They called him 'Chainsaw Al.' In 1996, Al Dunlap took over a struggling Sunbeam and did what he did best: he cut. He let go 6,000 employees and closed 18 factories. The stock price? It nearly quadrupled in less than two years. To Wall Street, he was a superstar. But the 'turnaround' was a house of cards.  To meet impossible targets, Dunlap used 'cookie-jar' accounting and 'channel stuffing'—basically booking future sales today to hide massive losses.  By 1998, the board fired him, ...

CFO Bookshelf

Mark Gandy

Would You Work for Chainsaw Al Dunlap?

MAR 1, 202653 MIN
CFO Bookshelf

Would You Work for Chainsaw Al Dunlap?

MAR 1, 202653 MIN

Description

They called him 'Chainsaw Al.' In 1996, Al Dunlap took over a struggling Sunbeam and did what he did best: he cut. He let go 6,000 employees and closed 18 factories. The stock price? It nearly quadrupled in less than two years. To Wall Street, he was a superstar. But the 'turnaround' was a house of cards. To meet impossible targets, Dunlap used 'cookie-jar' accounting and 'channel stuffing'—basically booking future sales today to hide massive losses. By 1998, the board fired him, the SEC banned him for life, and Sunbeam was headed for bankruptcy. So, was he a genius who saved companies, or a corporate 'psychopath' who destroyed them for a quick buck?In this episode, I bring back my friend Gordon Graham, the author of The Intrepid Brotherhood, who knows what it's like to work for a psychopathic leader. We explore this topic as we go through some of the key ideas in John Byrne's book, Chainsaw.Leadership Lessons From The Great BooksUnderstanding great literature is better than trying to read and understand (yet)...Listen on: Apple Podcasts   Spotify