Who is chainsaw al dunlap

The Securities and Exchange Commission accused Dunlap and others of orchestrating a massive accounting fraud.

One remarkable aspect of the Sunbeam saga is that it might have been avoidable if Dunlap had been vetted more thoroughly before he was hired. In other words, Sunbeam is not only the story of an accounting fraud. It also illustrates the importance of due diligence in preventing fraud. Details appeared in civil litigation filed in the s. He'd name names. Petersburg needs the proposed story condo tower.

Dunlap's death at age 81 on Friday at his home in Ocala conjured memories from the s, when he was one of the most recognized corporate executives in the country, before a scandal sent him into relative obscurity. Dunlap grew up in hardscrabble Hoboken, N. A West Point graduate, Dunlap served in the Army before starting his business career. It was there that he cemented his reputation as a ruthless cost cutter.

He slashed a third of the payroll, about 11, jobs, including half the managers. Not bad for 20 months work. The outcome made Dunlap a villain to workers, a hero to shareholders and a fascination of the business media. But because some executives can't make decisions or consistently make the wrong decisions, their incompetence virtually screams out for an Al Dunlap.

That same year, Dunlap joined Boca Raton-based Sunbeam, founded in and well-known for making appliances including the Mixmaster and Grillmaster. When he arrived, Sunbeam was "an absolute basket case," he said later. Dunlap, also known as Rambo in Pinstripes, announced plans to cut the company's workforce from 12, to a little more than 6, Soon after, he reported a spike in Sunbeam's sales and profits.

The stock price soared. But the surge was a mirage, built on accounting voodoo. As pressure built, Businessweek reported that Dunlap accosted a critic at what turned out to be his last investors meeting before he was fired.

If you want to come after me, I'll come after you twice as hard. Sunbeam could never shake the taint caused by Dunlap and filed for bankruptcy in Next John H.