Word: chainsaws
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...appliance maker Sunbeam Corp. In a brazen display of cronyism, the two last week publicly denounced ITT Corp.'s tactics in fending off a hostile takeover by Hilton Hotels. Picture that: Price, whom FORTUNE magazine calls "the scariest s.o.b. on Wall Street," linking with Dunlap, whose endearing nicknames include "Chainsaw" and "Rambo in pinstripes." A formidable...
...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...
...Vermont, the Knowles' wooded lot has demanded that the dean learn how to handle a chainsaw in order to fell trees and clear land--a skill that has served him well in his budget-cutting responsibilities as dean...
Cost-cutting CEOs like Al Dunlap would certainly agree. "Chainsaw Al" wiped out a $5 million annual philanthropy budget when he took over at Scott Paper a few years ago. Now, at Sunbeam, he's eliminated that company's $1 million-a-year giving program. "The purest form of charity is to make the most money you can for shareholders and let them give to whatever charities they want," Dunlap says...
That may sound like an extraordinary challenge. But Al Dunlap, who landed in the corner office at Sunbeam in July, is nothing if not extraordinary. Just ask him. Why should he step up now? Next week the man known as Chainsaw Al, who became the poster boy of ruthless restructuring, will unveil eagerly awaited details of his turnaround strategy at troubled Sunbeam, which makes toasters, barbecues and other gadgets. The rap on Chainsaw is that he's all cut and no growth, and you can be sure his plans for Sunbeam will include a drastic reduction in facilities, product lines...