Inside Sunbeam, Raindrops mar Dunlap's parade

Article Abstract:

Al Dunlap, Chairman of Sunbeam, said once that if you can't turn around a company in a year, it can't be turned around. Two years later, he hasn't turned it around. Managers have left in droves, new managers were hired, some of them were Dunlap favorites, others weren't. Now, even analysts are beginning to have their doubts. Sales, profits, the company's stock, everthing is going down. There have been shouting matches, discord among managers, assembly line problems and the well-known gas grill promotion that failed. Perhaps Sunbeam needs something Dunlap has not as yet tried.

Comment:

Al Dunlap has tried all the things he does to turn a company around, but those things aren't working at Sunbeam

Household Appliances, Household Appliance Manufacturing, People, Appliances, Sunbeam Appliance Co.

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Sunbeam's accounting is examined by SEC

Article Abstract:

The Securites and Exchange Commission has initiated an informal examination of Sunbeam's accounting. Recently, Sunbeam's CEO was fired after the company appeared to be opening the second quarter with an operating loss, despite forecasts that predicted otherwise. There is suspicion that Sunbeam's accounting may have fabricated the strong earnings reported in 1997, although Sunbeam says that its accounting practices were not improper. The SEC investigation is a preliminary examination to determine the need for a full-blown examination.

Comment:

SEC probes Sunbeam's accounting due to crumbling financial condition

Legal/Government Regulation

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Sunbeam, its prospects looking ever worse, fires CEO Dunlap

Article Abstract:

Sunbeam Corp. is expected to fire its CEO and chairman, Albert J. Dunlap. The company is also expecting to post an operating loss for the second quarter of 1998. Sunbeam's independent directors decided to fire Mr. Dunlop, who is known for his aggressive layoffs and other cost-reduction strategies, at an emergency meeting in New York in June 1998. Sunbeam's board withdrew its support for Mr. Dunlop as the company's performance worsened.

Comment:

Expected to fire its CEO and chairman, Albert J. Dunlap as co predicts it will post loss for 1998 second quarter

Sales, profits & dividends, Executive changes & profiles, Company Personnel

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