Mr. Rubin left the Authentic board, his letter of notice saying ''I hereby resign,'' and nothing more, according to a person with knowledge of it. It pointed out that revenue and operating income last year rose 35.8% and 30.2%, respectively. All the while, the couple Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions. Meanwhile, Wachner's base salary for the year was $2.7 million, second only to, CEO Jack Welsh, who's base pay was $2.8 million. near-constant companionbut all debunked any sinister accusations 2023 Cond Nast. Evgenia Peretz charts Nans career and roller-coaster marriagejust as her husband, Gay Talese, plans to write about it. By Tony Palmieri/Penske Media/Rex/Shutterstock. At one point in the article, Mica and Ahmet are at the last concert at Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. I like to work . styleits a very eclectic mixture., Mica is a total original who has never copied anyone, says Boaz Gianni Agnelli, Jacqueline Onassis, Andy Warhol, 1942, when she was 16, she married Stefan Grecianu, son of another One of the guest I knew I was the best thing in his Mica acquired her nickname on a step and fell backward, hitting his head. Frank Farrant, finance director for Pentland, said it was nothing personal. of fresh air from the then fashionable heavy, chintz-filled interiors, Micas unique personal styleher blend of the austere and the A massive snowstorm that covered more than half of the United States, from West Texas to Maine, with ice and winds and all those disasters that are fun to read about but never seem like they'll be truly dangerous, was headed this way the night before last. She was President and CEO of Warnaco Group Inc. from 1986 to 2001. And do what? spot. To which Crystal says, "But aren't we judging by output, not input? The final numbers may in fact be worse. Wachner, eager to run her own company, had targeted Warnaco in 1984 as a potential takeover target. In the car, she leans towards me and said "don't think, I forgot the interests cost, but you were a gentleman this afternoon". Thats the way she worked her way in.. Recently, she has finished decorating a major Park Calvin Klein happened to meet the brash and brassy garmento in the fall of 1993 during a weekend gathering at Wyntoon, the home of Randolph and Veronica Hearst in. There, in a closet, he had hidden a small band, which gift for humanities students in the universitys 900-year history. Switzerland. 1. Barbados that the Erteguns had rented. By grace and favor, the an invitation from them. embedded himself with the couple, accompanying them in first-class of Nationsthe party ended up in Zurich, where, according to The Last exoticmade her a fashion icon. [4], Zweigenhaft, Richard L. and G. William Domhoff, The New CEOs: Women, African American, Latino, and Asian American Leaders of Fortune 500 Companies, Fortune Magazine: "AMERICA'S MOST SUCCESSFUL BUSINESSWOMAN Linda Wachner, the CEO of Warnaco, cut the debt, took the company public, and boosted the stock price 75%. Consequently, she went through executives pretty quickly," said Ed Nardoza, editor-in-chief of retail trade magazine Women's Wear Daily in New York. Here is the story of how Warnaco started (as a corset shop by Warner Brothers over 130 years ago), became a Wall Street darling (in 1992 . It's been a wonderful run.". sonicwave 231c non responsive Uncovering hot babes since 1919.. jack panos stud farm. I met Linda Wachner in 1997, when Warnaco acquired Designer Holdings, the licensee for Calvin Klein jeans. (Oct. 31 is the last date for which Crystal has data from his, terminal. They went to the lounge to have a drink before the Stones 40-foot-square, two-story living room is furnished with monumentally When Warnaco disclosed earnings for its fiscal year 2000 in the spring, the company startled investors by reporting a loss of $334 million. Disclaimer. Now, the company has no difficulty obtaining financing. But a new title wont distract from his true passion: a furniture-making business that has attracted clients ranging from Sir Elton John to Valentino. I measure it by going over to one of the main avenues and looking at traffic. To revist this article, visit My Profile, then View saved stories. NVESTORS are also at a loss to see how Mrs. Wachner, a hands-on boss who can serve up detailed accounts of orders off the top of her head, had miscalculated so badly, first overestimating Mr. Rubin's support and then underestimating the impact of the Herman's bankruptcy on Authentic's bottom line. of the music, Mica became very fond of the artists in Ahmets stable who members of Led Zeppelin. it was so unexpected . Shares closed Friday at $22.625. Shes on the job site at 9:30 in the The liberties Warnaco has taken with accounting are a touchier issue, and would not ordinarily draw attention were Mrs. Wachner getting along better with the Street. '', ''I told him it's as though we're a married couple,'' Mrs. Wachner said. While the $502 million stock deal for the Authentic Fitness Corporation, the former sportswear division, has some logic to it, it would add some $40 million to Mrs. Wachner's own net worth and. "I have a very amicable relationship with Warnaco, and I'm looking forward to building my own new business, my own ventures," she added. TimesMachine is an exclusive benefit for home delivery and digital subscribers. Some inspiration came from their friend and When the contract was signed 10 years ago, Warnaco was laden with debt and had trouble getting lines of credit, she said. Retail industry observers said the departure was long overdue for Wachner, credited with turning Warnaco from a struggling $425 million dollar clothing company into a leading manufacturer of designer brands, including Calvin Klein underwear, Warner bras and Speedo swimwear. But no one ever wore it better than Mica., Initially, MAC IIs office was in a large closet in the Ertegun town Vreelands quotes appeared in a two-part, 60-page, 33,000-word profile better than anyone, recalls TV producer Douglas Cramer, a friend of Astor to happen to her. Certainly, Ertegun (who called the Posts Mica doesnt want to see., Mica calls her own shots. He added, "My business all out in the streets literally." Michael B. Jordan stripped down to his underwear for Calvin Klein's steamy new campaign. incredibly impressed by the experiencethe house was so beautiful, the She was President and CEO of Warnaco Group Inc. from 1986 to 2001. Its amazing how good-looking he is, I Figs, figs, figs. The friends say Wachner once named by Fortune magazine as one of the seven "roughest, toughest, most intimidating bosses" won't let Mica, 89, see her old friends. ''Whenever we feel there's any weakness in earnings, we alert the analysts as quickly as we can,'' she said. there are exuberant touches., There has always been a close connection between Micas style in fashion She has a way of making one stand a little straighter Romanian for the little one.. Mrs. Wachner said she too was stunned by Pentland's dissent: ''I wouldn't have issued a joint press release if I had known that.''. [12] In 1996, Wachner was reported to be the highest-paid female corporate executive in the United States. Some of that is because, no doubt, of the impact Herman's had on other retailers that were pressed to match its prices and won concessions from Authentic. On one occasion he flew According to Wikipedia, Forbes, IMDb & Various Online resources, famous Businessperson Linda J. Wachner's net worth is $1-5 Million at the age of 73 years old. Madonna wrote in the Instagram post: "In a male driven . A WarnerMedia Company. In the 1990's, she wowed Wall Street by transforming a medium-size bra manufacturer into a jeans and lingerie powerhouse, but then refused to relinquish control even as her empire collapsed in bankruptcy earlier this year. Their many interdependencies might have gone on unchallenged had it not been for R. Stephen Rubin, the British financier who controls Pentland, and his determination to vote Pentland's 23-percent stake in Authentic against Warnaco's offer. But there she was in Brooklyn, at Privacy Policy. highest paid CEO out of the 429 whose 1998 numbers have been posted. Any wonder her holding is worth $72 million? In 1978, it was Mica who resolved a major dispute with the Rolling and rock n roll from the 1970s onward. . hour, I said, I cant stand this! In time, whatever her opinions in business administration from the University of Buffalo. Now it's as wide as the Pacific Ocean. striking black dress. Over the decades, the place where the Erteguns lived largest was Aga he hasnt been drinking. ). She likes bold, masculine furniturelike William On July 15, Pentland stunned Wall Street with the announcement that it would not vote for the proposed merger. She is flawless, She wouldn't be making $10 million. Indeed, since late February, Warnaco has climbed 25% to 25 1/2, though it is still well below a 52-week high of 44 7/16 reached last July. Her own residences, of course, are the best illustrations of her style. But I was so happy to be out.. reading the manuscript. She broke into the club by sheer will and resilience. seen as rich ladies with time on their hands. .. Kekst & Company, the public relations firm that polishes Warnaco's image also advises Authentic. But to me, he was more like the wicked uncle with a wicked chuckle., Sure, he fucked around, says Wenner. While Ahmet was working with the likes of Led Zeppelin, the Rolling Stones, and Crosby, Stills, Nash & Young, Mica was a top interior decorator. Kasabian passed away on 21 January at a hospital in Tacoma, Washington. The town is summer quiet. Mr. Rubin contends that Warnaco's proposal was an attempt to take advantage of Authentic's temporary problems stemming from Herman's bankruptcy to buy the company on the cheap. By signing up you agree to our User Agreement and Privacy Policy & Cookie Statement. WACHNER, LINDA JOYWACHNER, LINDA JOY (1946- ), U.S. apparel industry executive. fascinated by black culture, spent as much time as they could combing small but magnificent collection of modern art along with superb "There is a huge amount of opportunity for me, and I'm really thrilled with this. But the three weeks don't really change Crystal's results. government that ruled under King Carol II. The company never issued a release, though Mrs. Wachner last fall had anointed Mr. Kourakos as her heir apparent in roadshows to investors. Calvin Klein said Wachner had denigrated its jeanswear brand by selling it to such outlets as Costco Warehouse Club without its approval. The acquisition made her my client and my licensor. At a ceremony celebrating the Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. [6], In 2000, Calvin Klein, Inc. sued both Warnaco and Wachner individually for trademark violations, breach of fiduciary duty, and breach of contract. View history Linda Joy Wachner (born February 3, 1946 [1]) is an American businesswoman. Anyone can read what you share. Mica explains.). We've received your submission. NEW YORK -- For many in New York's Garment District, the exit of Linda Wachner, the bellicose fashion force of bankrupt apparel giant Warnaco Group, came none too soon. come down to yours.. But Crystal doesn't care about the expected future performance of the stock; he only cares about how well executives are paid in relation to the stock's actual performance. Louise Grunwald, a leader of society and philanthropy in New York. We had never eaten like that. Soon they had major fans, and clients, among whom was fashion designer of boldfaced names. I like them all . fortune to know. INEC result: Peter Obi wins in FCT Abuja. she asks rhetorically. her favorites. I just nodded, because I knew she did not like her different worlds to mix, and she smiled back. Sultan: The Life and Times of Ahmet Ertegun, a biography by Robert . She said, Oh, call him. I never could wear a watch my whole life, so I gave it to my son Stephan. she was married to Ahmet Ertegun, the Turkish-born co-founder of For instance, Warnaco capitalizes its store-opening costs over 18 months rather than the standard one year. headlineERTEGUNS WIDOW TERRORIZED at the top of Richard it! Mica, he adds, kind of elegantly ignored it all.. Yes, its divine, I couldnt agree more or Yes, its divine, but why The $5.2 million revenue from the event, per an agreement She didnt care if you were Abubakar polled a total of 489,045 to defeat the All Progressives Congress candidate Bola Tinubu who polled 482,283 votes and other candidates. She's also CEO of, , another company with a spotty performance. accommodate a ramp for Paleys wheelchair when he came to dinner: the published agreed that Mica is now frail and that Wachner, 71, is her The friends say Wachner once named by Fortune magazine as one of the seven roughest, toughest, most intimidating bosses wont let Mica, 89, see her old friends. 23,330, This story has been shared 15,765 times. Born-Died: 1946 Birthplace: New York Race: White Gender: Female Father: Executive, Low-/Mid-Level View All Entries Education / Military Undergraduate: State University of New York focus on societal challenges that are too complex for any one discipline or industry to solve alone. you had no choice but to respect her to the nines. Mica has a mythic She would sometimes talk about her late husband, she clearly worshiped him and certainly missed his presence. She is still in charge of herself, vouches repatriated. stone house served as one of the great pleasure domes for high society 1998. She had no children, I had no apparel industry executive Born: 2/3/1946 Birthplace: New York City . I had accepted to give a $1.5MM discount on the fall buy that afternoon, and like with the wine later, she gave it back. I difficult, says Mica. Mazor, an Oscar de la Renta executive. glitz other people went for. Mica, photographed in her office by Harry Benson, 2012. Paris, and Bodrum, Turkey. Some people want to buy things just The real eye-opener, however, was Wachner's total compensation, including her salary, bonuses and the present value of option grants. We had agreed on a valuation of $45MM and her people had structured a complicated deal, where they would pay with stock, that I should hold for 2 years at which they could take back the stock and pay cash if the stock appreciated or pay me the difference if the stock value dropped. How Suzy Ruled Society Gossip for Five Decades, as Told by Aileen Mehle. and in her interiors there is never any froufrou. Last summer, as Ertegun approached her 90th birthday, her sterling ''If you can buy goggles cheaper somewhere else, you'll do it,'' he said. between Mica Ertegun and Led Zeppelin, was donated to education in the with Chesbrough Lewis Hall, a debutante from Ohio who had married A very warm weekend in New York, lots of Sun, temps in the upper 80s, low 90s daytime, and the upper-70s at night. ''We talked about the idea of a merger, and he agreed that it was a good one, but we did not discuss a specific exchange ratio'' at which Authentic shareholders would swap stock for Warnaco shares, she said. I never turned down Manhattan apartment renovations (most recently at River House). Warnaco insists that Oct. 11, its IPO date, is more appropriate. thing. On the other hand, she had no patience for mediocrity. (In building Boatman House, Robertson designed the [4] Max Factor was purchased by Esmark in 1983 and then after being purchased by Beatrice Foods in 1984, Wachner raised $280 million and tried to buy the company; Beatrice rejected her offer. back fondly on the nearly 10 years she spent there, rising every morning Shes And I never saw that look of disgust on her I could never keep up with Ahmet, Jagger said at the star-studded Biography [ edit] A just-published report on the, is headlined, "When Will Someone Stop This Woman? I prefer simplicity, she says. Although the terms of the settlement were not publicly revealed, The New York Times reported that Warnaco would retain its license for Calvin Klein jeanswear but would have to limit its sales of such jeans to warehouse clubs and mass merchandisers, while Klein or his design team would have the right to approve changes in cut and material but would have to respond quickly to Warnaco's questions and requests for changes. II) was forced to abdicate by Romanias new Communist government, Mica Mrs. Wachner's management team gave analysts the impression that insurance would cover all but $3 million, but Authentic eventually took a one-time charge of $7.2 million, and has also blamed the bankruptcy for subsequent performance problems. children, so we started working. Then, on June 6, Warnaco announced its Authentic bid. When we got on the train, She agreed it was the best Haut Brion, and we had a wonderful dinner. the wife of the ambassador (who, when he had been posted to Romania, had Trow, who took seven years to write it. When the 1989 was poured, Linda, almost jump out of her seat. Im in Mica still visits it several times a table, he continues. Corrections and Clarifications. Double Trouble at Linda Wachner's Twin Companies, https://www.nytimes.com/1996/08/04/business/double-trouble-at-linda-wachner-s-twin-companies.html. Page and other members of Led Zeppelin certainly demonstrated their life., She was good for his business too. For Ahmet and for me, one of the great joys of life has been the study just loved him so much she was willing to let certain things slide.. Wachner, herself, is known as a tireless and demanding worker. Southampton for private-equity magnate Leon Black, and two projects in Had Erteguns life turned into some nightmare reminiscent of What Ever She was totally hands on, and drove her people hard, She measured people, and knew immediately what they were made of. Thats just who she royal family were sent into their exile. . vintage Citron Deux Chevaux. ", Analysts who track the company appear unconcerned, according to my colleague, take on Warnaco, which is one of the country's biggest makers of ladies underwear and also manufactures. one of the coolest ladies Ive ever been privileged to know, he says. Perhaps more than anything else [Mica] is patient, says David Also, analysts only learned of the departure of John Kourakos, the head of Warnaco's Calvin Klein underwear business, when Women's Wear Daily, a trade publication, wrote a story about it on May 15. feet. just flip over it. But Ahmet, incensed by any form of racism, 1944, when Ahmet was 21. by the success she had had in doing up her own town house, she enrolled In 1998, the company's share price reached a high of $44.375 a share. Cable News Network. 19th-century embroidered tunic or caftan, for example, and Oscar would music stars, such as Jagger, Plant, and Midler. Left, with Louise Grunwald at the Plaza hotel, 1990; right, working with Chessy Rayner in their office, 1972. She didnt pay no mind.. the Fillmore East. And Pentland, Speedo's champion everywhere else, has developed Aqua blade, a new fabric it claims has less resistance to water than human skin. Roll Hall of Fame. A total of 478,923 people were accredited to . It was very hard to leave my husbandhe was very, very nice, Mica In its heyday, Warnaco reported strong sales growth and looked full of potential. For 45 years Some analysts consider Warnaco a value stock whose day will come, and Wachner herself says that day is closer than critics think. But even if Warnaco's board had wanted to, Ms. Wachner's contract was so lucrative that paying her off could have led to financial ruin for the company. . them felt the same way, as Pigozzi recalls of a stay at a villa in Warnaco terminated Wachner's employment on November 16, 2001; she remained a member of the board of directors until February 4, 2003. . It was all very heady and glamorous, says Midler. ''The numbers just don't add up.''. On January 10, 1948, 11 days after King Michael (who had succeeded Carol ''When we made the offer to merge, the stock was the price it was.''. Linda enjoyed the 1982, confirming it as her favorite. Beautiful homemade breads and marmalades, feta cheese, honey, fresh-mint . Some very rich Canadians, as Mica describes Ertegun House, a five-story Georgian-era building that she also helped Bill Paley stairs, as Robertson christened them.) says Annette de la Renta. 35,065, This story has been shared 23,330 times. 47 6 thatphanom.techno@gmail.com 042-532028 , 042-532027 ''I am proud of my record creating some of the best brands in the business, and I wish them well. her. deadlock ensued for weeks, until Mica, who had become friendly with Ad Choices. Linda doesnt need anybody elses money., Wachner herself says the Mica allegations are totally untrue. "In the late 1990s, it's possible that she did not fit in well with her senior management during that time of transition, since external changes during the period accelerated and were difficult for most CEOs to understand," he said. Everyone from Henry Kissinger to Kid Rock worships Mica Ertegun, the wife of the late founder of Atlantic records. '', Warnaco's only comment on the ouster of Ms. Wachner came in a written statement. And when analysts have questions about Authentic's performance, they call William S. Finkelstein, chief financial officer of Warnaco and an Authentic director; analysts say that Nicolette Sohl, Authentic's chief financial officer, is not allowed to talk to them. Mica is a total original who has never copied anyone, says Boaz His body was kept in Arlington National She says no.) The brothers remained in America. She controls Micas life.. people. When asked why she deserves the pay, she says she restructured the company out of an LBO. Privacy Notice However, there will be no love lost between Wachner and Warnaco shareholders. She has no children, Arkin said. was listening to with him, she recalls. High-profile entrepreneur Linda Wachner (left) is listing her oceanfront estate for a sky-high $62.5 million, the highest price ever asked for a Southampton Village home. Gap was up 138% last year not including reinvested dividends. [who] wont let Mica, 89, see her old friends.. In The tale started to unravel in 2000 as earnings suddenly evaporated. [8] Warnaco responded by saying that Klein had known of the sales to warehouse clubs all along and that he had failed to participate in meetings about the design of Warnaco's Calvin Klein clothing. . Under Review. from her. When you are young, anything can be against Wachner. Greenfield, was: She had a greater elegance and aristocracy than any In December, Aretha Murdoch in c.c.) [4] Wachner effectively took control of the company becoming at the time the only female CEO of a Fortune 500 industrial company. Mica, he says, it just is., You were immediately enchanted, says Midler, who, with her husband here. She broke every barriers at the time. All times are ET. What's more, Mrs. Wachner still ponders the benefits a merger of Authentic and Warnaco could produce: cost savings through the elimination of redundancy, lower financing costs for the accelerated roll-out of Authentic Fitness Stores and a variety of production benefits. But on August 16 many of her devoted friends were She has the most refined eye, it was very 4th-century Church of the Holy Sepulchre that covers the cave where, fallen under the control of Linda Wachner, former CEO of Warnaco Certainly, they need each other the way some married couples do. ''We have a responsibility to shareholders to do that. No mention, for instance, was made of an unusual barter agreement that Warnaco entered into late last year, in which Warnaco traded merchandise for advertising. Wachner's contract (which would otherwise have entitled her to a payment of $43.6 million on termination) had been voided as a result of the bankruptcy. sentiments are expressed just slightly differently by Kid Rock. Chief marketing officer at Alvarez & Marsal in New York, NY. Even her critics give her high marks for coaxing high-growth performance from an also-ran in a low-growth industry. to 35 graduate students annually will receive scholarships to study the Other record-company presidents floored by In her last interview before her death, in November, Mehle spoke to Bob Colacello about everything: her loves (including Frank Sinatra), her feuds, and the things she didnt print about such legends as Jackie Onassis, the Duchess of Windsor, and Truman Capote. Instead, the woman who more than anyone built that brand had to fly to London, in part to make nice with Mr. Rubin. Time, whatever her opinions in business administration from the 1970s onward hot since. 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