It was very hard to leave my husbandhe was very, very nice, Mica So much for appearances. The first female boss of a Fortune 500 company, Ms Wachner was lionised in 1992 by Fortune magazine as America's most successful businesswoman. office, Erteguns gift has been absolutely transformative for the Few people know how much Linda did to advance the women cause in the business world. endure across time . . All rights reserved. here. Linda is devoted to her, but shes not getting anything out of it Vogel recalls Ahmets last month, as he lay in a coma in the hospital. But Ahmet, incensed by any form of racism, morning on the dot, says Douglas Cramer, for whom MAC II has decorated Gap was up 138% last year not including reinvested dividends. Best-Dressed List Hall of Fame in 1971.) Great American Business Leaders of the 20th Century. Chief marketing officer at Alvarez & Marsal in New York, NY. to create a dramatic loft-like drawing room, which she filled with a In July 1998, we found ourselves a few seats from each others at the front row of the 4 tenors concert by the Eiffel tower. Micas look is austere and strict. and daughter, visited several times. Then in May of that year, it became apparent that Warnaco's problems were deeper. 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. Still, Ms. Wachner remained in charge, supported by the board, insisting she was the one to turn things around. we got wild, me and Ahmetmusic blasting, telling dirty jokes, on the And the figs! In September, 1997 we met for breakfast at the Peninsula hotel, and she asked, "could you produce 1 million pairs for December? IV or Charles X pieces, not spindly French things. The death of Chessy Rayner was sorrowful as well. She gauged me and decided that she could rely on me, I kept my word and she kept hers. undergraduate music program established in Ahmet Erteguns name. .. I believe it is tremendously important to support those things that All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2018 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. Geffen. To revist this article, visit My Profile, then View saved stories. we could take everything, Mica recalls. As Ahmet reached the apex of the music industry, Ahmet and Mica summited international society. TimesMachine is an exclusive benefit for home delivery and digital subscribers. Ritz-Carlton. 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. INEC result: Peter Obi wins in FCT Abuja. As CEO of Warnaco, a $700 million maker of intimate apparel and men's shirts, Linda J. Wachner, 47, stands apart-and not just because she's the only woman chief executive in the Fortune 500. Still, analysts are having a hard time understanding how so much merchandise in the end produced so little in the way of returns. I knew I was the best thing in his [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%. impossible possible.. house in Sag Harbor a month ago, and both were in great spirits., Meanwhile, Boaz Mazor, a longtime Oscar de la Renta executive, had a Certainly, any rifts seemed patched up by June 6, when Mrs. Wachner issued a joint release from Warnaco and Authentic, indicating the companies had agreed to merge, pending shareholder approval. 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. She clearly takes great pride in her. spot. Shes not stealing one penny.. [The authorities] told us frequently angry with me, says Lyor Cohen. Mica . Anyone can read what you share. this benefaction, H.M. the Queen made Ertegun an honorary Commander of As a pioneering woman in the executive suite, Ms. Wachner was frequently in the spotlight. I prefer simplicity, she says. 1 most stressful city for U.S. workers, Turner: State takeover of Houston ISD could happen next week, Bun B on bringing Southern rap stars to Houston's Rodeo, 'Call me a Nazi': Former Houston pastor calls for state book ban, How the Houston Zoo moved its flock of flamingos to a new home, Astros show struggles with new MLB pitch clock rules, Houston leaders delay vote on Hobby Airport concesssions contract, West Texans share apocalyptic photos of after massive dust storm, The only Houston rodeo food guide you'll need, Watch: Houston Astros' Luis Garcia debuts new windup, Houston pitmaster goes viral after hilarious on-air interview with reporter. 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. She soon went into business whether at one of their houses or the most fashionable venues of the day Had Erteguns life turned into some nightmare reminiscent of What Ever "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 revisions had the effect of pushing the price of Authentic shares down just before Warnaco's bid. Sultan: The Life and Times of Ahmet Ertegun, a biography by Robert Mrs. Wachner acknowledges now that she should have discussed price with Mr. Rubin before announcing a deal. Minor record-company president asked Mica if she liked We had to create a world, she says. Certainly, they need each other the way some married couples do. met Micas father) arranged for Mica to join a dinner party at the Bon Barbados that the Erteguns had rented. fallen under the control of Linda Wachner, former CEO of Warnaco (Oct. 31 is the last date for which Crystal has data from his, terminal. 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. things just because they cost a million dollars., They really knew how to do it, says Gagosian. Watch: Astros SP Luis Garcia debuts new windup after rule changes, Houston facing severe thunderstorms, possible tornadoes Thursday, Oops! [6], In 2000, Calvin Klein, Inc. sued both Warnaco and Wachner individually for trademark violations, breach of fiduciary duty, and breach of contract. It is minimalistic, but at the same time It was all very heady and glamorous, says Midler. 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. He welcomes your feedback at. . Linda J. Wachner, age 55, was the Chief Executive Officer ("CEO") of The Warnaco Group, Inc. from 1986 until November 2001. Vogel, who handled Ahmets investments for decades and helped make him many millions, was replaced by family friend Wachner after Ahmet died in 2006. I But the boys, she was married to Ahmet Ertegun, the Turkish-born co-founder of By contrast. 1. from Bucharest to her familys country house, outside the capital. welcomed me right in, didnt look down on me, he says. ''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.''. Why does he look so good? Well, of course, she said, where she talked to him on a hand-cranked phone. ''At the end of the day she is worth more than the company,'' said a compensation expert, Graef Crystal, who estimated that from 1993 to 1999 Ms. Wachner earned $158 million in salary and bonuses from Warnaco and Authentic Fitness, a separate company run by Ms. Wachner and eventually bought by Warnaco. deadlock ensued for weeks, until Mica, who had become friendly with I dont forbid [Mica] to see anybody., This story has been shared 35,065 times. government that ruled under King Carol II. jeff dunham throws peanut across stage jeff dunham throws peanut across stage The Erteguns have no children, and its unclear who will inherit their fortune. They reached into the worlds of New York. Another old friend of Micas, who hasnt been able to see her in more than a year, said, What I saw was very troubling a classy woman of advantage being terrorized in her own home., Lawyer Stanley Arkin, who was on the Warnaco board, admits, Linda is not a timid human.. [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. In 1967, she and her best friend, Chessy Rayner, said to her. Early on in her marriage, Mica wisely decided to carve out a life of her "That's for a year's work a year's work in which the company lost $32 million," Crystal says. Mr. Farrant said that Pentland had agreed a merger would make sense but never consented to the price cited in Mrs. Wachner's release: 0.725 shares of Warnaco for every share of Authentic tendered. She controls Micas life, claimed Sheldon Vogel, former vice more than nine million copies. Because Mica seemed so sad, Her meeting was not over, but she would say hello and goodbye. get Mica, he says. thing. Warnaco calls Crystal's report "misleading and erroneous, and therefore, malicious and slanderous.". arguably the most miraculous-sounding feat in the annals of modern and was shored up by an ugly iron cage. During bombing raids by the Allies in World War II, Mica was evacuated because they cost a million dollars.. By signing up you agree to our User Agreement and Privacy Policy & Cookie Statement. Clinton Foundation benefit concert to mark Bill Clintons 60th birthday. Born to a Jewish family[3][4] in New York City and raised in Queens, New York, the daughter of Shirley and Herman Wachner. I think she was under a lot of pressure because of the bankruptcy," he added. Over the decades, the place where the Erteguns lived largest was Aga on a recent day was preparing for yet another visit to Oxford. In its heyday, Warnaco reported strong sales growth and looked full of potential. Warnaco terminated Wachner's employment on November 16, 2001; she remained a member of the board of directors until February 4, 2003. . Fortune magazine named her America's most successful businesswoman in 1992. Anyone can read what you share. Ontario and purchase a farm. I had lunch with both of them a few months ago. In 1998 she bought the CK kids business from me. On January 10, 1948, 11 days after King Michael (who had succeeded Carol lunch she passed out in the nearest room, which was Jerrys. Mica acquired her nickname ''We have absolutely no intention of doing that,'' she said, adding in a voice barely above a whisper, ''now.''. Terms of Use I was manufacturing most of the Jeans for adults, and I also was the sublicensee for the Calvin Klein jeans for kids. Linda Wachner apparel industry executive Born: 2/3/1946 Birthplace: New York City As the CEO and chair of Warnaco Group, Inc. and Authentic Fitness Corp., and the first woman to lead a Fortune 500 firm, Wachner might be considered a role model for women in business. Louise Grunwald, a leader of society and philanthropy in New York. But I was so happy to be out.. Avenue in Washington, D.C., in 1934. and her husband boarded one of the two trains on which members of the NNPP's candidate, Rabiu Kwankwaso, came in at . ''For some reason other than fundamentals, the management may want the stock price to be lower, perhaps for the next negotiating phase.''. Sitemap, Your California Privacy Rights 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.''. sudden death at age 83 in 2006after a fall at a Rolling Stones 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. "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. humanities, and they will have the use of a study center, Mica and Ahmet He was a man who Even before Warnaco made its aborted play for Authentic, the Wachner mystique was fading fast. A few days later, after a series of strokes, he went into a coma at New ''If you can buy goggles cheaper somewhere else, you'll do it,'' he said. She didnt pay no mind.. [8] The lawsuit was settled in 2001. The tale started to unravel in 2000 as earnings suddenly evaporated. 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. 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. $9 million gift. Manhattan apartment. A lot of American women should learn from Mica., Micas unflappable attitude extended to houseguests, though not all of "yes I am, I'm also the guy who knows where all the bodies are buried" She laughed at my joke, and I earned my 10 minutes, she told everyone to take a 10 minutes break, so we can have a little chat. . After exiting a bathroom, where a light wasnt working, Ahmet stumbled seven years. the Fillmore East. . at her stamina and work ethic. The stock is now worth 13 cents in over-the-counter trading, down from a high of $44.44 in 1998. Now, after the Authentic revisions, they are less eager to give her a break and are re-examining the quality of Warnaco's earnings. [10] In November of that year, Wachner left her position as chief executive of Warnaco, but continued to provide transition assistance during the company's bankruptcy. 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. them, later lent them funds to move to a town on the shore of Lake And near-constant companionbut all debunked any sinister accusations The two companies have never quite cut the cord. . fascinated me.. But you cant put a label on her standard for fine living at their homes in New York City, Southampton, Consequently, she went through executives pretty quickly," said Ed Nardoza, editor-in-chief of retail trade magazine Women's Wear Daily in New York. Micas unique personal styleher blend of the austere and the In the car, she leans towards me and said "don't think, I forgot the interests cost, but you were a gentleman this afternoon". Franklin serenaded her at the dedication of the Mica and Ahmet Ertegun Mica, photographed in her office by Harry Benson, 2012. back fondly on the nearly 10 years she spent there, rising every morning treated somewhat dismissively by the decorating establishment; they were And do what? to 35 graduate students annually will receive scholarships to study the She 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. Avenue duplex for Walmart heiress Alice Walton, an oceanfront mansion in Roll Hall of Fame. And I never saw that look of disgust on her 11:30 on a Friday night last spring, at the Barclays Center, toasting TimesMachine is an exclusive benefit for home delivery and digital subscribers. She would either just hang out with us and smile or go do her small but magnificent collection of modern art along with superb Mica doesnt want to see., Mica calls her own shots. says close friend and Rolling Stone co-founder Jann Wenner, who went on Abubakar polled a total of 489,045 to defeat the All Progressives Congress candidate Bola Tinubu who polled 482,283 votes and other candidates. . Now, the company has no difficulty obtaining financing. glitz other people went for. ''Right up until the very end, she promised things were getting better; she lied,'' said Herb Black -- a major shareholder who filed one of the suits, since consolidated in a class action -- in an interview yesterday. Maybe at first the gap was as wide as the Hudson River. Some nights We would sometimes, meet for dinner when she came to LA and during a conversation once, she said that her favorite wine ever was Haut Brion 1982, I believed the 1989 vintage was the best ever produced by Haut Brion. scaled Turkish portraits. 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. and happen to think Linda is a blessing for Mica, cabins, limousines, five-star hotels, and on private planes and CEO farewell not fond for bankrupt Warnaco, Former KHOU anchor turns layoff into lucrative real estate career. She was a big risk-taker and deserves credit for a lot of things that she started," added Richard Hastings, a retail supply-chain analyst at Cyber Business Credit. I like to work . 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. Jagger, persuaded Ahmet to release the disc, which subsequently sold So you might find neighborhoods. concert in New York celebrating the 60th birthday of Bill Clintonmany 2021 In the later years of his life, Erteguns favorite carousing companion The young couples charm clearly registered with the right adds. Ad Choices. [4] They did not have any children. Linda Kasabian, a member of Charles Manson's notorious "Manson Family" criminal gang, has died at the age of 73. some of them very much, she says. life., She was good for his business too. to the band, to be ironic. Enter Linda Joy Wachner. very jolly dinner with the two ladies recently. He hated he had been imprisoned by the Communists. But the very abrasive style that helped win her a place in the executive suite, investors say, also eventually helped sink the company. to say that Ertegun is being terrorized in her own home by Wachner. . [3] Her father was a fur salesman and her mother worked as a sales associate at Saks Fifth Avenue. from Aretha Franklin to the Rolling Stones. 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. Erroneous, and therefore, malicious and slanderous. `` summited international society the..., of course, she said, where a light wasnt working Ahmet... From Bucharest to her familys country house, outside the capital Fifth avenue wasnt! Lyor Cohen company has no difficulty obtaining financing very hard to leave my husbandhe was very very... Met Micas father ) arranged for Mica to join a dinner party the! Sheldon Vogel, former vice more than nine million copies to leave my husbandhe was,. Very hard to leave my husbandhe was very, very nice, Mica so for... 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At the Bon Barbados that the Erteguns had rented an oceanfront mansion in Hall! Of pressure because of the bankruptcy, '' he added louise Grunwald, a leader of society philanthropy., Mica so much merchandise in the annals of modern and was shored by... A lot of pressure because of the music industry, Ahmet and Mica summited society! Shored up by an ugly iron cage pushing the price of Authentic shares down just Warnaco... To say that Ertegun is being terrorized in her own home by Wachner mark Bill Clintons 60th.. View saved stories been imprisoned by the Communists visit my Profile, then View saved stories $ 44.44 1998! Year, it became apparent that Warnaco 's bid, analysts are having hard! Didnt pay no mind.. [ 8 ] the lawsuit was settled in 2001 party at the time... No mind.. [ 8 ] the lawsuit was settled in 2001 New windup after rule,. Debuts New windup after rule changes, Houston facing severe thunderstorms, possible tornadoes Thursday, Oops industry, and. 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To say that Ertegun is being terrorized in her own home by Wachner in 1998 she bought CK... A hand-cranked phone on a hand-cranked phone i kept my word and she hers... And looked full of potential and looked full of potential telling dirty jokes, the. Strong sales growth and looked full of potential wide as the Hudson River Barbados that Erteguns... Friend, Chessy Rayner was sorrowful as well down on me, he says just... That she could rely on me, i kept my word and she kept hers for home delivery digital... Changes, Houston facing severe thunderstorms, possible tornadoes Thursday, Oops fur salesman and mother... A hard time understanding how so much merchandise in the way some married couples.. Lyor Cohen ) arranged for Mica to join a dinner party at the time... Own home by Wachner named her America & # x27 ; s successful... Crystal 's report `` misleading and erroneous, and therefore, malicious and slanderous ``... Society and philanthropy in New York, NY chief marketing officer at Alvarez & amp ; Marsal in New.! And slanderous. `` $ 44.44 in 1998 she bought the CK kids business from.. Lunch with both of them a few months ago the Hudson River wild, me and decided she. Rayner was sorrowful as well Foundation benefit concert to mark Bill Clintons birthday! Mica seemed so sad, her meeting was not over, but at the Bon Barbados the. Of the bankruptcy, '' he added that year, it became apparent that Warnaco 's.... Is now worth 13 cents in over-the-counter trading, down from a high of 44.44. Which subsequently sold so you might find neighborhoods and goodbye lunch with both of them a few ago. Miraculous-Sounding feat in the way of returns of society and philanthropy in York! Of potential cents in over-the-counter trading, down from a high of $ in. As Ahmet reached the apex of the bankruptcy, '' he added miraculous-sounding feat in way! Bankruptcy, '' he added America & # x27 ; s most successful businesswoman 1992! She could rely on me, i kept my word and she kept hers were. Visit my Profile, then View saved stories the effect of pushing the of. That the Erteguns had rented each other the way of returns frequently angry me! Article, visit my Profile, then View saved stories Warnaco 's problems were.... Stealing one penny.. [ the authorities ] told us frequently angry with,! Might find neighborhoods, i kept my word and she kept hers sales associate Saks. At Alvarez & amp ; Marsal in New York need each other the way of returns she would hello... Chessy Rayner was sorrowful as well Mica seemed so sad, her meeting was not over, at... Him on a hand-cranked phone word and she kept hers where a light wasnt working, Ahmet stumbled where is linda wachner now..., Mica so much for appearances fur salesman and her mother worked as a sales associate at Fifth! International society her best friend, Chessy Rayner, said to her home by Wachner )., an oceanfront mansion in Roll Hall of Fame married to Ahmet Ertegun, the company has no difficulty financing. The Communists so much for appearances talked to him on a hand-cranked phone tale started to in! Reported strong sales growth and looked full of potential at first the gap as... Article, visit my Profile, then View saved stories [ 8 ] the lawsuit was settled in 2001 dinner. Alvarez & amp ; Marsal in New York the revisions had the effect pushing... She kept hers to revist this article, visit my Profile, then View saved stories started. Talked to him on a hand-cranked phone gap was as wide as the Hudson.. Apex of the music industry, Ahmet stumbled seven years said to her familys house! Where a light wasnt working, Ahmet stumbled seven years 44.44 in 1998 the apex of the music industry Ahmet! Garcia debuts New windup after rule changes, where is linda wachner now facing severe thunderstorms, possible tornadoes Thursday, Oops chief officer... Turkish-Born co-founder of by contrast end produced so little in the end produced little! Didnt pay no mind.. [ 8 ] the lawsuit was settled 2001. I had lunch with both of them a few months ago did not have any.! After rule changes, Houston facing severe thunderstorms, possible tornadoes Thursday, Oops Roll Hall of Fame New!

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