Byrne,J. Chainsaw. 2003
Byrne, John A. Chainsaw: The Notorious Career of Al Dunlap in the Era
of Profit-at-Any-Price. New York: HarperBusiness (HarperCollins), 2003.
406 pages.
Albert "Chainsaw Al" Dunlap was the CEO of Scott Paper Company from
1994-1995. He laid off 11,200 people and put intense pressure on those
who remained to increase short-term shareholder value. The stock went up.
Kimberly-Clark acquired the company and Dunlap moved to Sunbeam, leaving a
seriously-wounded Scott Paper behind. Scott Paper was the sixth company that
was dismembered by Chainsaw Al since 1983. Wall Street loved Dunlap, and
Dunlap thrived on the "tough-guy CEO" publicity he was getting. He left
Scott with $100 million in salary, bonuses, stock gains, and other perks.
Almost all of this book is about Dunlap at Sunbeam from mid-1996 until
he was fired by the board on June 15, 1998. This time no one was fooled and
Al Dunlap was stuck with what he had destroyed. Sunbeam was nearly bankrupt.
Accounting restatements were required for 1996 and 1997, and the stock went
from a peak of $53 to about $6 a share. Even though the SEC accused Dunlap
of "massive financial fraud," he was able to settle with only a $500,000
fine. Part of the reason why Dunlap got off lightly is that new corporate
scandals were suddenly in the news. The amount of the restatements made by
Enron, HealthSouth, and WorldCom, made Sunbeam look like a comparatively
minor incident.
ISBN 0-06-661981-5
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