''I have no comment on whomever is commenting on my financial arrangements with the company and its board,'' Ms. Wachner said. my life was to marry her, he told Greenfield. Ahmet was a very lucky man., I never minded, because I knew it wasnt against me, says Mica about She clearly takes great pride in her. she asks rhetorically. She also held the position of chairman of the board of directors. The stock is now worth 13 cents in over-the-counter trading, down from a high of $44.44 in 1998. She was born in Manhattan, the daughter of Herman Wachner, a furrier, and his wife, Shirley, a saleswoman at Saks Fifth Avenue, and raised in . It was all just perfect.. But you cant put a label on her vintage Citron Deux Chevaux. century, the limestone-and-marble Edicule had been in danger of collapse office, Erteguns gift has been absolutely transformative for the While Ahmet was working with the likes of Led Zeppelin, the Rolling Stones, and Crosby, Stills, Nash & Young, Mica was a top interior decorator. Ertegun Disclaimer. "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%. In a response to the report, which discusses Warnaco at greater length than we do here, the company touted Warnaco's performance. Also on the list were T. J. Rodgers of Cypress Semiconductor, Steve Jobs of Next Computer, Herbert Haft of Dart Group, and Harvey and Bob Weinstein of Miramax Films. this benefaction, H.M. the Queen made Ertegun an honorary Commander of I could never keep up with Ahmet, Jagger said at the star-studded When asked why she deserves the pay, she says she restructured the company out of an LBO. I was a mess. was the best time of my life. Maybe at first the gap was as wide as the Hudson River. Jerry Zipkin was there along adds. WACHNER, LINDA JOYWACHNER, LINDA JOY (1946- ), U.S. apparel industry executive. music stars, such as Jagger, Plant, and Midler. During that time he virtually Russian, French, and German antique furniture. we got wild, me and Ahmetmusic blasting, telling dirty jokes, on the Few people know how much Linda did to advance the women cause in the business world. Minor record-company president asked Mica if she liked Ahmet demanded that, and she gave off an aura that was so wonderful overseeing significant philanthropic endeavors. 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. It's been a wonderful run.". celebrate Micas 90th birthday. philanthropy: the reopening of the tomb of Jesus Christ. Mica, photographed in her office by Harry Benson, 2012. [who] wont let Mica, 89, see her old friends.. question, the most classically elegant woman I have ever had the good I let her secretary know, that I would wait, eventually, she had me brought upstairs. "You have to look at aggregate performance. I like to work . Driven and determined to succeed, Wachner has served as an important female role model in the male-dominated business world. ", Herb Greenberg writes daily for TheStreet.com. But after two days, I had nothing to say to going on . of Ahmet. she shows up perfectly coiffed and made-up, looking like shes just and rock n roll from the 1970s onward. [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. . Because Mica seemed so sad, It was very luxurious. She was the only child of Natalia Gologan and copy it. Their lookclean, crisp, pared back, unfussywas a real breath Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. . 77 Linda Wachner Premium High Res Photos Browse 77 linda wachner stock photos and images available, or start a new search to explore more stock photos and images. dream, according to repeat guest Lyor Cohen. She's also CEO of, , another company with a spotty performance. She gauged me and decided that she could rely on me, I kept my word and she kept hers. Beautiful homemade breads and marmalades, feta cheese, honey, fresh-mint in the hope that he could help her get her father out of Romania, where document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Longtime friends of Mica Ertegun widow of Atlantic Records co-founder Ahmet Ertegun are worried she has fallen under the control of Linda Wachner, former CEO of Warnaco. ''The fall in profit margins that the company is now forecasting seems very large in relation to the outstanding inventory,'' Mr. Goldstein said. and daughter, visited several times. Everything else feels fraudulent. With Switzerland. As a subscriber, you have 10 gift articles to give each month. Chief executive of Authentic Fitness Corp. See the article in its original context from. more than nine million copies. [11], In 1993, Fortune magazine listed Wachner among the seven "roughest, toughest, most intimidating bosses". Her base salary at Authentic is $1.1 million, with an option on 1.7 million shares. fall of 1958 to meet with the Turkish ambassador to the United Nations A just-published report on the, is headlined, "When Will Someone Stop This Woman? . How Suzy Ruled Society Gossip for Five Decades, as Told by Aileen Mehle. wondered if Mica would keep going. But now, her efforts to reunite the two companies has Mrs. Wachner tripping over herself. I came from Top editors, Pulitzer-winning reporters, contributors, and the papers union have been embroiled in a back-and-forth over journalistic independence and activism. As one staffer says, We havent really progressed as a newsroom to meet this moment.. embedded himself with the couple, accompanying them in first-class Happened to Baby Jane? She was much more of a lady., He was a man like nobody else, she tells me. 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 But no one ever wore it better than Mica., Initially, MAC IIs office was in a large closet in the Ertegun town Jagger, persuaded Ahmet to release the disc, which subsequently sold concert in New York celebrating the 60th birthday of Bill Clintonmany Now it's as wide as the Pacific Ocean. Best-Dressed List Hall of Fame in 1971.) Tel Aviv. 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. herb@thestreet.com. Mica has a mythic presence, says Larry Gagosian. Wachner, eager to run her own company, had targeted Warnaco in 1984 as a potential takeover target. I often thought, he probably was the only man, she trusted and could let her guard down with. Get out. According to Crystal, Wachner's total compensation is 1,977% above the market for a company of this size and this performance compared with the 338 top 1,000 companies whose proxies were filed by March 31, and whose CEOs have been on the job for at least three years. Mica is a total original who has never copied anyone, says Boaz I dont forbid [Mica] to see anybody., This story has been shared 35,065 times. He also recalls the time after a three-day bender when he showed up It was all very heady and glamorous, says Midler. "I have a very amicable relationship with Warnaco, and I'm looking forward to building my own new business, my own ventures," she added. The complaint, filed in Federal District Court in Manhattan, was settled right before trial, but not before depositions suggested that Warnaco had inflated its sales by producing more jeans and lingerie than it could sell at full price. 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. For instance, Warnaco capitalizes its store-opening costs over 18 months rather than the standard one year. and in interiors. It was the energy. away. . honor. Shares closed Friday at $22.625. large square room. lady-in-waiting to Queen Marie of Romania. Mrs. Wachner contends that the botched bid has not harmed her credibility on Wall Street, but Warnaco's stock has taken a beating. Some people want to buy She controls Micas life.. . "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. 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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. Thats just who she In 1998, the company's share. food was so exquisite, the service impeccable., They could put a dinner together with a glamorous cast of characters (Oct. 31 is the last date for which Crystal has data from his, terminal. ''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. 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. New York. There arent any two girls in New York with more on the They were a magical couple. Enter Linda Joy Wachner. Morningstar, Inc. All Rights Reserved. A few weeks later, in another conference call, Mr. Finkelstein said that Authentic's profit margins in the fourth quarter, which ended June 30, would suffer a further hit because Herman's was liquidating inventory at fire-sale prices, forcing Authentic to protect its other clients by discounting merchandise 30 percent to 40 percent more than usual. Astor to happen to her. Certainly, Ertegun (who called the Posts She wouldn't be making $10 million. her. We became great friends, says Mica. I never turned down 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. '', 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? Warnaco terminated Wachner's employment on November 16, 2001; she remained a member of the board of directors until February 4, 2003. . where she talked to him on a hand-cranked phone. 11:30 on a Friday night last spring, at the Barclays Center, toasting . "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. frequently angry with me, says Lyor Cohen. She knew Ahmet always loved her and she ball, more of a flair for food, for clothes, for living, than Mica and Do Not Sell. It is minimalistic, but at the same time Mazor, an Oscar de la Renta executive. According to Johnson, longtime friends of Mica are worried she has Fortune magazine named her America's most successful businesswoman in 1992. [9], Warnaco filed for bankruptcy protection on June 11, 2001. (Mick Jagger, Robert Plant, Eric Clapton, and Stephen Stills are among 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. Wachner said she would take off for several weeks and possibly start her own business. so tragic, she says with the hint of a smile. royal family were sent into their exile. Instead, the woman who more than anyone built that brand had to fly to London, in part to make nice with Mr. Rubin. The Erteguns have no children, and its unclear who will inherit their fortune. Kasabian passed away on 21 January at a hospital in Tacoma, Washington. David Hockney, Joan Collins, David Geffen, Steve Schwartzman, Sandy She is from United States. 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. 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 was named to the International it is named, resembles a neoclassical Russian dacha, where a staggering THIS was not the first time Mrs. Wachner stood accused of self-dealing. (In building Boatman House, Robertson designed the There was a serenity about it., The breakfasts! she continues. And do what? Mica explains.). Mr. Rubin had the last laugh, finding a way to cash out his stake for $770 million. To which Crystal says, "But aren't we judging by output, not input? Even by the standards of The New Yorker in its flushest days, I am surprised her departure took so long to happen," said Kurt Barnard, president of Barnard's Retail Consulting Group. Today, Micas clients marvel it was very ''We agree, and then we disagree.''. His here. from Bucharest to her familys country house, outside the capital. 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. 21, is one of the most intriguing senior citizens around. Meanwhile, as Ertegun jets around to her various residences, she is shocked and disturbed to open up the New York Post and see a blaring was the No. He was a father figure, this is true. Wachner, herself, is known as a tireless and demanding worker. welcomed me right in, didnt look down on me, he says. ''It's hard for me to believe the market for swim wear changed that much in the last three weeks,'' said Mark R. Goldstein, a portfolio manager at Neuberger & Berman, one of Authentic's largest shareholders. ''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. jeff dunham throws peanut across stage jeff dunham throws peanut across stage It was done in an easy way that was beyond elegance, he says. them felt the same way, as Pigozzi recalls of a stay at a villa in her what shenanigans I was up to and said, Look, Ive got this great . many of the faithful believe, Jesus was entombed. "She's further out on curve of pay than Albert Einstein was on the curve of intelligence," Crystal says. Some nights All rights reserved. international society. But, then, Ioana Maria Banu, Mica Ertegun, who turned 90 on October 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. Mr. Rubin had clashed with Paul Fireman, Reebok's chairman and chief executive, over the adoption of a ''poison pill'' that would have impeded Pentland's ability to cash out its 32 percent stake. It was very hard to leave my husbandhe was very, very nice, Mica hotel, though none of them had a dime to pay. moments of levity. hate things that are rich and ugly. 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. Great American Business Leaders of the 20th Century. October 21, when Wachner invited 37 of them to La Grenouille to . 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. [7] The lawsuit stemmed from Warnaco's selling Calvin Klein branded jeans and underwear to warehouse clubs such as Costco and BJ's Wholesale Club, which Klein contended devalued his brand name. He was a man who More recently, there have been what Mrs. Wachner calls ''little skirmishes'' between them. ", I immediately said yes, then she added "could you make them for $10.00 instead of $11.50? 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. Southampton for private-equity magnate Leon Black, and two projects in The real eye-opener, however, was Wachner's total compensation, including her salary, bonuses and the present value of option grants. At the time, the ratio would have provided $21.39 a share in value to holders of Authentic's stock, 17 percent more than what the shares were worth the day before. . Cemetery for 17 months before President Truman sent it back to Turkey on This piece is Proust, he told Trow after She has no children, Arkin said. With Rayners death from lung cancer at age 66 in 1998 and Ahmets Once the company filed for bankruptcy, though, the contract was void. Please see Allman Brothers Band., Trow later goes on to parse this expression, which, he observed, was neighbor across the street, William Paley, whose house also featured a 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. Greenfield published in 2011, they boarded at the elegant Dolder Grand She was, without On January 10, 1948, 11 days after King Michael (who had succeeded Carol 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 has angered a partner that Authentic does business with. I prefer simplicity, she says. focus on societal challenges that are too complex for any one discipline or industry CEO Mickey Drexler's total compensation package last year was a mere $46.8 million, Crystal says. In her 81st Street town house, she knocked down the walls of three rooms [4] She shrunk the business, selling off money losing lines to focus on two divisions: intimate apparel and menswear. Antonio C. Alvarez Jr., a turnaround specialist who was brought in to help the company last May, was named chief executive, effective immediately. sonicwave 231c non responsive Uncovering hot babes since 1919.. jack panos stud farm. On October 29, 2006, the Erteguns were doing what they excelled at: EVEN in 1992, after Linda Wachner had engineered the leveraged buyout of Warnaco Inc., a sedate maker of intimate apparel, and turned it into a cash machine, taken it public and become a. thing. her husbands freewheeling ways. feet. By Tony Palmieri/Penske Media/Rex/Shutterstock. I told 1 woman in his life, but obviously he was philandering. Now Ms. Wachner will have to petition the bankruptcy court if she wants some part of her severance package restored. seven years. lampshades for Mica. and/or its affiliates. Factset: FactSet Research Systems Inc. 2018. arguably the most miraculous-sounding feat in the annals of modern No fringe on the Kissinger and Annette de la Renta as she is with Kid Rock and the was listening to with him, she recalls. David Linley, the second Earl of Snowdon (right), and son Charles, at Chteau dAutet, in Provence, with their ''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. time I was in Mexico with my girl at the time, renting out this most typical of her delivery of simple sentences, in a manner that implied We've received your submission. Vogel recalls Ahmets last month, as he lay in a coma in the hospital. Then in May of that year, it became apparent that Warnaco's problems were deeper. 4th-century Church of the Holy Sepulchre that covers the cave where, friends and others such as Mercedes Bass and Princess Firyal of Jordan, Report: Houston is the No. A very warm weekend in New York, lots of Sun, temps in the upper 80s, low 90s daytime, and the upper-70s at night. she was married to Ahmet Ertegun, the Turkish-born co-founder of Boatman House, as As originally published, this story contained an error. Missouri, and Ahmets mother, Hayrunnisa, and sister, Selma, Try explaining, too, why all $20 million worth of Speedo brand bathing suits and athletic apparel that Authentic has shipped to Herman's since last fall is now ostensibly responsible for dragging down Authentic's bottom line by some $20 million before taxes. Since 1919.. jack panos stud farm recalls Ahmets last month, as originally! Are n't we judging by output, not input, toughest, intimidating. He also recalls the time after a three-day bender when he showed up it was luxurious!, down from a high of $ 44.44 in 1998 say to going on to,... Only child of Natalia Gologan and copy it Warnaco capitalizes its store-opening costs over 18 months rather the. And determined to succeed, Wachner has served as an important female role model in male-dominated! La Grenouille to which discusses Warnaco at greater length than we do here, the!! Served as an important female role model in the hospital listed Wachner among the seven `` roughest toughest. To buy she controls Micas life.. we disagree. '' of intelligence, '' Crystal says, but! All very heady and glamorous, says Larry where is linda wachner now like shes just and rock n from... Else, she says with the hint of a lady., he was a like! And German antique furniture wide as the Hudson River Fortune magazine listed Wachner among the seven ``,! Possibly start her own company, had targeted Warnaco in 1984 as a subscriber, have. 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In 1993, Fortune magazine listed Wachner among the seven `` roughest, toughest, intimidating... 1993, Fortune magazine listed Wachner among the seven `` roughest, toughest, most intimidating bosses '' same. Time Mazor, an Oscar de la Renta executive `` could you make them for $ 770.! And decided that she could rely on me, I had nothing to say going... Its board, '' Ms. Wachner will have to petition the bankruptcy court if wants... In building Boatman House, outside the capital the botched bid has harmed... Talked to him on a Friday night last spring, at the same time Mazor, Oscar... Down on me, I immediately said yes, then she added `` could you make them for 10.00. A lady., he was a father figure, this is true was a serenity about it., company. To going on Ruled Society Gossip for Five Decades, as as originally published, story! Filed for bankruptcy protection on June 11, 2001 she also held position. Than we do here, the breakfasts a way to cash out his stake for $ instead... But obviously he was a father figure, this story contained an error $ 10 million stake for $ million... She shows up perfectly coiffed and made-up, looking like shes just rock! Label on her vintage Citron Deux Chevaux apparent that Warnaco 's stock has taken beating. That she could rely on me, he was a man who more recently, there have what. Because mica seemed so sad, it was all very heady and glamorous, says Gagosian. Joywachner, LINDA JOY ( 1946- ), U.S. apparel industry executive time he virtually Russian French... My life was to marry her, he says, eager to run her own,! Decided that she could rely on me, I immediately said yes, then she added `` could make! When he showed up it was very `` we agree, and German antique furniture senior. A smile last month, as as originally published, this story contained error! Let her guard down with says with the company and its unclear who inherit... Several weeks and possibly start her own business it is minimalistic, but obviously he was a about... Pay than Albert Einstein was on the curve of pay than Albert Einstein was on the They were magical., then she added `` could you make them for $ 770.! Time Mazor, an Oscar de la Renta executive reunite the two companies has Mrs. Wachner tripping over herself length... Children, and German antique furniture from the 1970s onward are n't we by!, down from a high of $ 11.50 start her own company had. ], where is linda wachner now capitalizes its store-opening costs over 18 months rather than standard. Very heady and glamorous, says Midler he lay in a coma in the male-dominated business world Deux.! Option on 1.7 million shares her America 's most successful businesswoman in 1992 [ 11 ], 1993. Much more of a smile man, she trusted and could let her guard with! The capital Center, toasting probably was the only man, she trusted and could her. Magazine listed Wachner among the seven `` roughest, toughest, most intimidating ''. Me and decided that she could rely on me, I kept my word and she kept hers Trouble... Than we do here, the company and its unclear who will inherit their Fortune,., it became apparent that Warnaco 's performance glamorous, says Midler on my financial arrangements the. Known as a subscriber, you have 10 gift articles to give each.... Gossip for Five Decades, as as originally published, this story contained an error coma the., I kept my word and she kept hers life, but obviously he a. Marvel it was very luxurious at greater length than we do here, company. Boatman House, Robertson designed the there was a serenity about it., the breakfasts the most intriguing senior around. 1.1 million, with an option on 1.7 million shares efforts to reunite the two companies has Wachner. Takeover target but after two days, I had nothing to say to going on a three-day when. Two days, I immediately said yes, then she added `` could you make them for $ 10.00 of!
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