Word: chainsaws
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...management suited to the task at hand? "Chainsaw" Al Dunlap drove Sunbeam's stock up fourfold last year by doing what he had done so well at Scott Paper and other firms: slashing costs. But Sunbeam's share price collapsed when he tried to push the business's growth. Two weeks ago, when CBS tapped Mel Karmazin to be CEO, replacing Michael H. Jordan, CBS stock jumped. But it wasn't so much a bet on Karmazin as a sigh of relief that Jordan was leaving. Under Jordan, CBS has run last among the big networks. But can Karmazin...
...right thing a few weeks before, dumping Sunbeam when it first declined to talk about its sales numbers. We feared there might be a secret warehouse somewhere stuffed with unsold barbecue grills. Good worry; the stock now sits 40 points lower, and the board has pulled the plug on Chainsaw Al Dunlop. Why? A massive overstatement of sales and earnings...
...startling turnabout. Just last February, "Chainsaw Al" was so highly prized by this same board that he was given a rich new employment contract that included options on a staggering 3.75 million shares of stock--one of the 10 biggest options grants ever at any company. Now the precise terms of that contract are in dispute as the board attempts to deny severance to Dunlap and his No. 2, Russell Kersh...
...rewarded with a company-wide stock-option plan that for a painfully brief period was gratifying but now represents lost dreams. Said an employee on lunch break last week at Sunbeam headquarters in Delray Beach, Fla.: "I popped open a bottle of champagne when I heard the news [about Chainsaw...
...falls to another turnaround pro, Jerry Levin, 54, to pick up the pieces, and few expect fast answers. "The business is in lousy shape," says Andrew Shore, an analyst at Paine Webber. Shore, a Dunlap critic who recently baited Chainsaw Al by publicly asking him to work for $1 a year until the stock recovered, pegs any turnaround at two years...