Word: dunlap
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...DUNLAP Chairman and CEO, Sunbeam Corp...
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...
...Dunlap, 59, is a talkative, roll-up-the-sleeves corporate turnaround specialist who burst onto the scene with a remarkably short, lucrative and controversial tour as CEO of venerable Scott Paper in 1994 and '95. The maker of Viva and ScotTowels asked him to shake things up. So Dunlap sold billions of dollars in assets, chopped 35% of the work force, paid down debt and refocused the firm. By the time Scott was sold to Kimberly-Clark late last year, its stock had tripled, and Dunlap, via generous stock options and grants, had tucked away $100 million for himself...
...book Mean Business, Dunlap called his pay a bargain for Scott, whose total market value rocketed from $2.9 billion to $9.4 billion on his watch. Others say he did little more than gut the company and dress it up for sale. But for the most part his critics aren't shareholders, the constituency he most wants to serve. Now he's on for an encore at Sunbeam, where earnings are in a two-year slide. Sunbeam's stock was tracing the earnings decline until Dunlap signed on. That day alone, Sunbeam shares jumped 50%. "It'll be a vintage Dunlap...
...still ample time for investors to hop aboard. And wouldn't it be nice if Al led the way. At Scott, he bought $2 million of stock at $19 on his first day. A few months later, with the price nearing $30 and most of Wall Street fretting that Dunlap had topped out, he showed them. He bought another $2 million worth. The stock doubled to $61. Similarly, when Dunlap joined Sunbeam in July, he bought $3 million of stock at $12 a share. The stock has since doubled, and Wall Street again questions how much power Dunlap has left...