Dunlap faces a fight over his severance pay

Article Abstract:

Sunbeam Corp. does not intend to give former chairman, Albert J. Dunlap, any severance. Dunlap was fired after weeks of financial problems and dropping stock prices. Dunlap will fight to have his latest contract honored, which entitles him to $5 million and the right to cash in his stock options. Dunlap suggested stepping aside with full severance due to a lack of support from the board of directors. Sunbeam could argue that he constructively resigned, in which case he would be entitled to nothing.

Comment:

Dispute over former chairman Albert J. Dunlap's severance

Executive changes & profiles, Management development, Company Personnel

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Sunbeam concedes 1997 statements may be off

Article Abstract:

Sunbeam Corp. acknowledged that its financial statements for 1997 may be inaccurate. The company has said that the statements are not reliable. The statements were audited by Arthur Andersen LLP. Sunbeam has seen surprisingly poor results as of late. The company has commissioned Deloitte & Touche LLP to help in the review of the statements. The review may lead to a restatement of Sunbeam's financial reports for 1997.

Financial management

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