Word: chainsaws
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Dates: during 1990-1999
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PIONEER PUBLISHER Sporting muddy work clothes as he cleared a trail with his chainsaw in Norfolk, Conn., 6-ft. 7-in. James Laughlin looked more like a refugee from the set of the film Deliverance than one of America's most distinguished publishers. Except for indulgences such as a fondness for television shows like Hawaii Five-O, Laughlin was austere--in his business ventures, his poetry and his habits. New Directions, the publishing house he founded while still a sophomore at Harvard, gave meager advances but brought to the world's attention Ezra Pound, William Carlos Williams, Henry Miller...
Fifteen months after taking over as chief of Sunbeam, "Chainsaw Al" Dunlap has cut half of the company's 12,000 jobs ? and quadrupled the stock price, from a pallid $12 to over $49. Now he's putting it up for sale...
...everybody's happy. Which is why some time after Sunbeam disappears into the maw of some hungry home-products giant, you can figure on Al popping up again, chainsaw drawn, at the helm of some or other troubled ship. The trick is to buy stock before he gets there...
...double-barreled assault from the s.o.b. and Chainsaw is a righteous battle. ITT's own saintly CEO, Rand Araskog, put himself squarely in the line of fire by dismissing Hilton's overtures without so much as a meeting, and he is tearing apart the company in an effort to preserve his own job. The Price-Dunlap sound off is great news if you own ITT stock and don't like the way the company has been run. The two make for powerful allies, and investors have done well by them. As their nicknames suggest, Price and Dunlap...
...involvement is a huge boost for Price's cause. Dunlap is a lightning rod for publicity, which is one way of pressuring a board to act. Yes, it may be that Dunlap and Price just think alike. If it is more than that, we'll find out soon enough. Chainsaw's work at Sunbeam, where the stock has quadrupled, could be over soon. Will Price do a job search for him, looking no farther than his own portfolio of stocks? Now, that would be a beautiful friendship...