Washington (Sept. 6, 2002) -- Former Sunbeam Corp. executives Albert Dunlap and Russell Kersh each agreed to pay civil penalties and to be permanently barred from serving as officers or directors of any public company to settle charges with the Securities and Exchange Commission, the SEC said.

Dunlap, former chairman and chief executive who was once known as "Chainsaw Al" for his propensity to fire workers in an effort to boost a company’s bottom line, agreed to pay a civil penalty of $500,000. Former chief financial officer Kersh agreed to pay a civil penalty of $200,000. Neither admitted nor denied the SEC's allegations. Dunlap paid $15 million and Kersh $250,000 out of their own funds to settle a related class action, the SEC said.

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