HBR On Leadership What It Takes to Execute a Successful Company Turnaround
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Mar 18, 2026 Peter Cuneo, seasoned turnaround executive and former Marvel CEO who led major comebacks, shares how to diagnose struggling businesses and why culture matters. He talks about rapid financial mastery, bold talent moves, and balancing competitor study with radical ideas. He also explains communication rituals that rebuild teams and when fresh leadership is necessary.
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Culture Can Be The True Bankruptcy
- Company culture and value systems are often the real bankruptcy even when finances aren't broken.
- Peter Cuneo found diagnosing culture first revealed misaligned priorities that blocked performance across his turnarounds.
Use One-Pagers To Identify Turnaround Talent
- Ask each direct report for a one-page diagnosis listing what's wrong, who made the mistakes, and what they'd do as CEO.
- Use answers to identify people who admit fault and propose solutions as keeper talent for the turnaround team.
Be Hands On With The Numbers
- Get very close to the numbers yourself until you understand the business fundamentals.
- Cuneo served as Marvel's CFO and CEO early on to learn comic book and movie economics after bankruptcy.