min 41 s
Description: George Logothetis, CEO of Libra Group, tells Fortune’s Leigh Gallagher why he takes a 5-month long sabbatical every 5 years to reflect and disconnect from work.

[ MUSIC ] You have a very interesting practice where every three to five years, every five years you take three to five months off, completely off, just sort of sit back, reflect and think about the next step. Tell us about that, how does that work for you and what's one decision that maybe came out of that reflection. I think it sounds crazy right. I think that sounds great. When I started working I was 18. So I was young and I said to myself. I will work five years like crazy. But every five years I will take some time off. Because I really believe that sometimes the value, sometimes the lifetime's work is one idea. And you've gotta give space for that idea to be born. And in this world of Facebook and over- information, that can dilute the capacity for original thought. So I've done four sabbaticals and the fifth one is in two to three years from now, after 25 years of being, of being working. So what's an example of an idea that came out? Well, actually the idea to set up Libra came to me whilst I was in New York on the second sabbatical. So I was walking past the Plaza Hotel, I just thought to myself, we need to diversify. Because at that point in time we were a shipping company, the shipping rates were very high. We had superb human capital in the company. And so we basically set up Libra, and spun out some of our top left tenants from within the shipping company and sent them to different parts of the world with a blank sheet. To the paper to diversify. It's a lot, bit like a sort of romantic novel, right. Oh, that's the secret. You have another rule where every week you take a 24 hour email free period. Do you still do that? Yes. I do, I do and I think, I think that's important. It's not that I'm not working when I'm off email, I'm thinking. And I think again you know, to think is, is, is such an important. Element of success or failure in life. So I do it. I'm religious about it. I switch my emails off every night. I put them on after breakfast every morning. After I've seen my kids and work out and, and it gives the space to think. [ MUSIC ] Let's start with wages. There was so much noise about this this week, starting with the big protests on Wednesday, what organizers say are the biggest protests about low wages in US history. But Phil, these protests actually started two years ago, so are you surprised that this seems to be gaining momentum now? Well, they want $ 15 an hour, and the retailers and restaurants that have been offering raises in the last two weeks Walmart, and McDonald's, and Target are offering $ 9, $ 10 an hour so you're still very far away from that $ 15 that. That the fast food and retail industry workers want. So it's not at all a surprise. And it's 4- 15, the date 4- 15. Do we know this? It's actually because they're for $ 15, not because it was tax day. Little bit of trivia there. Thank you. Andrew, something else happened this week. A company in Seattle. Gravity payments, the CEO there tackled this issue from a from a different perspective and got a lot of attention attention for it, so tell us about that. Right so he he guaranteed all of his employees, i forget how many his company was, 70 thousand dollars a year i believe and that is extraordinary and the way, or the reason he did that is because he thought. Well these are what estimates say is a, you know, kind of a real living wage a number that allows you to not have to worry about paying the bills anymore. So he said, if that's the number, let's make it for everybody. And do we think. You think this is not to be cynical, a PR move? Because we didn't really hear of this company before and now it's splashed across the news. Or is there, is this legitimate? I, I mean, seeing him speak to, you know, the, the press, it seems very legitimate. But at the same time it's tough, I mean, he's cutting very severely into his company's earnings. And you know, the question is can he keep it going? [ MUSIC ]

George Logothetis, CEO of Libra Group, tells Fortune’s Leigh Gallagher why he takes a 5-month long sabbatical every 5 years to reflect and disconnect from work.