Chainsaw: The Notorious Career of Al Dunlap in the Era of Profit-at-Any-Price [Hardcover]

John A. Byrne (Author)

Book Description

Publication Date: October 20, 1999

"Chainsaw" Al Dunlap was the manifestation of '90s greed. First breaking into headlines as the controversial head of Scott Paper, Dunlap's ruthless scaling down of the company left a wake of anger and resentment, even as Scott's stock value soared. Now BusinessWeek senior writer John A. Byrne, who has been covering Al Dunlap for years, brilliantly presents the notorious businessman's story as a cautionary tale, complete with larger-than-life (but real) financiers and wheeler-dealers, unbelievable (but true) business practices, and a good, old-fashioned comeuppance that sees the villain suffer the fate he deserves.

A thrilling and enlightening look at the mad pursuit of wealth, Chainsaw is for the '90s what Barbarians at the Gate was for the '80s -- a fascinating story loaded with implications for everyone with a stake in American business.

Editorial Reviews

Amazon.com Review

Al Dunlap was so ruthless in downsizing corporations for short-term shareholder profit that he earned nicknames such as "Chainsaw Al" and "Rambo in Pinstripes." Wall Street loved Dunlap at Scott Paper, where he laid off thousands, but then hated him at Sunbeam, where he himself was finally fired. Chainsaw, by Business Week writer John A. Byrne, dramatically documents the rise and fall of Dunlap, the havoc he wreaked on companies and people's lives, and how he came to power in the first place.

"Chainsaw Al was a creation of the Street and its ceaseless lust for profit at any cost. He came of age when the market routinely rewarded layoffs with lofty stock prices. The more people he tossed out in the street, the higher stock values went," writes Byrne, who cites "cutthroat investors" such as Michael Price and Ronald Perelman for helping Dunlap's rise. Superbly written and researched, the book vividly describes characters and scenes, and reveals the fictions that Dunlap told about himself. How cold was Chainsaw Al? Byrne writes that Dunlap never even attended the funerals for his mother and father. Byrne also tells the story of the questionable accounting and business practices that ultimately brought down Sunbeam and Dunlap, and the investigations that led to a restatement of the company's finances. Dunlap, unhappy about Byrne's reporting, once said of the Business Week writer, "If he were on fire, I wouldn't piss on him." It's a quote that Byrne uses to kick off his last chapter. Chainsaw is a compelling read for those interested in the inner workings of Wall Street and business, or just a well-told story. --Dan Ring

From Publishers Weekly

It would be hard to imagine a more scathing indictment of one man's career and character than this blistering saga by Byrne (Informed Consent), a senior writer for Business Week. Dubbed "Chainsaw Al" for his management style, which featured massive layoffs, Dunlap became a business star when he appeared to have turned around the ailing Scott Paper Co. and then arranged its sale to Kimberley-Clark, a move that made millions for Scott's shareholders and executives. After leaving Scott, Dunlap was recruited by mutual fund manager Michael Price to improve the lethargic stock price of Sunbeam, and Dunlap immediately went to work, slashing thousands of jobs and shutting dozens of plants. His strategy was to fatten up the company's bottom line as quickly as possible and then sell the company. But as Wall Street supported Dunlap's tactics by increasing the company's stock price, Sunbeam became impossible to sell. By Byrne's account, Dunlap, desperate to find a way to hide the shortcuts and questionable business practices he had used to "make the numbers" in 1997, went on an acquisition spree, buying three companies at inflated prices. But the acquisitions increased Sunbeam's debt, and when it became clear that Dunlap had lost control of the company, he was forced to resign. During his career, Dunlap created no shortage of enemies, who were more than willing to share their views with Byrne. Byrne captures the chaos that became Sunbeam in this sizzling tale of what can happen when greed trumps all other management considerations. (Oct.)
Copyright 1999 Reed Business Information, Inc.

See all Editorial Reviews

Product Details

• Hardcover: 416 pages
• Publisher: HarperBusiness; First Edition edition (October 20, 1999)
• Language: English
• ISBN-10: 0066619807
• ISBN-13: 978-0066619804
• Product Dimensions: 9.3 x 6.4 x 1.4 inches
• Shipping Weight: 1.7 pounds
• Average Customer Review: 4.6 out of 5 stars  See all reviews (32 customer reviews)
• Amazon Best Sellers Rank: #694,080 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

15 of 15 people found the following review helpful:

5.0 out of 5 stars You reap what you sow. Does this apply to business?, December 15, 1999

By 

"olafdaslayer" - See all my reviews

This review is from: Chainsaw: The Notorious Career of Al Dunlap in the Era of Profit-at-Any-Price (Hardcover)

"Chainsaw Al" is a wonderfully written book. John Byrne manages to pull off an amazing double with this effort. First, the story of how Al Dunlap was permitted to bully, excuse me, I mean manage, a company for two years should be required reading for all CEO's and those who aspire to such positions. Secondly, it is a genuinely gripping drama that pulls you in and makes you root against Mr.Dunlap and his valets, aka top executives.

I have an enormous amount of respect for the level of effort and research that Mr. Byrne obviuosly has placed into this book. It shows up on every page. From the mayor of one of the small towns that Mr. Dunlap callously affected, to a low-level accounting department auditor who seemed to be one of the few people with any self-respect in the corporate offices, to the Board of Directors at Sunbeam, you are permitted inside their heads and find out what they thought and did as the company first rose, then spiraled into near oblivion under the care of Mr Dunlap. Incredible.

I found myself amazed at the courage and morality that some showed; and disgusted at the amorality and cowardice of others. How could any "professional" put up with the continual abuse that Mr. Dunlap heaped on them? How could any "professional" have taken his impossible fiscal goals and objectives seriously? For the promise of the pot of gold at the end of the rainbow that "Chainsaw" had delivered before at Scott Paper,and several other companies.

I think ultimately the importance of this book will be that it will serve as a warning to all those in business who feel that everything,including one's decency, should be sacrificed to maximize profit, stockprice, and one's coffers when it comes time to cash in the options.

Mr.Dunlap got what many felt he had coming. What you will get if you read John Byrne's book is one hell of a story.

16 of 17 people found the following review helpful:

5.0 out of 5 stars the truth finally comes out, November 25, 1999

By 

Andrew S Shore (NY, NY) - See all my reviews

This review is from: Chainsaw: The Notorious Career of Al Dunlap in the Era of Profit-at-Any-Price (Hardcover)

I lived the al dunlap saga first hand. Breakfasts, luncheons, and diners with the man as well as frequent barbs and threats. I was as close to the story as any outsider could be. But I must confess; John Byrne's account of the Sunbean story was told better and more accurately than either I or any insider could tell it. Byrne is a pro's pro. I would probably read anything he wrote since I would know that it was written with honesty, integrity and passion. This book is a must read for anyone interested in the mind of deception and the evil of greed.

12 of 12 people found the following review helpful:

5.0 out of 5 stars Sad commentary on our business culture, January 17, 2000

By 

Srikumar S. Rao (Commack, NY USA) - See all my reviews
(VINE VOICE)    (REAL NAME)   

This review is from: Chainsaw: The Notorious Career of Al Dunlap in the Era of Profit-at-Any-Price (Hardcover)

John Byrne has taken a non fiction theme and turned it into a gripping page turner. Virtually everyone I know has read this book in one or two sittings. There is a bright future for him in thrillers!

Al Dunlap was so lionized by Wall Street that the market capitalization of Sunbeam went up by billions of dollars simply because of the announcement that he was taking charge. The subsequent fiasco is well documented. Byrne takes us behind the scenes and shows us what exactly happened, and when and why. Based on exhaustive interviews and examination of public and private records, the tale is both gripping and revealing.

Accounting norms were stretched to the point of outright fraud. Those who tried to sound alarms were silenced by various means ranging from firing to being bought off with options. Characters are finely drawn to the extent that you feel you know each one personally. Telling incidents reveal the essence of each player. During a major crisis, for example, Dunlap dispatches his major henchman to adjudicate a minor dispute with his club. The movers and shakers of business - Michael Price, Ron Perelman and others of that ilk - are shown to have poor judgment coupled with incredible arrogance, the same traits amply displayed by Dunlap. All have overwhelming greed. There are no heroes in this book.

The author documents that Dunlap's "successes" had much less substance than media accounts would lead you to believe. It was luck that prevented Scott Paper, for example, from being the first debacle. This is no hatchet job despite Dunlap's visceral hate for the author. The author does not reveal many damaging tidbits in this book which he has recounted elsewhere - such as the fact that Dunlap refused to contibute to the medical expenses of a niece suffering from cancer.

Far from being a "leader" or even "manager", Dunlap was a tyrant who preyed on the weak, fawned on the strong and endlessly feathered his nest. Media and Wall Street colluded in his successful-for-too-long image building. Byrne has the courage to point this out.

It is a sad commentary on our business culture that Dunlap flourished for so long despite so many people knowing what was really going on.

Read this book to understand what is going on behind the scenes in too many companies. Dunlap did not grow in a vacuum. END