Word: chainsaws
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...seen a company so down that it says it must shed thousands of jobs, and the stock zooms? So ingrained is this convoluted logic that the mere appointment of a CEO known for tough love can send a stock flying. Sunbeam surged 49% on the day cost-cutting Al ("Chainsaw") Dunlap became CEO. Japan should name him Minister of Finance; the rally would dazzle...
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...
...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...