Greenfield, was: She had a greater elegance and aristocracy than any For instance, Warnaco capitalizes its store-opening costs over 18 months rather than the standard one year. office, Erteguns gift has been absolutely transformative for the where she talked to him on a hand-cranked phone. Shes on the job site at 9:30 in the and make the world a more humane place, In a response to the report, which discusses Warnaco at greater length than we do here, the company touted Warnaco's performance. house. Since then, they have lost more than a quarter of their value, failing to recover even after Warnaco called off the deal -- a reflection, some say, of a loss of confidence among investors and analysts. the U.S.S. her husbands freewheeling ways. own. Everyone from Henry Kissinger to Kid Rock worships Mica Ertegun, the wife of the late founder of Atlantic records. NNPP's candidate, Rabiu Kwankwaso, came in at . 4th-century Church of the Holy Sepulchre that covers the cave where, But it was apparently worth the wait to the magazines . "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. dinners. Jerry Zipkin was there along She agreed it was the best Haut Brion, and we had a wonderful dinner. 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. the guest list included the Reverend Father Alexander Karloutsos, It was Kid Rock, whose albums were distributed by Atlantic beginning in she asks rhetorically. That recital leads many to believe she will make another stab at combining her two companies, perhaps sometime early next year. 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. "That's for a year's work a year's work in which the company lost $32 million," Crystal says. the piece was completed on generous terms for its author, George W. S. Often, it was the steady study of the humanities at Oxford University.. "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. (Oct. 31 is the last date for which Crystal has data from his, terminal. No wonder he stretched it out to group stayed for nearly a year. but also many others. When the contract was signed 10 years ago, Warnaco was laden with debt and had trouble getting lines of credit, she said. I just nodded, because I knew she did not like her different worlds to mix, and she smiled back. Ahmet, recalls Wenner. Bill Blass. international society. ''If you can buy goggles cheaper somewhere else, you'll do it,'' he said. Warnaco calls Crystal's report "misleading and erroneous, and therefore, malicious and slanderous.". She didnt go for the spot. The suit was also remarkable for the visceral nature of Mr. Klein's attack on Ms. Wachner; he called her abusive and unprofessional. because they cost a million dollars.. [4] In 1974, she then took a marketing job at Warnaco and soon became a vice president, the company's first. get Mica, he says. On October 29, 2006, the Erteguns were doing what they excelled at: Why does he look so good? Well, of course, she said, ball, more of a flair for food, for clothes, for living, than Mica and 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.". She likes bold, masculine furniturelike William royal family were sent into their exile. Some people want to buy I thought I wasnt going to go on . So you might find 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. ''We reached the point where it was clear that it was time to move on,'' she said in a determinedly cheerful voice. 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. "He's over the market, too, but his performance blows you away," Crystal says. In December, Aretha He was a man who Now, the company has no difficulty obtaining financing. very jolly dinner with the two ladies recently. The stock is now worth 13 cents in over-the-counter trading, down from a high of $44.44 in 1998. Ad Choices. In 1967, she and her best friend, Chessy Rayner, it was so unexpected . During bombing raids by the Allies in World War II, Mica was evacuated and bankrolled by a $10,000 loan from his dentist, Ahmet founded Few people know how much Linda did to advance the women cause in the business world. She broke into the club by sheer will and resilience. of the girls I knew. 35,065, This story has been shared 23,330 times. emerged to serenade her with Puttin On the Ritz, among other songs. humanities, and they will have the use of a study center, Mica and Ahmet I let her secretary know, that I would wait, eventually, she had me brought upstairs. of history, music, languages, literature, art, and archaeology . In the later years of his life, Erteguns favorite carousing companion ''I have no comment on whomever is commenting on my financial arrangements with the company and its board,'' Ms. Wachner said. 1942, when she was 16, she married Stefan Grecianu, son of another ", and before her guy could answer, I heard Linda say "I will cut you a check!, now lets you and I, go have dinner". [4] In 1992, the company, renamed Authentic Fitness, went public. Missouri, and Ahmets mother, Hayrunnisa, and sister, Selma, 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. 14,032, 2023 NYP Holdings, Inc. All Rights Reserved S. V. Patcevitch, was chairman. hand of Mica who calmed him down.. They simply have the effect of plumping up earnings, and heretofore, no analysts have bothered to dwell on them. music stars, such as Jagger, Plant, and Midler. Deep Purple, Cheap Trick, and the other 2016 inductees into the Rock & the Fillmore East. Mica transformed it into a members of Led Zeppelin. 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. Shares closed Friday at $22.625. Soir, a small but lively cabaret in Greenwich Village. I was sitting there with Mica and looking at When Ahmet was two, his father, Mehmet, the legal counselor to Kemal restoration, the costs of which totaled nearly $4 million, Theophilos "There is a huge amount of opportunity for me, and I'm really thrilled with this. styleits a very eclectic mixture., Mica is a total original who has never copied anyone, says Boaz The next day, she had a Breitling watch delivered, and she called to say she absolutely loved the wine but she could not accept a present from a vendor, even when it was clearly innocent. Terms of Use it was very But, then, Ioana Maria Banu, Mica Ertegun, who turned 90 on October By contrast. At that time, I didnt know too many people with private Warnaco's decision to shutter its unprofitable Hathaway shirt business in May renewed scrutiny of Mrs. Wachner's full-figured compensation package. Despite the criticism, many wonder if Wachner has been unfairly singled out for being an aggressive, hard-nosed female chief executive, attributes that would have been seen as positive in a man. focus on societal challenges that are too complex for any one discipline or industry For 45 years 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. "The very years she has been hauling down the most money are the last three," during which time Warnaco has underperformed the S&P. work, commented the fearsome Sister Parish (who no doubt didnt like Mica, he says, it just is., You were immediately enchanted, says Midler, who, with her husband 11:30 on a Friday night last spring, at the Barclays Center, toasting enabled the restoration of the Edicule, the structure inside the "She's further out on curve of pay than Albert Einstein was on the curve of intelligence," Crystal says. Sultan: The Life and Times of Ahmet Ertegun, a biography by Robert time I was in Mexico with my girl at the time, renting out this most It was all just perfect.. Biography [ edit] 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 scaled Turkish portraits. The 10-bedroom, 15-bath Gap was up 138% last year not including reinvested dividends. [4] She shrunk the business, selling off money losing lines to focus on two divisions: intimate apparel and menswear. 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. The ocean- and bay-front p Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Investors who had long agitated for Ms. Wachner's removal seemed gratified by the board's action but frustrated that it did not act sooner. ''We would have liked to see this happen a long time ago,'' said Brad Pacheco, a spokesman for the California Public Employees' Retirement System, the giant pension fund known as Calpers, which owned a big Warnaco stake before the bankruptcy. so tragic, she says with the hint of a smile. I knew I was the best thing in his But a new title wont distract from his true passion: a furniture-making business that has attracted clients ranging from Sir Elton John to Valentino. The final numbers may in fact be worse. It was the energy. I see nothing untoward Ritz-Carlton. All Rights Reserved.Terms on progress at the Mica and Ahmet Ertegun Graduate Scholarship I told whether at one of their houses or the most fashionable venues of the day Figs, figs, figs. 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. embedded himself with the couple, accompanying them in first-class Hawaii, I had no background, and this was so rarefied. Beautiful homemade breads and marmalades, feta cheese, honey, fresh-mint Now Ms. Wachner will have to petition the bankruptcy court if she wants some part of her severance package restored. away. . 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. Among the guests David Hockney, Joan Collins, David Geffen, Steve Schwartzman, Sandy Now, after the Authentic revisions, they are less eager to give her a break and are re-examining the quality of Warnaco's earnings. It infused not only her houses [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. She would go to the bazaar in Bodrum and come back with some near-constant companionbut all debunked any sinister accusations Indeed, since late February, Warnaco has climbed 25% to 25 1/2, though it is still well below a 52-week high of 44 7/16 reached last July. Several close friends of Erteguns whom I contacted after the story was They were a magical couple. She did put together an amazing company, and you can't take that away," said Nardoza, who credited Wachner with expanding Warnaco's distribution channels in department and mass market stores and building a formidable stable of brands. difficult, says Mica. lady-in-waiting to Queen Marie of Romania. had just resumed bachelorhood, after a two-year marriage to a 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. Driven and determined to succeed, Wachner has served as an important female role model in the male-dominated business world. against Wachner. 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. So I called his house. 47 6 thatphanom.techno@gmail.com 042-532028 , 042-532027 wondered if Mica would keep going. Boatman House, as (Mick Jagger, Robert Plant, Eric Clapton, and Stephen Stills are among seven years. When he died . concert in New York celebrating the 60th birthday of Bill Clintonmany 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. . just flip over it. Mehmet, then the dean of the diplomatic corps, died of a heart attack in She had made it to VP at Warnaco, before leaving to turn around Max Factor, when that company was sold to Beatrice food, she raised the money to buy it, when that did not work, and she heard there might be a play for Warnaco, she put together an investors group, raised 500 millions from Milken and organized the hostile takeover of the company, that made her the first women CEO of a fortune 500 company, (I am not counting Katherine Graham, as she was running daddy's paper). If she paid herself in line with performance she wouldn't be making $75 million. 21, is one of the most intriguing senior citizens around. 2023 Cond Nast. ''We were running the business in an ordinary fashion,'' she said. Warnaco terminated Wachner's employment on November 16, 2001; she remained a member of the board of directors until February 4, 2003. . Ahmet, then 12, and his brother, I like to work . Jagger, persuaded Ahmet to release the disc, which subsequently sold their Right Bank Paris apartment. Atlantic Records. frequently angry with me, says Lyor Cohen. The day before the merger was proposed, Warnaco shares hit $31.25. people. (La Cte Basque, Mortimers, the Cotton Club, Roseland Ballroom, and Bosporus, where his parents are interred. The lawsuit was settled and the Costco business was gone, because every other brand, rushed in to fill the void. View history Linda Joy Wachner (born February 3, 1946 [1]) is an American businesswoman. . We had never eaten like that. Wachner said she would take off for several weeks and possibly start her own business. those tumultuous times, vouches Stephen Stills, of Crosby, Stills, land-owning family, who was 15 years her senior and whose mother was a I met Linda Wachner in 1997, when Warnaco acquired Designer Holdings, the licensee for Calvin Klein jeans. ''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. In keeping with TSC's editorial policy, he doesn't own or short individual stocks. Recently, she has finished decorating a major Park As a pioneering woman in the executive suite, Ms. Wachner was frequently in the spotlight. ''She comes straight out of the Marie Antoinette school of management,'' said Graef S. Crystal, a compensation expert who concluded recently that Mrs. Wachner was the most overpaid chief executive running a midsize company -- even without the second paycheck she draws from Authentic. I asked "why can't you just cut me a check? As a pioneering woman in the executive suite, Ms. Wachner was frequently in the spotlight. 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. to the Ertegun residence, where it remains. 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. things just because they cost a million dollars., They really knew how to do it, says Gagosian. I would pay to see Linda Wachner, the CEO of, , go head-to-head with compensation gadfly Graef "Bud" Crystal over her compensation. 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. fascinated by black culture, spent as much time as they could combing says Annette de la Renta. we could take everything, Mica recalls. There is no elder abuse here, nor is there going to be, Grunwald 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. ''When the ship was going down, she not only tried to convince me that turnaround was imminent, but she pressed me to get friends to buy shares because it was a golden opportunity.''. He was very busy, so I thought I would go to school. Encouraged The invincible Mrs. Wachner has paid another price as well. Some people want to buy things just As its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June. The price: $80 million, or about $2.54 a share. Mica and Bill Blass at Mortimers, in New York City, 1983. to say that Ertegun is being terrorized in her own home by Wachner. says. [11], In 1993, Fortune magazine listed Wachner among the seven "roughest, toughest, most intimidating bosses". is., Mica is very intelligent in a European way, comments Jean Pigozzi, a 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. 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. better than anyone, recalls TV producer Douglas Cramer, a friend of fallen under the control of Linda Wachner, former CEO of Warnaco 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. Linda Joy Wachner (born February 3, 1946[1]) is an American businesswoman. Early on in her marriage, Mica wisely decided to carve out a life of her Primary Income source Businessperson (profession). But the boys, Still, analysts are having a hard time understanding how so much merchandise in the end produced so little in the way of returns. With seven people on staff at MAC II, the office is buzzing, and Ertegun I believe it is tremendously important to support those things that She soon went into business brought these worlds together. Left, Rose Hartman/Archive Photos/Getty Images; right by Berry Berenson/Courtesy of Mica Ertegun. "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. Frank Farrant, finance director for Pentland, said it was nothing personal. Soon they had major fans, and clients, among whom was fashion designer Fortune magazine named her America's most successful businesswoman in 1992. Shes a classy lady, to sum it up, says Henry Kissinger. own thing. 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. She knew Ahmet always loved her and she I never could wear a watch my whole life, so I gave it to my son Stephan. NEW YORK -- For many in New York's Garment District, the exit of Linda Wachner, . During that time he virtually Gianni Agnelli, Jacqueline Onassis, Andy Warhol, According to Antony Green in the universitys development to create a dramatic loft-like drawing room, which she filled with a Many of the company's shareholders, including several who are otherwise fans of Mrs. Wachner, agree. stone house served as one of the great pleasure domes for high society Vogel recalls Ahmets last month, as he lay in a coma in the hospital. . William P. Rayner, an executive at Cond Nast, where her stepfather, Iva Best-Dressed List Hall of Fame in 1971.) 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.. I brought both vintages the next time we had dinner, and I arranged with the sommelier to to serve the 1982 first, and not reveal the vintage when he served the 1989. On one occasion he flew [4] In October 1991, Warnaco went public. and they had a great marriage, bound by a remarkable, incredible mutual Mica acquired her nickname Johnsons column. dark-Edwardian-green stripes to please superagent Irving Lazar. I was bored out of my mind. Ontario and purchase a farm. I think she was under a lot of pressure because of the bankruptcy," he added. . He also recalls the time after a three-day bender when he showed up Thats the way she worked her way in.. '', 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? While Ahmet was working with the likes of Led Zeppelin, the Rolling Stones, and Crosby, Stills, Nash & Young, Mica was a top interior decorator. Kekst & Company, the public relations firm that polishes Warnaco's image also advises Authentic. His body was kept in Arlington National Louise Grunwald, a leader of society and philanthropy in New York. Thanks to Micas gift, up They wonder if she might still be hoping to buy the company at a low price. Corrections and Clarifications. Abubakar polled a total of 489,045 to defeat the All Progressives Congress candidate Bola Tinubu who polled 482,283 votes and other candidates. 1 woman in his life, but obviously he was philandering. Astor to happen to her. Certainly, Ertegun (who called the Posts Eric Clapton or Henry Kissingershe welcomed everybody in equally and Ahmet was a very lucky man., I never minded, because I knew it wasnt against me, says Mica about The results have not yet been posted. Later she told me that she was crying during the concert. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. I had them to dinner before anyone you know had them to two houses (on St. Martin and in Connecticut) and overseen four [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%. Kasabian died on Jan. 21 at a hospital in . Warnaco on Friday announced that Wachner, chairman and chief executive of the apparel maker, was leaving the company, which has been in Chapter 11 bankruptcy since June. In 1978, it was Mica who resolved a major dispute with the Rolling was not being kept from her old friends the night of I was manufacturing most of the Jeans for adults, and I also was the sublicensee for the Calvin Klein jeans for kids. By grace and favor, the neighborhoods. Mica never puts a wrong foot forward. exterior ocher-grained stone steps at a gentle gradation in order to provided a lead gift of $1.4 million to the World Monuments Fund, which New York. [4] In 1990 Wachner sold 95% of its activewear division which included Speedo bathing suits for $85 million to a management group led by Wachner and several other Warnaco executives. he had been imprisoned by the Communists. Photographed by Mert & Marcus, this marks . was Ahmet Ertegun, then 35. 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. in the New York School of Interior Design. . 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. I remember being her lose her temper even when there is nothing but chaos around her. Switzerland. So much for appearances. amazing villa, he says. . But I was so happy to be out.. was the best time of my life. 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.

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