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Dunlap's missing years
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July 16, 2001: 5:45 p.m. ET
Former Sunbeam CEO hid allegations of misconduct on resume - report
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NEW YORK (CNNfn) - Albert J. Dunlap, the former chief executive at Sunbeam Corp., was accused of accounting fraud at a company he headed in the 1970s but hid that history from later employers, according to a published report Monday.
The New York Times reported that Dunlap was fired in 1976 as president of Nitec Paper Corp. and subsequently accused by the company's owner of overstating inventory, fabricating sales, and covering up a loss of $5.5 million.
Twenty years later, Dunlap became a well-known executive on Wall Street and gained the infamous nickname as "Chain Saw Al" for his brutal cost-cutting at Scott Paper Co. and Sunbeam.
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Former Sunbeam CEO Al Dunlap hid allegations of misconduct on his resume, according to a published report. | |
He was fired by Sunbeam in 1998 and confronted with similar fraud allegations.
Sunbeam filed for bankruptcy court protection in February. The Securities and Exchange Commission sued Dunlap and four other former Sunbeam executives in May, charging them with fraud the commission said resulted in billions of dollars of investment losses.
The Times said Dunlap omitted his tenure with Niagara Falls, N.Y.-based Nitec from his employment history, and also left off the fact that he had been fired by another company, Max Phillips & Son of Eau Claire, Wis.
Dunlap and Nitec sued one another after his removal, and the matter was resolved when the company agreed to pay Dunlap $50,000, according to the newspaper. Dunlap also sued Phillips, which later paid him $55,000.
Dunlap has declined to comment on whether he had misled employers about his employment past, and his lawyer described the accusations as "old and stale," the paper reported.
Dunlap, 63, is currently living in Boca Raton, Fla., where Sunbeam was also based. 
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