HBR IdeaCast Lessons from a Turnaround Expert
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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.
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Diagnose Struggling Businesses
- Diagnose struggling businesses by talking to insiders to understand the company culture.
- Look at the industry, opportunities, and lifecycle, but be prepared for negative surprises.
Turnaround Team
- Successful turnarounds depend on execution and having a team that can handle the inherent risks.
- It requires a unique type of person who is comfortable with uncertainty and potential rewards.
Assessing Your Team
- To assess your team in a turnaround, ask direct reports to analyze the company's problems, assign blame, and propose solutions.
- This helps identify those who take ownership versus deflecting responsibility.