How was Marvel Entertainment saved from Bankruptcy? Peter Cuneo, former CEO shares his story
Peter Cuneo can be described as an expert when it comes to corporate turn-arounds. Before becoming CEO of Marvel Entertainment Cuneo had already successfully rejuvenated seven businesses in his career, including Black & Decker, Remington, and others, before being hired to turn around Marvel Entertainment, known for its array of comic book figures and stories.
“When we emerged from bankruptcy” Cuneo explained to me, “it’s like coming out of chemotherapy. The cancer may be gone but the company is still weak. We still had $250 million in debt paying 12% interest – that’s $30 million annually which we didn’t have at the time.”
As CEO of Marvel Peter Cuneo would end up taking Marvel from $0.94 per share when he arrived to selling the business to Disney for $54 per share seven years later.
In this video interview I ask Cuneo how he pulled Marvel from bankruptcy into a huge success story.