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Growing up in Soviet-controlled Hungary, Wizz Air founder J\u00f3zsef V\u00e1radi was born into a family still paying for his father\u2019s role in the 1956 revolution \u2014 jailed, then frozen out of steady work for years, while his mother took factory shifts to keep them afloat. Six decades later, he\u2019s running an airline that takes off somewhere in the world roughly once a minute.<\/p>\n
\u201cMy father\u2019s experience gave me a healthy skepticism about taking things for granted. It showed me how quickly circumstances can change and how important it is to remain adaptable. That mindset has helped me throughout my life and career,\u201d V\u00e1radi told Fortune, adding that he \u201cdidn\u2019t grow up dreaming of running an airline.\u201d At first, he focused on getting a good education. And that he did.\u00a0<\/p>\n
V\u00e1radi won a scholarship to one of Hungary\u2019s top universities, moved to Budapest at 18, and graduated as an economist from Corvinus University in 1989. He then worked short stints at a chemical plant and a paint factory before joining Procter & Gamble, where he spent a decade climbing the ranks in commercial roles and eventually became sales director for global customers across Europe.<\/p>\n
In 2001, he joined Mal\u00e9v Hungarian Airlines as a manager\u2014only for the airline\u2019s board to refuse to extend its CEO\u2019s contract five months later and hand V\u00e1radi the job instead. It didn\u2019t last: a change in government forced him out in 2003.\u00a0<\/p>\n
\u201cInstead of focusing on what was lost, I focused on what could be created,\u201d V\u00e1radi added. \u201cAt the time it was disappointing, but looking back, it was also the catalyst for building Wizz Air. Sometimes what appears to be a setback becomes the beginning of something much bigger and better.\u201d \u00a0<\/p>\n
Just months later, he founded Wizz Air, betting that Hungary\u2019s looming entry into the EU\u2014and the freedom of movement that came with it\u2014would send demand for cheap flights soaring.\u00a0<\/p>\n
And he was right. Wizz Air is now the most popular short-haul carrier in Central and Eastern Europe, flying 265 aircraft to nearly 200 airports in 50 countries and carrying more than 550 million passengers to date. And it\u2019s still growing: This year, the airline expanded into Spain, one of Europe\u2019s biggest aviation markets.\u00a0<\/p>\n
Meanwhile, V\u00e1radi, who took home a \u00a33.3 million ($4.4 million) salary last year, has flown to nearly every continent on the planet in the last year alone, for both business and pleasure. The 60-year-old CEO spends more than 800 hours a year in the air\u2014or rather, 33 days spent on a plane. That\u2019s more than the number of days he takes off work in a year.\u00a0<\/p>\n
But don\u2019t expect him to slow down any time soon. Despite having well earned the right to put his feet up, he\u2019s up most mornings for a 30-minute treadmill run before 9 a.m., lives 15 minutes from the office, and has lunch in the company canteen most days, with zero plans to retire. \u201cI\u2019d rather keep building than sit on a beach,\u201d V\u00e1radi says.\u00a0<\/p>\n
\u2014<\/p>\n
Fortune\u2019s series, The Good Life, shows how up-and-coming leaders spend their time and money outside of work.\u00a0<\/p>\n
The C-suite is a high-pressure job with long hours, board responsibilities, and intense scrutiny. But what is it like to be a top executive when you\u2019re off the clock? Here\u2019s what she told us.<\/p>\n
The Money<\/p>\n
What\u2019s the best financial decision you\u2019ve ever made\u2014and how much did it make or save you?<\/p>\n
Investing in education. Every major opportunity in my life can be traced back to learning something new, whether formally or informally. Markets change, industries change, technology changes, but knowledge compounds. It\u2019s probably the only investment I\u2019ve made that has never had a bad year. The financial return has been many times over whatever it cost.<\/p>\n
My belief in education is also why I established the Varadi Scholarship at UCL. I have benefited enormously from learning opportunities throughout my life, so it felt important to help create similar opportunities for others.<\/p>\n
And the worst?<\/p>\n
Probably investing in winemaking. (Juliet Victor Winery) I enjoy wine, but I\u2019ve learned that making it and making money from it are two very different things. Fortunately, I approached it with low-cost principles, so the damage was limited, but it certainly wasn\u2019t my best investment<\/p>\n
What\u2019s in your wallet?<\/p>\n
Not much. An ID card, my driving license, and a couple of cards. I don\u2019t carry cash anymore, and I\u2019ve never been particularly attracted to credit cards, loyalty schemes or collecting points. If something becomes complicated to manage, it\u2019s usually already costing me more in time than it\u2019s worth.<\/p>\n
What\u2019s the one area of your life where you\u2019re surprisingly tight with money, even now?
Probably tipping.<\/p>\n
It\u2019s not that I don\u2019t appreciate good service, but I grew up in a culture where gratuity wasn\u2019t as automatic as it is in some countries today. My instincts remain fairly conservative when it comes to spending money simply because everyone else does.<\/p>\n
What\u2019s your most ridiculous ongoing expense?<\/p>\n
Hotel rates. I travel a lot, and every now and then I look at a bill and wonder how a room can cost that much for a single night.<\/p>\n
Do you invest in shares?<\/p>\n
Very little. When I do, it\u2019s usually through a broker. My focus has always been on building businesses rather than managing a personal investment portfolio. My advice to beginners is to understand what you\u2019re investing in and think long term. People often spend more time researching a holiday than researching where they put their savings.<\/p>\n
What personal finance advice would you give your 20-year-old self?<\/p>\n
Spend less time trying to look successful and more time becoming successful. Save before you spend, avoid unnecessary debt and invest in learning. Most things people buy to impress others are quickly forgotten. Skills and knowledge tend to stay with you much longer.<\/p>\n
The Routine<\/p>\n
What are your living arrangements like: Swanky apartment in the city or suburban sprawling?<\/p>\n
I live in a condominium in the city, about 15 minutes from the office. I\u2019ve always valued proximity. Time is the one resource you can never get back, so minimizing commuting time has always felt like a sensible investment.<\/p>\n
How have you managed the juggle between work and family\u2014and what has it cost you, financially and personally?<\/p>\n
I have four children (three are already adults), and my wife and family have always been a conscious priority. I\u2019ve never believed children should be raised by someone else while parents are busy building careers.<\/p>\n
Of course, when you\u2019re running an airline, there are sacrifices. I\u2019ve missed events, spent countless nights away from home, and had periods when work demanded more attention than I would have liked. But we\u2019ve always tried to make the time we had count. It has probably cost me some professional conveniences over the years, but I wouldn\u2019t trade those family moments for anything.<\/p>\n
What does your morning routine actually look like\u2014be honest?<\/p>\n
It\u2019s fairly predictable. I wake up around 7:30 a.m. and start the day with a thirty-minute run on the treadmill. Running helps me clear my head and organize my thoughts before the workday begins. After that, I get ready, drive to the office, and I\u2019m usually there by 9 a.m.\u00a0<\/p>\n
I don\u2019t spend much energy deciding what to do each morning. Routines are useful because they leave more mental capacity for bigger decisions later in the day. While it is not easy to maintain a routine with the amount of travel hours I have, I am quite disciplined.<\/p>\n
How much do you spend each day on your caffeine hit?<\/p>\n
Very little. I\u2019m not really a coffee drinker. I occasionally have a cappuccino in a social setting, but caffeine isn\u2019t what gets me going in the morning.<\/p>\n
What about eating on the go?<\/p>\n
I prefer a hot lunch and usually eat in the company canteen when in the office. I\u2019m not somebody who spends a lot of time searching for the latest food trend. Good food, reasonably priced, efficiently served.\u00a0<\/p>\n
Where do you buy groceries?<\/p>\n
Honestly, that\u2019s more my wife\u2019s department than mine. She has much stronger views on grocery shopping than I do.<\/p>\n
How often do you dine out versus cook at home?<\/p>\n
We usually eat out once or twice a week as a family, often at high-quality restaurants. My go-to is probably lobster or a good steak. As for cooking, I\u2019m not much of a chef. If I\u2019m home after work, I generally eat whatever I find in the fridge.<\/p>\n
What does your 5-to-9, after-your-9-to-5 look like?<\/p>\n
After leaving the office around 4-5 p.m., I spend time with my youngest daughter, catch up on news and current affairs, and try to slow the pace after a busy day. I usually go to bed around 11 p.m. Running an international airline means you\u2019re constantly dealing with developments around the world, so staying informed has become part of my routine.<\/p>\n
How do you unwind from the top job?<\/p>\n
I enjoy running, golf and skiing. What I like about sport is that it gives immediate feedback. The result depends largely on the effort you put in. Leadership can be complex and ambiguous; sport is refreshingly honest.<\/p>\n
My advice to other leaders would be not to wait until you\u2019re exhausted before doing something for yourself. Recovery should be part of the plan, not an emergency measure.<\/p>\n
What\u2019s your take on work-life balance at the top?<\/p>\n
I don\u2019t really believe in work-life balance. I believe in balance in life. Work is part of life, not something separate from it.<\/p>\n
People often speak about balance as if there is a universal formula. There isn\u2019t. What\u2019s balanced for one person may feel completely wrong for another. The key is being comfortable with the trade-offs you\u2019re making. I work a lot, and I always have, but I don\u2019t count the hours. I do, however, ensure to make time for the things that matter to me. If you enjoy what you do and remain conscious about your priorities, balance tends to find its own level.<\/p>\n
The Rewards<\/p>\n
What\u2019s the one subscription you can\u2019t live without?<\/p>\n
I\u2019m probably disappointing the subscription economy, but I\u2019ve managed to survive without becoming emotionally attached to any recurring payment so far. Most subscriptions are nice to have rather than essential<\/p>\n
Are you the proud owner of any tech gadgets?<\/p>\n
Not particularly; I have an iPad I use for work.\u00a0<\/p>\n
How do you celebrate a big win? Do you still treat yourself when you hit a career milestone?<\/p>\n
Usually with a party. Achievements are more enjoyable when they\u2019re shared with the people who helped make them happen.<\/p>\n
What\u2019s the most expensive bonus treat you\u2019ve bought yourself?:<\/p>\n
An Aston Martin. It looked like a great idea at the time. The irony is that I\u2019ve hardly driven it. It turns out owning a sports car is much easier than finding spare time to enjoy it<\/p>\n
How many days of annual leave do you take a year? And do you ever truly switch off?<\/p>\n
Around thirty days. As for switching off entirely, not really. When you\u2019re responsible for a large international company, that becomes difficult. I\u2019ve learned that the goal isn\u2019t complete disconnection. It\u2019s deciding what deserves your attention and what doesn\u2019t.<\/p>\n
Take us on holiday with you- where did you go this year?<\/p>\n
I spend around 800 hours a year flying\u2014more than a month. Travel is both my profession and one of my favorite ways to spend time with family, so it\u2019s hard to separate, but I\u2019ve been fortunate enough to visit nearly every continent this year for some kind of visit.\u00a0<\/p>\n
I have a holiday home, which gives us a place to slow down and reconnect when schedules allow. I spend quite a lot on travel and holidays because experiences tend to outlast possessions.<\/p>\n
One tradition I particularly enjoy is taking boys-only trips with my three sons. As they\u2019ve grown older and gone their own way, those holidays have become a great excuse to reconnect, spend uninterrupted time together, and create new stories that can be retold for years afterward. Our next trip is likely Malaysia.<\/p>\n
After everything you\u2019ve built, what\u2019s the ultimate reward:<\/p>\n
Time to spend on what I really want. For most of my career, time has been the scarcest resource. You can always earn more money, but you can\u2019t create more time. The ultimate reward isn\u2019t retiring on a beach or buying something extravagant. It\u2019s having the freedom to choose how you spend your days, whether that\u2019s with family, traveling, playing golf, skiing, or simply pursuing interests because you enjoy them rather than because you have to.<\/p>\n
Of course, seeing the results of what you\u2019ve spent decades building and knowing you\u2019ve created opportunities for other people is also part of it. But I don\u2019t have a retirement date in mind. As long as I enjoy the challenge and feel I can contribute, I\u2019d rather keep building than sit on a beach. That\u2019s probably the real luxury. Not wealth, but choice.<\/p>\n
Fortune wants to hear from leaders on what their \u201cGood Life\u201d looks like. Get in touch:\u00a0orianna.royle@fortune.com <\/p>\n
#Meet #Wizz #Airs #CEOhis #father #jailed #Soviet #rule #hes #million #year<\/p>\n","protected":false},"excerpt":{"rendered":"
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