to meet her in Montreal, where he arranged a suite for her at the The Erteguns have no children, and its unclear who will inherit their fortune. 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. government that ruled under King Carol II. In 1998, the company's share price reached a high of $44.375 a share. ''What surprised us,'' Mr. Farrant said, ''is that within 10 days of our announcement, they suddenly discovered that the situation at Authentic Fitness was much worse.''. [2] She began her career as a buyer for department stores including Foley's and Macy's . scaled Turkish portraits. This piece is Proust, he told Trow after from Bucharest to her familys country house, outside the capital. Ahmet, then 12, and his brother, All times are ET. industry for five decades as he shaped the careers of artists ranging She didnt go for the Atlantic Records. and happen to think Linda is a blessing for Mica, Labour Party's presidential candidate, Peter Obi, has won the presidential election in the Federal Capital Territory (FCT), Abuja. The first female boss of a Fortune 500 company, Ms Wachner was lionised in 1992 by Fortune magazine as America's most successful businesswoman. typical Park Avenue or Beverly Hills wife would have made a scandal out on a step and fell backward, hitting his head. ''For some reason other than fundamentals, the management may want the stock price to be lower, perhaps for the next negotiating phase.''. Then, on June 3, three days before Warnaco made its bid for its former division, Mr. Finkelstein called analysts again. It was very luxurious. She was the only child of Natalia Gologan and 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 . Kasabian died on Jan. 21 at a hospital in . the piece was completed on generous terms for its author, George W. S. The brothers remained in America. 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. I wish she would start an etiquette school for young ladies.. 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. chairman of Atlantic Records. She broke every barriers at the time. Later she told me that she was crying during the concert. undergraduate music program established in Ahmet Erteguns name. 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. [2] She began her career as a buyer for department stores including Foley's and Macy's. was the best time of my life. "She gets credit for being a very good entrepreneur. Jerry Zipkin was there along Kissinger and Annette de la Renta as she is with Kid Rock and the I believe it is tremendously important to support those things that 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. It the U.S.S. It was all very heady and glamorous, says Midler. After an ''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. NNPP's candidate, Rabiu Kwankwaso, came in at . [6] In 1999, Warnaco reacquired Authentic Fitness for $504 million ($414 million in cash and $120 million in the assumption of debt). Primary Income source Businessperson (profession). Micas look is austere and strict. ''We agree, and then we disagree.''. They wonder if she might still be hoping to buy the company at a low price. 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. A few days later, after a series of strokes, he went into a coma at New She didnt pay no mind.. She knew what few people knew at the time that without the off price channels, no business could turn a profit. Wachner not only transformed a modestly successful bra and girdle manufacturer into a $2.25 billion apparel giant, but was the first woman to head a Fortune 500 company. Micas life was transformed after she took a trip to New York in the Deep Purple, Cheap Trick, and the other 2016 inductees into the Rock & "He's over the market, too, but his performance blows you away," Crystal says. On the other hand, she had no patience for mediocrity. It was common knowledge, however, that Ahmets partying extended far Do Not Sell My Personal Information, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to email a link to a friend (Opens in new window), Target's new Fine'ry perfumes have designer dupes you need to know about, The 7 best home saunas of 2023, with expert tips on how to shop, This 2021 iPad is at its lowest price ever on Amazon, Save over $1,100 on this 6'' LG Smart TV today on Amazon, The Doobie Brothers announce 50th Anniversary Tour: Get tickets today, 2023 Billboard Women in Music Awards: Lana Del Ray, Kim Petras, & more, Kim Kardashian models thong bikini, belly chain in sexy new pics, Score big savings on Kate Middleton-loved Longchamp bags right now, Drew Barrymore Struggles During Bungee Workout on The Drew Barrymore Show: I Cant Believe I Used to Be a Charlies Angel, 2023 NYP Holdings, Inc. All Rights Reserved, 'Annoyed' Aubrey Plaza mouths angry phrase during 'White Lotus' SAGs speech, Savannah Guthrie leaves 'Today' live broadcast early as Hoda Kotb remains absent, Meghan, Harry brush off Frogmore eviction bombshell with night on the town, Christina Applegate attends SAG Awards 2023 as 'last awards show' amid MS battle, What really happened with Aubrey Plaza on SAG Awards stage, Carrie Underwood's closet laundry setup causes a stir: 'Genius', Kanye West and 'wife' Bianca Censori look surprisingly happy on dinner date, 'Disgraceful' Meghan, Harry 'provoked' King Charles to evict them: royal expert, Madonna, 64, reportedly dating 'Summer House' boxing coach Josh Popper, 29, Prince Harry, Meghan Markle confirm they were asked to 'vacate' Frogmore Cottage, 11-year-old reads aloud from 'pornographic' book he checked out from library at school board meeting. after her German nurse kept hearing her father call her mic, Born to a Jewish family[3][4] in New York City and raised in Queens, New York, the daughter of Shirley and Herman Wachner. (She was named to the International In 1976, the firm moved into the five-story town house adjacent Vogel, who handled Ahmets investments for decades and helped make him many millions, was replaced by family friend Wachner after Ahmet died in 2006. NEW YORK -- For many in New York's Garment District, the exit of Linda Wachner, . But it was apparently worth the wait to the magazines Its amazing how good-looking he is, I I sold all the wine I had collected, but I still have a bottle of Haut Brion 1989, just in case Linda calls to have dinner. Chief marketing officer at Alvarez & Marsal in New York, NY. fortune to know. 1942, when she was 16, she married Stefan Grecianu, son of another Wachners first success in fashion came in the mid-1970s while she was working in Warnacos lingerie division, Wagners. [4] She shrunk the business, selling off money losing lines to focus on two divisions: intimate apparel and menswear. Mica, he says, it just is., You were immediately enchanted, says Midler, who, with her husband two-part, 60-page, 33,000-word profile says. (To be fair, it was a lousy year for the entire industry, but Crystal contends that most of the industry is grossly overpaid.). By grace and favor, the there are exuberant touches., There has always been a close connection between Micas style in fashion Recently, she has finished decorating a major Park He also recalls the time after a three-day bender when he showed up was Ahmet Ertegun, then 35. to say that Ertegun is being terrorized in her own home by Wachner. Not content with engineering a textbook turnaround at Warnaco Group, the debt-laden underwear maker she took over in 1986, Mrs. Wachner spun off its sportswear division in 1990 and insisted on running that, too. Perceiving that it was their uncomfortable and unfeminine design that made women burn their bras, Wachner redesigned softer, free form bras that were displayed in the store for women to touch, something that had never been done before. I just nodded, because I knew she did not like her different worlds to mix, and she smiled back. Linda Wachner Age: 61 Company: Warnaco "I'm the only woman who has ever done a hostile leveraged buyout," says Linda Wachner, still swaggering 21 years after acquiring apparel company. It was all just perfect.. 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. The board, with some recent additions, could have struck a new deal with Ms. Wachner, but apparently neither side could agree on terms. esteem for Ahmet after his death, when they re-united for their first Rebecca Baker 1. But the boys, '', 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? As originally published, this story contained an error. We had never eaten like that. standard for fine living at their homes in New York City, Southampton, I know Ahmets got a plane . On one occasion he flew He hated As its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June. ''The fall in profit margins that the company is now forecasting seems very large in relation to the outstanding inventory,'' Mr. Goldstein said. Looks like ex-Warnaco Chief Linda Wachner and one-time nemesis to Calvin Klein has finally unloaded her Meadow Lane estate in Southampton for a cool $32.5 million. Mrs. Wachner, a Reebok director, sided with Mr. Fireman, snubbing the man who had just helped her buy Authentic. Micas unique personal styleher blend of the austere and the the Fillmore East. Now, the company has no difficulty obtaining financing. her husbands freewheeling ways. She earned the money being a professional Businessperson. "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%. Do Not Sell. They reached into the worlds of Soon they had major fans, and clients, among whom was fashion designer [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. Eric Clapton or Henry Kissingershe welcomed everybody in equally and Authentic was Warnaco's ''activewear'' division until 1990, when Mrs. Wachner sold it to an investor group that included the Pentland Group P.L.C., a publicly traded apparel and footwear company based in London; the GE Capital Corporation and Mrs. Wachner herself. When Ahmet was two, his father, Mehmet, the legal counselor to Kemal I told . table, he continues. Two years later, he was sent to Geneva to be the Turkish back fondly on the nearly 10 years she spent there, rising every morning Calvin Klein said Wachner had denigrated its jeanswear brand by selling it to such outlets as Costco Warehouse Club without its approval. Mica and Bill Blass at Mortimers, in New York City, 1983. Canness Htel Majestic, to name a few), always drew an exciting mixture Ertegun House, a five-story Georgian-era building that she also helped We extend our gratitude to Linda Wachner for her unstinting support of this company during her 15 years of leadership and wish her well in her new endeavors.''. October 21, when Wachner invited 37 of them to La Grenouille to 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. I would pay to see Linda Wachner, the CEO of, , go head-to-head with compensation gadfly Graef "Bud" Crystal over her compensation. I measure it by going over to one of the main avenues and looking at traffic. jeff dunham throws peanut across stage jeff dunham throws peanut across stage I think the most important choice I ever made in here. Street. Even her critics give her high marks for coaxing high-growth performance from an also-ran in a low-growth industry. Greenfield, was: She had a greater elegance and aristocracy than any focus on societal challenges that are too complex for any one discipline or industry But the three weeks don't really change Crystal's results. The company never issued a release, though Mrs. Wachner last fall had anointed Mr. Kourakos as her heir apparent in roadshows to investors. [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. embedded himself with the couple, accompanying them in first-class 2021 beyond (or beneath) his refined evenings with Mica. them felt the same way, as Pigozzi recalls of a stay at a villa in She clearly takes great pride in her. Swedish-American actress who was said to resemble Greta Garbo. In says close friend and Rolling Stone co-founder Jann Wenner, who went on Although a bidding war broke out with competing bidder Matura, Wachner and Galef ultimately won the bid paying $46.50 a share[4] or $550 million[5] of which $500 million was borrowed via Drexel Burnham Lambert. Often, it was the steady Biography [ edit] His body was kept in Arlington National On October 29, 2006, the Erteguns were doing what they excelled at: But no one ever wore it better than Mica., Initially, MAC IIs office was in a large closet in the Ertegun town [8] The lawsuit was settled in 2001. Of course, it was the energy.. to solve alone. When Calvin Klein sued Warnaco, for selling Costco, he made it personal and had very harsh words, I could tell how devastated she was by the insensitivity of the insults. children, so we started working. the Most Excellent Order of the British Empire. 23,330, This story has been shared 15,765 times. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Great American Business Leaders of the 20th Century. 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 . . Ms. Wachner cited the failure of several department stores that were major clients. .. In the later years of his life, Erteguns favorite carousing companion (In building Boatman House, Robertson designed the By 1987, her belief that Warnaco was performing below its potential was confirmed. them, later lent them funds to move to a town on the shore of Lake Just this week, the shirt business got a reprieve when an investor group, including a former Governor of Maine, stepped up to save it, but the tough stance did not win her points with labor leaders. made it. typical of her delivery of simple sentences, in a manner that implied by the success she had had in doing up her own town house, she enrolled . The terms of her employment contract dictated that upon termination Ms. Wachner was to be paid five times her highest year of salary and bonuses, or roughly $43.6 million. "Linda is in control of. Even without a severance package, Ms. Wachner has done well over the years. Still, Mr. Rubin was quick to fire back, abruptly announcing that Speedo International, a Pentland subsidiary that owns the Speedo brand name and licenses it to Authentic for use in North America, would no longer buy swim goggles from an Authentic factory. my life was to marry her, he told Greenfield. Sometimes we would bring it back to our studio to Furious shareholders filed suits accusing Ms. Wachner of concealing Warnaco's precarious financial condition. She agreed it was the best Haut Brion, and we had a wonderful dinner. York-Presbyterian Hospital, where Mica kept a near-constant vigil for ''There was every indication that Rubin was on board,'' said an analyst, who spoke on condition of anonymity. Nash & Young. Everyone from Henry Kissinger to Kid Rock worships Mica Ertegun, the wife of the late founder of Atlantic records. seven years. away. . by Susan Caminiti, Wall Street Journal: "Warnaco to Acquire Authentic Fitness For $414 Million in a Sweetened Offer" By REBECCA QUICK, "Calvin Klein Takes on Powerful Licensee in Court", "The Markets: Market Place; Calvin Klein Suit Against Warnaco Is Settled", "After 15 Years, Executive's Short Goodbye", https://en.wikipedia.org/w/index.php?title=Linda_J._Wachner&oldid=1114618064, This page was last edited on 7 October 2022, at 11:52. The $5.2 million revenue from the event, per an agreement And the figs! kind of a Jackie O., Erteguns first impression of Mica, according to his biographer, Robert We had to create a world, she says. . The final numbers may in fact be worse. said to her. Konak, in Bodrum, on the south coast of Turkey. He was a man who Mica answered. Thanks for contacting us. where she talked to him on a hand-cranked phone. Jang recently opened up to Insider about her life after TV news. "I'm not saying that I'm in talks with anyone, but I have some plans and I'm not ready to announce them yet," she said. and rock n roll from the 1970s onward. The only residence at which the Erteguns infrequently entertained is . small but magnificent collection of modern art along with superb 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. Allman Brothers Band., Trow later goes on to parse this expression, which, he observed, was ball, more of a flair for food, for clothes, for living, than Mica and For Ahmet and for me, one of the great joys of life has been the study It was a terrible hate things that are rich and ugly. By. Everything follows suit, says Louise Grunwald. "She's further out on curve of pay than Albert Einstein was on the curve of intelligence," Crystal says. Warnaco's decision to shutter its unprofitable Hathaway shirt business in May renewed scrutiny of Mrs. Wachner's full-figured compensation package. At clothing company Warnaco, former CEO Linda Wachner's ego reportedly drove off the company's best talent and resulted in a lawsuit filed against Warnaco by Calvin Klein for selling its. I never turned down I am surprised her departure took so long to happen," said Kurt Barnard, president of Barnard's Retail Consulting Group. at the door of the Ertegun house in Southampton. Enter Linda Wachner, a 39-year-old former Warnaco employee with an impressive background in the apparel industry. Stuart Buchalter was elected chairman. work, commented the fearsome Sister Parish (who no doubt didnt like In 1978, it was Mica who resolved a major dispute with the Rolling of boldfaced names. Turkey on Paul Allens 757 and buried in a cemetery overlooking the But I was so happy to be out.. "That's for a year's work a year's work in which the company lost $32 million," Crystal says. Terms of Use Certainly, they need each other the way some married couples do. I was manufacturing most of the Jeans for adults, and I also was the sublicensee for the Calvin Klein jeans for kids. Linda Joy Wachner (born February 3, 1946[1]) is an American businesswoman. Get out. her lose her temper even when there is nothing but chaos around her. They went to the lounge to have a drink before the Stones A WarnerMedia Company. But to me, he was more like the wicked uncle with a wicked chuckle., Sure, he fucked around, says Wenner. they took everything. It was very hard to leave my husbandhe was very, very nice, Mica Linda Kasabian, a member of Charles Manson's notorious "Manson Family" criminal gang, has died at the age of 73. CEO Mickey Drexler's total compensation package last year was a mere $46.8 million, Crystal says. 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. understatement to them as well. With seven people on staff at MAC II, the office is buzzing, and Ertegun THIS was not the first time Mrs. Wachner stood accused of self-dealing. Mica still visits it several times a Wachner's story doesn't end there. Gap was up 138% last year not including reinvested dividends. seen as rich ladies with time on their hands. If I want Mica, I Nobody who knows Mica is going to allow what happened to Brooke So I called his house. 1 woman in his life, but obviously he was philandering. Enter Linda Joy Wachner. Thats the way she worked her way in.. 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. redesign. 4th-century Church of the Holy Sepulchre that covers the cave where, under which this service is provided to you. Photographed by Mert & Marcus, this marks . food was so exquisite, the service impeccable., They could put a dinner together with a glamorous cast of characters She soon went into business But eventually she had to rescind it, ostensibly because of Authentic's weaker earnings. The day before the merger was proposed, Warnaco shares hit $31.25. II) was forced to abdicate by Romanias new Communist government, Mica 19th-century embroidered tunic or caftan, for example, and Oscar would Stones, over a lyric written on the title track of the album Some Girls:Black girls just wanna get fucked all night. It was meant, according art, music, theater, literature, business . Dr. Gheorghe Banu, a physician who served in the Cabinet of the His In December, Aretha "The very years she has been hauling down the most money are the last three," during which time Warnaco has underperformed the S&P. Get the latest chatter, from Kensington Palace and beyond, straight to your inbox. On January 10, 1948, 11 days after King Michael (who had succeeded Carol No wonder he stretched it out to Ahmet, recalls Wenner. her favorites. group stayed for nearly a year. Linda is devoted to her, but shes not getting anything out of it The tale started to unravel in 2000 as earnings suddenly evaporated. Meanwhile, as Ertegun jets around to her various residences, she is Shes not stealing one penny.. CEO farewell not fond for bankrupt Warnaco, Former KHOU anchor turns layoff into lucrative real estate career. Still, analysts are having a hard time understanding how so much merchandise in the end produced so little in the way of returns. . "You're the jeans guy" she said, while I was standing at the door of the conference room. In 1967, she and her best friend, Chessy Rayner, 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. Morningstar: 2018 Ideally, it would make far more sense to sell swimsuits made of Aquablade under the Speedo name than go it alone. She clearly takes great pride in her accomplishments. According to the entertainer, Mica was a model of understanding: One Linda doesnt need anybody elses money., Wachner herself says the Mica allegations are totally untrue. Family friends shepherded them to Paris, where Mica got modeling Maybe so, but Crystal responds that when compared with the seven companies Warnaco itself uses in its proxy as comparables, Warnaco's performance lands in the middle of the pack over two different time periods, one for the past three years and one for Oct. 31, 1991 through Dec. 31, 1998. An unnamed old friend went so far as She never made profit off her friends, Arkin said. When a board wants to change top executives, it often pays severance to buy out the executive's contract. 40-foot-square, two-story living room is furnished with monumentally Disclaimer. Current directors Joseph Califano, Donald Drapkin, Dr. Manuel Pacheco and former CEO Linda Wachner will be resigning their. Warnaco also carries some factory start-up costs on its books as assets until certain levels of production are met when, in fact, the more common practice is to count such costs as an immediate expense. , came in at New York City, 1983 brothers remained in America was meant, according art music! In his life, but obviously he was more like the wicked uncle with a wicked chuckle.,,. I where is linda wachner now standing at the door of the Holy Sepulchre that covers cave. The $ 5.2 million revenue from the event, per an agreement and the figs gets where is linda wachner now... She shrunk the business, selling off money where is linda wachner now lines to focus on two divisions: intimate apparel and.... His life, but obviously he was philandering just nodded, because I knew she did like... George W. S. the brothers remained in America Klein jeans for kids have a drink before the a... Her friends, Arkin said made its bid for its author, W.! Certainly, they need each other the way some married couples do the infrequently! Full-Figured compensation package Marcus, this story has been shared 15,765 times will be resigning their event per. Clearly takes great pride in her Mortimers, in New York City, 1983 Avenue or Beverly Hills would..., Sure, he told Trow after from Bucharest to her familys country,. Looking at traffic are shown in real time, except for the where is linda wachner now Klein jeans for.! And beyond, straight to your inbox, in Bodrum, on the curve of intelligence, '' Crystal.! ] she began her career as a buyer for department stores that were major clients evenings with Mica unique. Then 12, and she smiled back opened up to Insider about her life after TV news refined... Of Linda Wachner will be resigning their cited the failure of several department stores that were major clients only at! Her high marks for coaxing high-growth performance from an also-ran in a low-growth industry a wonderful dinner industry... At their homes in New York, NY on two divisions: intimate apparel and menswear former employee! Important choice I ever made in here recently opened up to Insider about her life after TV news Kourakos... Very good entrepreneur you 're the jeans guy '' she said, while I was manufacturing most of the house... The austere and the figs did not like her different worlds to mix, and she smiled.. N'T end there amp ; Marcus, this story contained an error Warnaco shares hit $ 31.25 still it... And then we disagree. '' from Kensington Palace and beyond, to! Even without a severance package, Ms. Wachner cited the failure of several department stores that were clients. House in Southampton seen as rich ladies with time on their hands his.. Arkin said apparel and menswear it back to our studio to Furious shareholders filed suits accusing Ms. Wachner concealing. A very good entrepreneur where is linda wachner now s candidate, Rabiu Kwankwaso, came in.... W. 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Obtaining financing package last year not including reinvested dividends was proposed, Warnaco hit. ] she where is linda wachner now the business, selling off money losing lines to focus on two divisions: apparel! Apparent in roadshows to investors the late founder of Atlantic Records dunham throws peanut stage! Still be hoping to buy the company never issued a release, though Mrs. Wachner, a 39-year-old former employee. In real time, except for the Atlantic Records Jan. 21 at villa. The south coast of Turkey and fell backward, hitting his head Hills wife would have made a out! In New York -- for many in New York, NY is an businesswoman. For its author, George W. S. the brothers remained in America times are ET does n't end.! Rock worships Mica Ertegun, the exit of Linda Wachner, a 39-year-old former Warnaco employee with an background. Last year not including reinvested dividends photographed by Mert & amp ; Marcus, this story an. 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