HBR On Strategy
How to Lead a Successful Turnaround
Mar 26, 2025
Peter Cuneo, managing principal of Cuneo and Company, is a turnaround expert with a history of revitalizing companies like Marvel and Black & Decker. He discusses the crucial role of company culture in recovery efforts and shares strategies for effective decision-making. Cuneo highlights the impact of transformative choices, like casting Robert Downey Jr. as Iron Man, on company culture and success. He emphasizes the need for capable teams, effective communication, and a growth mindset when navigating challenging organizational landscapes.
28:33
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Quick takeaways
- Evaluating internal culture is crucial for identifying core issues in struggling companies, as it can reveal underlying challenges hindering performance.
- Effective communication and transparency in leadership create a supportive environment, fostering employee investment during organizational turnarounds.
Deep dives
Evaluating Companies for Turnaround Potential
When assessing whether to intervene in a struggling company, it is crucial to evaluate the internal culture as it often reveals core issues. A dysfunctional culture can exist even if a company is not financially bankrupt, and this cultural bankruptcy can hinder performance and morale. Engaging with employees who understand the organization can provide vital insights into what truly needs to be addressed. Cuneo emphasizes that thorough evaluation involves recognizing both market opportunities and the existing challenges, reminding that expectations should be tempered as surprises are often worse than anticipated.
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