Chainsaw Al Dunlap Gets The Chop

Sunbeam's tumbling stock price and the problems behind it spur the company's board to Dunlap the man whose name means to lay off

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.

It was a startling turnabout. Just...

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