Sunbeam's board, in revolt, ousts job-cutting chairman
Article Abstract:
Al Dunlap has said that most CEOs are not worth the big money they are paid and that they should get pay based on performance. That seems to be the thinking as the Sunbeam board of directors fire Dunlap and want to renege on his severance package, which adds up to more than $35 million in salary, stock and options. The notches in Dunlap's belt add up like this: 20% of Lily-Tulip workforce in 1983; 20% of the Crown-Zellerbach workforce in 1986; 11,000 Scott Paper employees before 6,000+ people from Sunbeam. Besides "dunlapping" a lot of "little people" he didn't deliver on promises made to the board and shareholders.
Comment:
Al Dunlap has been "dunlapped" by the board of directors for poor performance and misleading them
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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Sunbeam restates results, and "fix" shows significant warts
Article Abstract:
There is still a difference of opinion between Sunbeam's company officials and Wall Street analysts now that the company has released its amended results for the last six quarters. The company is not predicting any gains for the rest of the year, but analysts think that predicting beyond the end of the year is even questionable. Investors are said to have confidence in the current management's ability to return the company to a growth pattern.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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Under pressure, Kellogg speeds a shift at the top
Article Abstract:
A year ahead of schedule Arnold G. Langbo will turn the CEO duties over to Carlos Gutierrez, Kellogg Co.'s current president and COO. The announcement to promote the 45-year-old Cuban native should appease shareholders who want to see dramatic change in the cereal giant's performance amid stiff competition. The change was expected but not for several months. Gutierrez started with Kellogg as a sales rep in 1975 in Mexico.
Comment:
Co. promotes president and COO to CEO early
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1999
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