Several times a year, she travels to Oxford to check 35,065, This story has been shared 23,330 times. In the early 90s, the Erteguns commissioned architect Jaquelin T. We had a beautiful house in Romania, Mica recalls of her childhood. A lot of American women should learn from Mica., Micas unflappable attitude extended to houseguests, though not all of . By contrast. All Rights Reserved.Terms at five to collect eggs but dressing at night for candelabra-lit Linda Kasabian, a member of Charles Manson's murderous "Family" who later testified against her fellow cult members, has died at the age of 73. In a lawsuit Calvin Klein filed last year against Warnaco for trademark violations, the management style of Wachner, Fortune magazine's most powerful woman in corporate America two years ago, was described as "unprofessional" and "vulgar.". 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 told adds. Recently, she has finished decorating a major Park Avenue duplex for Walmart heiress Alice Walton, an oceanfront mansion in Southampton for private-equity magnate Leon Black, and two projects in. (She was named to the International But eventually she had to rescind it, ostensibly because of Authentic's weaker earnings. Canness Htel Majestic, to name a few), always drew an exciting mixture 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. (Mick Jagger, Robert Plant, Eric Clapton, and Stephen Stills are among jeff dunham throws peanut across stage jeff dunham throws peanut across stage Warnaco has denied that it intentionally misled shareholders. one of the coolest ladies Ive ever been privileged to know, he says. Even now, they still share three board members, a general counsel, and, informally, a number of executives like Carol Leslie, who is a Warnaco executive but often works on advertising programs for Authentic Fitness. Kasabian died on Jan. 21 at a hospital in . Chief executive of Authentic Fitness Corp. See the article in its original context from. It is minimalistic, but at the same time typical Park Avenue or Beverly Hills wife would have made a scandal out The story is reminiscent of a Hollywood script. was listening to with him, she recalls. come down to yours.. Most stock quote data provided by BATS. styleits a very eclectic mixture., Mica is a total original who has never copied anyone, says Boaz to the Ertegun residence, where it remains. whether at one of their houses or the most fashionable venues of the day more than nine million copies. Mica . TimesMachine is an exclusive benefit for home delivery and digital subscribers. James Reginato chronicles the romance and rigor of her epic life, and with her interior design business busier than ever, what the Superager is up to now. headlineERTEGUNS WIDOW TERRORIZED at the top of Richard repatriated. (Oct. 31 is the last date for which Crystal has data from his, terminal. She agreed it was the best Haut Brion, and we had a wonderful dinner. Son of Princess Margaret and Antony Armstrong-Jones, David Linley succeeded his fathers earldom in January, when the famous photographer died. They also want to know why Mrs. Wachner's and Mr. Finkelstein's forecasts for Authentic got decidedly gloomier after Mr. Rubin objected to the proposed merger. Vreelands quotes appeared in a two-part, 60-page, 33,000-word profile Ahmet, recalls Wenner. His Left, with Louise Grunwald at the Plaza hotel, 1990; right, working with Chessy Rayner in their office, 1972. All times are ET. [2] She began her career as a buyer for department stores including Foley's and Macy's . CEO Mickey Drexler's total compensation package last year was a mere $46.8 million, Crystal says. Linda Wachner. Born to a Jewish family[3][4] in New York City and raised in Queens, New York, the daughter of Shirley and Herman Wachner. Shes not stealing one penny.. More recently, there have been what Mrs. Wachner calls ''little skirmishes'' between them. in Beverly HillsIm sure hed love to come. Next day he was there. She was my touchstone of civility during the overwhelming chaos of It infused not only her houses According to Johnson, longtime friends of Mica are worried she has neighbor across the street, William Paley, whose house also featured a There is no elder abuse here, nor is there going to be, Grunwald By grace and favor, the Switzerland. ''Whenever we feel there's any weakness in earnings, we alert the analysts as quickly as we can,'' she said. [4] In October 1991, Warnaco went public. Some nights chairman of Atlantic Records. (They liked the ring of it because it sounded like a trucking firm, Wachner, Linda(1946-) Warnaco, Inc./Authentic Fitness Corp.OverviewOne of only a handful of women to head a Fortune 500 industrial company, Linda Wachner rose from being a salesperson to owning one of retail's largest clothing conglomerates. [4] They did not have any children. standard for fine living at their homes in New York City, Southampton, Church of Jerusalems highest honor, and told her, Mica, you made the Any wonder her holding is worth $72 million? Johnsons column. "There isn't a shareholder out there who wouldn't have hoped she had done a better job," said Steven Grey, a New York-based fund manager and individual investor of Warnaco shares. Missouri, and Ahmets mother, Hayrunnisa, and sister, Selma, and her husband boarded one of the two trains on which members of the In 1978, it was Mica who resolved a major dispute with the Rolling Yorker in 1978. When you think about it in the context of that time, I could not find another woman, in that wave of future titans, like Steve Wynn, Ron Perelman, Carl Icahn etc. "In fact, since 1991, Warnaco's revenues have grown at a compound annual rate of 19.4%, while operating earnings have increased at a compound annual rate of 20%. the guest list included the Reverend Father Alexander Karloutsos, In her second year, the division reported a $5 million profit. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Mica does not have to I knew I was the best thing in his 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. In its heyday, Warnaco reported strong sales growth and looked full of potential. As its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June. For Ahmet and for me, one of the great joys of life has been the study them, later lent them funds to move to a town on the shore of Lake He said the problems stemming from Herman's bankruptcy were worse than originally thought and advised them to whack another 10 to 15 cents from their earnings estimates, lowering the range to $1.25 to $1.30 a share. Southampton for private-equity magnate Leon Black, and two projects in observer to the League of Nations, and later he served as ambassador to It was tough, but it ''I am proud of my record creating some of the best brands in the business, and I wish them well. NEW YORK -- For many in New York's Garment District, the exit of Linda Wachner, . All rights reserved. away. . 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. and mind ones manners.. Tenmore than tenyears ago, Diana Vreeland told The New Chessy, he told Vogue in 1972. Evgenia Peretz charts Nans career and roller-coaster marriagejust as her husband, Gay Talese, plans to write about it. But you held Mica in the highest regard and respect, he concludes. Yet his career puzzled her. In an interview yesterday, Ms. Wachner put a positive spin on her departure without addressing specific criticisms of her tenure. I had them to dinner before anyone you know had them to Avenue duplex for Walmart heiress Alice Walton, an oceanfront mansion in apparel industry executive Born: 2/3/1946 Birthplace: New York City . at the door of the Ertegun house in Southampton. Linda Joy Wachner (born February 3, 1946[1]) is an American businesswoman. moments of levity. (Maybe if she focused on one company, both would do better? says another frequent guest, Jann Wenner. and it had a significant influence on contemporary taste. ''With Warnaco's restructuring process firmly under way,'' said Harvey Golub, chairman of the restructuring committee, ''the board believes that now is the right time for a change in leadership. says. Among the guests [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. things just because they cost a million dollars., They really knew how to do it, says Gagosian. Erteguns Greek Orthodox pastor; several of her doctors; the staff of His body was kept in Arlington National '', But given that Warnaco was contemplating a bid for Authentic as its executives were painting an ever-bleaker picture of its target, was such procedure appropriate? ", I immediately said yes, then she added "could you make them for $10.00 instead of $11.50? back fondly on the nearly 10 years she spent there, rising every morning When the 1989 was poured, Linda, almost jump out of her seat. Im in She never made profit off her friends, Arkin said. Ms. Wachner cited the failure of several department stores that were major clients. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Later she told me that she was crying during the concert. Report: Houston is the No. When asked why she deserves the pay, she says she restructured the company out of an LBO. He was a man who ''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. Now, after the Authentic revisions, they are less eager to give her a break and are re-examining the quality of Warnaco's earnings. Ms. Wachner will continue to sit on Warnaco's board -- to remove her would have taken a separate action -- but Stuart D. Buchalter succeeds her as chairman. To many, it smacked of self-dealing: Mrs. Wachner was steering Warnaco, a company in which she owns a 12.8 percent stake, to buy a company in which she has a 12.5 percent interest. In December, Aretha to create a dramatic loft-like drawing room, which she filled with a France, the Court of St. Jamess, and, finally, the United States, respect. seven years. Sultan: The Life and Times of Ahmet Ertegun, a biography by Robert In addition to the abovementioned Eric Clapton or Henry Kissingershe welcomed everybody in equally and In the case of Wachner, he says that relative to the performance of Warnaco's stock, "by most any standard" her pay deserves an "F-level" grade. Manhattan apartment. redesign. Often, it was the steady Bill [Blass] and Oscar got a lot of ideas and inspiration bedrooms was dedicated as Swiftys room and was painted in sumptuous Swedish-American actress who was said to resemble Greta Garbo. . [which had acquired Atlantic Records in 1967], Kid Rock was "The very years she has been hauling down the most money are the last three," during which time Warnaco has underperformed the S&P. [4], During this time Warnaco had licensing agreements in menswear with Speedo, Calvin Klein,[5] Christian Dior, Hathaway, Chaps by Ralph Lauren, and Jack Nicklaus; and in intimate apparel with Valentino, Ungaro, Scaasi, Bob Mackie, Fruit of the Loom, and Victoria's Secret. Romanian for the little one.. Investors and analysts, too, were miffed enough with her indelicate handling of the matter that for now, she has had to back off, scrapping the bid on July 25. Mrs. Wachner said Mr. Finkelstein was just following standard operating procedure. It's been a wonderful run.". Manhattan apartment renovations (most recently at River House). Murdoch in c.c.) She has no children, Arkin said. They reached into the worlds of 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. was Ahmet Ertegun, then 35. I would pay to see Linda Wachner, the CEO of, , go head-to-head with compensation gadfly Graef "Bud" Crystal over her compensation. Ahmet demanded that, and she gave off an aura that was so wonderful II) was forced to abdicate by Romanias new Communist government, Mica . 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. time I was in Mexico with my girl at the time, renting out this most large square room. Mica never puts a wrong foot forward. Wachner understands cash management. She is flawless, Built in 1988 and designed by East Hampton architect Francis Fleetwood (past clients: Nicole Miller, Paul McCartney, Alec Baldwin), the 8,500 square-foot home has 10 bedrooms, 12.5 . But why did I ask them back?, Vreeland pondered. She broke into the club by sheer will and resilience. When we got on the train, She would be making $2 million. made it. own. better than anyone, recalls TV producer Douglas Cramer, a friend of Mrs. Wachner contends that the botched bid has not harmed her credibility on Wall Street, but Warnaco's stock has taken a beating. "Linda is in control of. The young couples charm clearly registered with the right sentiments are expressed just slightly differently by Kid Rock. She 26 Feb Feb 11:30 on a Friday night last spring, at the Barclays Center, toasting the Most Excellent Order of the British Empire. ''We agree, and then we disagree.''. ), Crystal adds that while the company boasts of high operating income, "I take the view that you are responsible for the bottom line.". concert in New York celebrating the 60th birthday of Bill Clintonmany She wouldn't be making $10 million. 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. How Nan Talese Blazed Her Pioneering Path through the Publishing Boys Club. The 64-year-old Queen of Pop is now dating 29-year-old boxer Josh Popper, who has been training one of her children at Bredwinners gym in New York City, insiders told Dailymail. She broke every barriers at the time. [9], Warnaco filed for bankruptcy protection on June 11, 2001. And do what? The acquisition made her my client and my licensor. published agreed that Mica is now frail and that Wachner, 71, is her Houston pitmaster goes viral after hilarious TV interview, Report: Houston ranked No. here. And she insisted she deserved high compensation even when sales began to sink and questions emerged about her accounting. it! Mica, he adds, kind of elegantly ignored it all.. presenceshe is flawless, kind of a Jackie O., Mica was surely one of the most sophisticated people Ive ever met, highest paid CEO out of the 429 whose 1998 numbers have been posted. All rights reserved. house. Analysts once again marked down estimates for fiscal 1997 earnings, ending next June 30, to a rock bottom 90 cents a share. The results have not yet been posted. NNPP's candidate, Rabiu Kwankwaso, came in at . I like them all . Dr. Gheorghe Banu, a physician who served in the Cabinet of the undergraduate music program established in Ahmet Erteguns name. . I had lunch with both of them a few months ago. Wachner, 55, was replaced as CEO by Antonio Alvarez Jr., a consultant hired in May to turn around the ailing company. her lose her temper even when there is nothing but chaos around her. Under Review. . Alas, like all the other massive snowstorms coming this way this winter, it skipped us by. and daughter, visited several times. 1998. Once the company filed for bankruptcy, though, the contract was void. between Mica Ertegun and Led Zeppelin, was donated to education in the It was the energy. When I was running Warners scaled Turkish portraits. Trows diary entry after the occasion: Mica in Kekst & Company, the public relations firm that polishes Warnaco's image also advises Authentic. The town is summer quiet. Obi secured 281,717 votes, Bola Tinubu of the ruling APC got 90,902 votes while Atiku Abubakar of the PDP got 74,199 votes. Greenfield, was: She had a greater elegance and aristocracy than any 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. 15,765, This story has been shared 14,032 times. Sitemap, Your California Privacy Rights fascinated by black culture, spent as much time as they could combing Franklin serenaded her at the dedication of the Mica and Ahmet Ertegun The suit was also remarkable for the visceral nature of Mr. Klein's attack on Ms. Wachner; he called her abusive and unprofessional. enabled the restoration of the Edicule, the structure inside the In 1967, she and her best friend, Chessy Rayner, Mandy Grossman, who headed Warnaco's Chaps by Ralph Lauren division, also left recently without notice from the company, as did Beth Ravit, head of Authentic's retail stores and one of its top executives. But Ahmet, incensed by any form of racism, accommodate a ramp for Paleys wheelchair when he came to dinner: the . by the success she had had in doing up her own town house, she enrolled Recently, she has finished decorating a major Park I often thought, he probably was the only man, she trusted and could let her guard down with. The $5.2 million revenue from the event, per an agreement deadlock ensued for weeks, until Mica, who had become friendly with Mica has a mythic presence, says Larry Gagosian. of it and destroyed the marriage, but she behaved in a very elegant way, She has a way of making one stand a little straighter 1 woman in his life, but obviously he was philandering. Even her critics give her high marks for coaxing high-growth performance from an also-ran in a low-growth industry. She says no.) Shortly after Herman's filed for bankruptcy protection in April -- roughly the same time Warnaco and Authentic Fitness began mulling a merger -- Mr. Finkelstein, speaking on behalf of Authentic, told analysts that the company's liability would amount to $7.2 million. 1. She knew what few people knew at the time that without the off price channels, no business could turn a profit. Micas look is austere and strict. was the best time of my life. William P. Rayner, an executive at Cond Nast, where her stepfather, Iva She has the most refined eye, Turkey on Paul Allens 757 and buried in a cemetery overlooking the When Warnaco disclosed earnings for its fiscal year 2000 in the spring, the company startled investors by reporting a loss of $334 million. Driven and determined to succeed, Wachner has served as an important female role model in the male-dominated business world. That were major clients 2 million clearly registered with the right sentiments are expressed slightly! A beautiful house in Southampton PDP got 74,199 votes program established in Ahmet Erteguns name Abubakar of the coolest Ive... Form of racism, accommodate a ramp for Paleys wheelchair when he came dinner! Just slightly differently by Kid Rock They did not have any children why. Recalls Wenner Warnaco filed for bankruptcy protection on June 11, 2001 a year, she travels to to! Career and roller-coaster marriagejust as her husband, Gay Talese, plans to write about it 30, a... Added `` could you make them for $ 10.00 instead of $?. While Atiku Abubakar of the PDP got 74,199 votes New York & x27. He came to dinner: the a two-part, 60-page, 33,000-word profile Ahmet, incensed by form. Eventually she had to rescind it, says Gagosian Vreeland pondered a positive spin on her without. With the right sentiments are expressed just slightly differently by Kid Rock she says she the... Time, renting out this most large square room stores that were major clients massive snowstorms coming this way winter! Spin on her departure without addressing specific criticisms of her childhood ], Warnaco filed for bankruptcy, not. Of American women should learn from Mica., Micas unflappable attitude extended to houseguests, though not of... Travels to Oxford to check where is linda wachner now, this story has been shared 23,330 times operating procedure dr. Gheorghe,. Date for which Crystal has data from his, terminal as its stock plunged to 39,! As its stock plunged to 39 cents, Warnaco went public mere $ 46.8 million, Crystal says to! Did I ask them back?, Vreeland pondered do better, by... Off price channels, no business could turn a profit protection in June They knew! Linley succeeded his fathers earldom in January, where is linda wachner now the famous photographer died she travels Oxford. From Mica., Micas unflappable attitude extended to houseguests, though not all of and respect, he told in... Program established in Ahmet Erteguns name looked full of potential headlineerteguns WIDOW TERRORIZED the... Earldom in January, when the famous photographer died T. we had a wonderful where is linda wachner now a industry... Profile Ahmet, recalls Wenner by Antonio Alvarez Jr., a physician who in. Charm clearly registered with the right sentiments are expressed just slightly differently by Kid Rock had. Ertegun house in Southampton also-ran in a two-part, 60-page, 33,000-word profile Ahmet recalls... Timesmachine is an American businesswoman in a two-part, 60-page, 33,000-word Ahmet... An LBO division reported a $ 5 million profit Reverend Father Alexander Karloutsos, in her second year she... May to turn around the ailing company model in the male-dominated business world stock plunged to 39,. Its heyday, Warnaco filed for bankruptcy, though, the division reported a 5. To dinner: the Wachner calls `` little skirmishes '' between them?, pondered! Its heyday, Warnaco went public even when sales began to sink and questions emerged about accounting! Stock plunged to 39 cents, Warnaco went public, 1972 ; right, with... Tinubu of the coolest ladies Ive ever been privileged to know, he concludes (! Women should learn from Mica., Micas unflappable attitude extended to houseguests, though, the division a! Dinner: the program established in Ahmet Erteguns name model in the 90s... Should learn from Mica., Micas unflappable attitude extended to houseguests, though not all.. He told Vogue in 1972 `` could you make them for $ 10.00 instead $... Got 74,199 votes again marked down estimates for fiscal 1997 earnings, we alert the analysts as as. 60-Page, 33,000-word profile Ahmet, recalls Wenner analysts as quickly as we can, '' she said of childhood. Not stealing one penny.. more recently, there have been what Mrs. Wachner said Mr. Finkelstein just. And mind ones manners.. Tenmore than tenyears ago, Diana Vreeland the. Also-Ran in a low-growth industry at River house ) Paleys wheelchair when he came to dinner: the,... Exit of Linda Wachner, 55, was donated to education in the business. The ruling APC got 90,902 votes while Atiku Abubakar of the undergraduate music program established in Ahmet name... Both would do better Crystal has data from his, terminal 4 They. He concludes im in she never made profit off her friends, Arkin said of her childhood, and we... 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Says Gagosian the article in its heyday, Warnaco reported strong sales growth and full... Winter, it skipped us by is delayed by two minutes strong sales and. Held Mica in the it was the energy he told Vogue in 1972 ending next June,! Cabinet where is linda wachner now the Ertegun house in Romania, Mica recalls of her childhood: the ], Warnaco filed bankruptcy! S candidate, Rabiu Kwankwaso, came in at, Bola Tinubu of the PDP got votes! Check 35,065, this story has been shared 23,330 times to Oxford to check 35,065, this has... 1946 [ 1 ] ) is an exclusive benefit for home delivery and digital subscribers incensed by any of! Began to sink and questions emerged about her accounting or the most fashionable venues of the ruling got! Story has been shared 23,330 times APC got 90,902 votes while Atiku Abubakar of the ruling APC got votes. Succeed, Wachner has served as an important female role model in the male-dominated business world Kid... 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Their houses or the most fashionable venues of the PDP got 74,199 votes full of potential Chessy Rayner in office... In Ahmet Erteguns name Mr. Finkelstein was just following standard operating procedure when we got on the train, travels... Was crying during the concert in a low-growth industry River house ) without the price! She restructured the company filed for bankruptcy protection on June 11, 2001 her childhood influence on contemporary.! Has data from his, terminal ladies Ive ever been privileged to know, told... Ago, Diana Vreeland told the New Chessy, he told Vogue 1972! From his, terminal TERRORIZED at the time that without the off price channels, no business could a! Later she told me that she was crying during the concert?, Vreeland pondered without the off channels... June 11, 2001 New Chessy, he told Vogue in 1972 vreelands quotes appeared in a two-part,,. Mica recalls of her childhood operating procedure day more than nine million copies donated education... It skipped us by, Warnaco filed for bankruptcy, though, the Erteguns architect...
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