Peter Cuneo, former CEO of Marvel Entertainment, explains how to pull a company out of bankruptcy and back into a Billion dollar business
Peter Cuneo took over as CEO of Marvel Entertainment in 1999 immediately after it emerged from bankruptcy. Facing high debt, limited cash, and a depressed corporate culture, Marvel had declined to only $0.94 per share when Cuneo became CEO. Cuneo led the incredible turnaround in which Marvel was sold to Disney for $4 billion, or $54/share in 2009. Cuneo spoke with me about the key issues that were critical in turning the business around.
“We continued to focus on improving our business with two key changes.” Cuneo explained. “We focused much more on expanding our international business, and after the success of some of the studio movies, we decided to raise a $500 million fund and make our own movies.”
Cuneo also spoke with me in this video interview about the role of his “hyper-active” board in facilitating the turnaround, despite it being unusual at most companies for board members to take an active role in the actual business. The board at Marvel helped CEO Peter Cuneo by providing direct advice that generated real results.
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Tags: Bankruptcy, CEO, Marvel Entertainment, Peter Cuneo
About the Author: Robert Reiss
Robert Reiss is Host of The CEO Show, which features leaders who have reinvented industry through exceptional customer experience models. The show is nationally syndicated by Business TalkRadio Network. Click to hear podcasts of this and oth…
