Former New York Gov. Andrew Cuomo’s announcement yesterday that he is running to be the next mayor of New York City is the latest reminder that just because a CEO or politician has left the public spotlight does not mean that they have to be gone forever.
Cuomo’s comeback bid marks his “first experience as a bona fide candidate since 2018, and the start of a bid to convince voters to give him a second chance after he resigned the governorship in 2021 amid accusations of sexual harassment. Mr. Cuomo has denied wrongdoing, but his opponents are determined to remind voters of the scandal ” the New York Times reported.
“In a 17-minute video, Cuomo pitched himself as an accomplished moderate who can save a city he described as threatening and “out of control,” and is capable of navigating the delicate balance between working with Republican President Donald Trump and fighting him, when necessary,” according to the Associated Press.
“I am not saying this is going to be easy. It won’t be easy, but I know we can turn the city around, and I believe I can help,” he said.
Corporate Comebacks
Steve Jobs
“One of the most visible comebacks in corporate history involved the return of Steve Jobs to Apple 11 years after he was fired by the company’s board in 1985,” Moshe Cohen, a senior lecturer at Boston University’s Questrom School of Business, recalls via email.
“There are several important lessons that can be learned from his approach. The first is [to] let yourself grieve and review the situation humbly. At such times, you need to assess what happened, learn lessons, and determine your priorities,” he noted.
“Another lesson is to begin moving forward again by focusing on your core values and pursuing the work that you love. Setbacks are opportunities when framed in this manner, and you need to reinvent yourself. Finally, there is no substitute for persistence and optimism, hard work, and some good fortune. Comebacks happen, but they can take some time,” Cohen concluded.
Bob Iger
A CEO who designates a successor and then retires could have second thoughts about the person who took the helm. That appears to be the case, as recounted by the New York Times, when Bob Iger, who chose Bob Chapek to succeed him as CEO of The Walt Disney Company, later took steps to get his old job back.
Howard Schultz
Howard Schultz left and returned several times to lead Starbucks. “He first served as CEO from 1987 to 2000, returning to the role in 2008 until he handed over the title to Kevin Johnson in 2017. He stepped down as executive chairman and member of the board in 2018, but remained involved at the company.Then, in April 2022, Johnson stepped down and Schultz took over the coffee giant as interim CEO,” CNN reported.
Lessons From Cuomo’s 2021 Resignation
Cuomo’s resignation in 2021 provided as many lessons for business leaders as his attempted return to public office.
Know When To Go
“Gov. Cuomo’s decision to resign [in 2021] teaches business leaders to step aside when necessary to allow the organization to deal with the crisis more effectively. If, as an executive, you are potentially holding the organization back from being as efficient as it should be, then it is incumbent upon you to remove yourself from the equation,” When Jacob Villa, the co-founder and marketing director of School Authority, observed in an email when the governor resigned.
De-escalate The Crisis
“It doesn’t matter your industry, if there’s a crisis, you need to acknowledge it quickly and effectively. In this case, Mr. Cuomo acknowledged that the best way he could help was to, ‘step aside and let government get back to governing.’ This reaction shows business leaders they need to take into account how their response will affect the company. A main goal of crisis management is to de-escalate the situation and keep a positive focus on the company’s core values and mission,” Carla Bevins, an assistant teaching professor of business communication at Carnegie Mellon University’s Tepper School of Business,” pointed out in a 2021 email interview.
Express Empathy
“Quick action through clear, transparent communication is more valuable than waiting to gather all the facts before making a statement. Business leaders might not initially have all the answers, but expressing empathy to those affected and exhibiting a clear commitment to deliver accurate information as it becomes available is essential to maintaining your credibility,” she concluded.
The Right Comeback Strategies
President Donald Trump’s return to the White House in January provides a cautionary tale for CEOs who are fired or resign under fire.
The strategies and tactics that are used to return to the public spotlight or corporate America are just as important as why you return in the first place.
Emulating Trump’s actions and words during his 2024 re-election campaign would likely not be the most effective and successful way for CEOs to return to the corner office.