HBR IdeaCast
Lessons from a Turnaround Expert
Aug 27, 2024
Peter Cuneo, former president and CEO of Marvel, discusses his expertise in turning around struggling businesses. He emphasizes the importance of teamwork, creativity, and fostering a positive culture. Cuneo shares the bold decision to cast Robert Downey Jr. as Iron Man, highlighting risks taken in entertainment transformations. He reflects on the emotional challenges leaders face during change, and outlines when it's crucial to step aside and adapt to new challenges. His insights showcase how decisive leadership can revive entire organizations.
29:00
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Quick takeaways
- Assessing a company's internal culture and market position is essential for identifying paths to resuscitate struggling businesses.
- Effective leadership during turnarounds requires clear communication, adaptability, and building a cohesive team that embraces change.
Deep dives
Diagnosing Turnaround Potential
To assess whether a struggling business can be salvaged, the initial step involves analyzing the company’s internal culture and value system, which may be misaligned with what truly needs to be accomplished. Understanding the perspectives of employees who are familiar with the organization can provide critical insights into its issues. Furthermore, it's essential to evaluate the company's position within its industry and market lifecycle to identify potential paths forward. Ultimately, successful turnarounds rely heavily on execution and the right personnel who are capable of navigating the uncertainties of change.
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