Word: dunlap
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When Stetson law professor Charles Elson joined the board at Sunbeam Corp. two years ago, the company's pugnacious CEO, Albert J. Dunlap, wanted him to think like an owner. So he insisted that Elson dig deep into his own pockets and buy $100,000 worth of Sunbeam stock. Two weeks ago, with the value of that stake fast eroding, Elson said, "You bet I looked at the company as an owner." So he and his similarly staked board mates moved fast to "Dunlap" Dunlap, sacking the job slasher whose name had become a Wall Street verb...
...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...
...whole mess is certain to devolve into a nasty court battle that until very recently only Dunlap's fiercest critics could have imagined. Along with perhaps half a dozen shareholder suits stemming from the stock collapse, and litigation with the American Medical Association over a botched endorsement deal, Sunbeam expects a lawsuit from Dunlap seeking a going-away package...
...Dunlap, 60, recent events at Sunbeam are a true Armageddon. He remains undeniably rich. But he has lost more than $200 million on paper with his stock and stock options since Sunbeam shares began to slide last March, and his once vaunted reputation as a turnaround phenomenon is in tatters. That reputation is what landed him lucrative assignments, including previous stints as CEO at Scott Paper and Crown-Zellerbach, plus a high profile that he reveled in. It also put his book, Mean Business, on the best-seller list in 1996. That tome became a bible for those who followed...
...first quarter, and may post another loss this quarter. Analysts who thought the company would earn $2 a share in 1999 put the figure today just north of $1. Sunbeam suffers from an inventory glut that will take months to assess and longer to fix. It appears Dunlap had been "stuffing the channel," persuading retailers through discounts to buy more gas grills than they would normally need. This practice helped swell Sunbeam earnings in 1997 but led to this year's crash. Even Dunlap's huge success at Scott Paper is now under a cloud. Kimberly-Clark, which bought Scott...