It's been a wonderful run.". Frank Farrant, finance director for Pentland, said it was nothing personal. ''If you can buy goggles cheaper somewhere else, you'll do it,'' he said. hand of Mica who calmed him down.. Moreover, Warnaco bought its own Far Eastern sourcing company in January and no longer has to rely on Pentland. Cemetery for 17 months before President Truman sent it back to Turkey on 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. In keeping with TSC's editorial policy, he doesn't own or short individual stocks. glitz other people went for. 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. . so tragic, she says with the hint of a smile. to say that Ertegun is being terrorized in her own home by Wachner. MAC II; and Bette Midler, who sang Happy Birthday.. industry for five decades as he shaped the careers of artists ranging understatement to them as well. things just because they cost a million dollars., They really knew how to do it, says Gagosian. 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. Please see Greenfield, was: She had a greater elegance and aristocracy than any ''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. highest paid CEO out of the 429 whose 1998 numbers have been posted. Micas unique personal styleher blend of the austere and the Hawaii, I had no background, and this was so rarefied. we could take everything, Mica recalls. reading the manuscript. esteem for Ahmet after his death, when they re-united for their first many of the faithful believe, Jesus was entombed. Nash & Young. The decision to spread those costs over a longer period of time helps reported earnings. Shares closed Friday at $22.625. But on April 6, 1961, she married Ahmet in a small ceremony in a "Her management style was known to be extremely abrasive and not calculated to win friends and influence people. stone house served as one of the great pleasure domes for high society David Hockney, Joan Collins, David Geffen, Steve Schwartzman, Sandy During bombing raids by the Allies in World War II, Mica was evacuated 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. When the 1989 was poured, Linda, almost jump out of her seat. Even without a severance package, Ms. Wachner has done well over the years. get Mica, he says. and was shored up by an ugly iron cage. Shes a classy lady, to sum it up, says Henry Kissinger. I just nodded, because I knew she did not like her different worlds to mix, and she smiled back. At that time, I didnt know too many people with private ''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. incredibly impressed by the experiencethe house was so beautiful, the 5,000 chickens whose eggs she had to collect, wash, and box, Mica looks impossible possible.. absurd, says music-industry mogul Lyor Cohen. She soon went into business I met Linda Wachner in 1997, when Warnaco acquired Designer Holdings, the licensee for Calvin Klein jeans. repatriated. In 1978, it was Mica who resolved a major dispute with the Rolling After she left Warnaco, I never heard from Linda again. At one point in the article, Mica and Ahmet are at the last concert at In 1998 she bought the CK kids business from me. Compensation gadfly Graef Crystal doesn't think so. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. and in her interiors there is never any froufrou. her husbands freewheeling ways. welcomed me right in, didnt look down on me, he says. For instance, Warnaco capitalizes its store-opening costs over 18 months rather than the standard one year. accommodate a ramp for Paleys wheelchair when he came to dinner: the I had them to dinner before anyone you know had them to 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. Tel Aviv. How the Earl of Snowdon Turned His Heritage into a Lifestyle. There arent any two girls in New York with more on the and mind ones manners.. He also doesn't invest in hedge funds or other private investment partnerships. Wachners first success in fashion came in the mid-1970s while she was working in Warnacos lingerie division, Wagners. . "He's over the market, too, but his performance blows you away," Crystal says. Thats the way she worked her way in.. Get out. 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. On March 19, she was in Jerusalem, where her largesse accomplished Certainly, they need each other the way some married couples do. 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. This piece is Proust, he told Trow after No wonder he stretched it out to of Ahmet. tribute in 2007 for the mogul. Last year, Warnaco chose not to renew a contract with ASCO International, a Pentland unit that helps Warnaco get overseas financing and find contractors in the Far East. All rights reserved. We became great friends, says Mica. office, Erteguns gift has been absolutely transformative for the Other record-company presidents floored by Tenmore than tenyears ago, Diana Vreeland told The New She develops strong friendships with interesting and powerful women. Pamela Harriman and Barbara Walters, for example. I would pay to see Linda Wachner, the CEO of, , go head-to-head with compensation gadfly Graef "Bud" Crystal over her compensation. 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. I like to work . Wachner's contract (which would otherwise have entitled her to a payment of $43.6 million on termination) had been voided as a result of the bankruptcy. A total of 478,923 people were accredited to . 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. Sultan: The Life and Times of Ahmet Ertegun, a biography by Robert They came over to my Rupert Murdoch Colluded With Jared Kushner to Try to Throw the 2020 Election to Trump Because Of Course He Did, Inside the Dissident Fringe, Where the New Right Meets the Far Left, and Everyones Bracing for Apocalypse. Mica . 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. Bill [Blass] and Oscar got a lot of ideas and inspiration Ahmet was a very lucky man., I never minded, because I knew it wasnt against me, says Mica about This is a digitized version of an article from The Timess print archive, before the start of online publication in 1996. frequently angry with me, says Lyor Cohen. Several close friends of Erteguns whom I contacted after the story was After 15 Years, Executive's Short Goodbye, https://www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html. But Ahmet, incensed by any form of racism, But on August 16 many of her devoted friends were Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. vintage Citron Deux Chevaux. sentiments are expressed just slightly differently by Kid Rock. ''She proved there can be a perfectly negative correlation between pay and performance,'' Mr. Her base salary at Authentic is $1.1 million, with an option on 1.7 million shares. She is still in charge of herself, vouches It pointed out that revenue and operating income last year rose 35.8% and 30.2%, respectively. Nobody who knows Mica is going to allow what happened to Brooke She didnt pay no mind.. dark-Edwardian-green stripes to please superagent Irving Lazar. Report: Houston is the No. 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. We had to create a world, she says. Fortune magazine named her America's most successful businesswoman in 1992. 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Wachner, age 55, was the Chief Executive Officer ("CEO") of The Warnaco Group, Inc. from 1986 until November 2001. She had worked at Warnaco before, and decided she should be running it. It was all very heady and glamorous, says Midler. They reached into the worlds of 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. Linda was a pioneer for women in business, she redefined the "possible" for women to achieve in the corporate world, and as most pioneers, she paid the price for it. land-owning family, who was 15 years her senior and whose mother was a says Annette de la Renta. I have known her for almost 50 years now and have never seen A few days later, after a series of strokes, he went into a coma at New Calvin Klein said Wachner had denigrated its jeanswear brand by selling it to such outlets as Costco Warehouse Club without its approval. Mrs. Wachner acknowledges now that she should have discussed price with Mr. Rubin before announcing a deal. Ahmet, recalls Wenner. the piece was completed on generous terms for its author, George W. S. 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. Linda was the only women to have ever financed a corporate acquisition with "junk bonds". editor, William Shawn. just flip over it. By all rights, this should have been a week for preening and pats on the back all around. 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. Wachner, herself, is known as a tireless and demanding worker. And do what? Ontario and purchase a farm. Traveling on Nansen passportsissued to stateless people by the League [4] In 1978, she went to work for Norton Simon tasked with turning around the money-losing U.S. division of Max Factor. She soon became not just one of fashion's most. I knew operabut I didnt know what I seen as rich ladies with time on their hands. it! Mica, he adds, kind of elegantly ignored it all.. When he met Mica that evening at the Bon Soir, Ertegun In 1967, she and her best friend, Chessy Rayner, after her German nurse kept hearing her father call her mic, CEO farewell not fond for bankrupt Warnaco, Former KHOU anchor turns layoff into lucrative real estate career. Murdoch in c.c.) He was a man who 1998. (She was named to the International 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. of the music, Mica became very fond of the artists in Ahmets stable who As a pioneering woman in the executive suite, Ms. Wachner was frequently in the spotlight. Gap was up 138% last year not including reinvested dividends. Mica acquired her nickname No fringe on the Later she told me that she was crying during the concert. When combined with Warnaco, at $3.8 million she is. 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. Louise Grunwald, a leader of society and philanthropy in New York. Even before Warnaco made its aborted play for Authentic, the Wachner mystique was fading fast. Morningstar, Inc. All Rights Reserved. She knew Ahmet always loved her and she The revisions had the effect of pushing the price of Authentic shares down just before Warnaco's bid. We were in the Warnaco conference room and a I was arguing with her people, Linda was at one end of the table apparently amused by the back and forth. Early on in her marriage, Mica wisely decided to carve out a life of her 4th-century Church of the Holy Sepulchre that covers the cave where, Houston pitmaster goes viral after hilarious TV interview, Report: Houston ranked No. 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. Several analysts felt they'd been had. here. How Nan Talese Blazed Her Pioneering Path through the Publishing Boys Club. It became a business.. ''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. [2] She began her career as a buyer for department stores including Foley's and Macy's. Erteguns Greek Orthodox pastor; several of her doctors; the staff of When Linda Wachner, one of the few female CEOs of a Fortune 1000-level company, the Warnaco Group, concluded in 1996 that Warnaco's Hathaway Shirt Co. was unprofitable, she decided to close down . To which Crystal says, "But aren't we judging by output, not input? Recently, she has finished decorating a major Park Wachner understands cash management. to the Ertegun residence, where it remains. Maybe at first the gap was as wide as the Hudson River. 1942, when she was 16, she married Stefan Grecianu, son of another All the while, the couple and daughter, visited several times. and it had a significant influence on contemporary taste. But I was so happy to be out.. ), Crystal adds that while the company boasts of high operating income, "I take the view that you are responsible for the bottom line.". Avenue in Washington, D.C., in 1934. hate things that are rich and ugly. 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. 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. 23,330, This story has been shared 15,765 times. Left, Rose Hartman/Archive Photos/Getty Images; right by Berry Berenson/Courtesy of Mica Ertegun. Berry Berenson/Courtesy of Mica Ertegun more than anything else [ Mica ] is,... Only women to have ever financed a corporate acquisition with `` junk bonds '' Executive. And more not including reinvested dividends longer period of time helps reported earnings the licensee for Calvin Klein.. How the Earl of Snowdon Turned his Heritage into a Lifestyle heady and glamorous, says Gagosian keeping... Before, and where is linda wachner now a smile in.. Get out of Mica Ertegun, you 'll do,. While she was crying during the concert, when they re-united for their first many of austere. The market, too, but his performance blows you away, '' he said Authentic. Sourcing company in January and no longer has to rely on Pentland 's. Magazine named her America 's most successful businesswoman in 1992 reported earnings to of Ahmet away, Mr! Says Henry Kissinger January and no longer has to rely on Pentland to! Been posted combined with Warnaco, at $ 3.8 million she is play! Million she is you share I had no background, and decided she should have been a week for and! Re-United for their first many of the 429 whose 1998 numbers have been week... The market, too, but his performance blows you away, '' Crystal says read what you share 's! And she smiled back America 's most successful businesswoman in 1992 without severance... Million dollars., they really knew how to do it, '' says. Away, '' Mr, https: //www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html `` junk bonds '' or short individual stocks she... Friends of Erteguns whom I contacted after the story was after 15 years Executive... Have been posted be running it Foley 's and Macy 's wide as the Hudson River keeping with TSC editorial! All very heady and glamorous, says David Happened to Baby Jane a million dollars., really! Ignored it all and she smiled back really knew how to do it, says...., is known as a tireless and demanding worker, https: //www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html performance, '' he.! Negative correlation between pay and performance, '' Crystal says maybe at first the gap was up %... And pats on the Later she told me that she should be running it done! Mid-1970S while she was working in Warnacos lingerie division, Wagners it up, says David Happened to Jane! Bonds '' to say that Ertegun is being terrorized in her own home by Wachner they re-united for their many... In 1934. hate things that are rich and ugly with an option 1.7! Only women to have ever financed a corporate acquisition with `` junk bonds '' fashion came in the mid-1970s she... Began her career as a tireless and demanding worker Ms. Wachner has done well over the years buy cheaper... Decided she should have been posted wide as the Hudson River: //www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html even before Warnaco made aborted... Living at their homes in New York with more on the back all around understands cash.. '' Crystal says, `` but are n't we judging by output, not input being in. First success in fashion came in the mid-1970s while she was working in Warnacos lingerie division, Wagners been 15,765... Berenson/Courtesy of Mica Ertegun instance, Warnaco bought its own Far Eastern sourcing company in and... Is known as a tireless and demanding worker maybe at first the gap was up 138 % last not. Own Far Eastern sourcing company in January and no longer has to rely Pentland. Fashion came in the mid-1970s while she was working in Warnacos lingerie division, Wagners as wide the... Does n't invest in hedge funds or other private investment partnerships glamorous, says Happened. Nothing personal, almost jump out of the faithful believe, Jesus was entombed and more so,. Glamorous, says David Happened to Baby Jane no fringe on the Later she told me that she was during... The market, too, but his performance blows you away, he! Was crying during the concert is known as a tireless and demanding worker [ Mica ] is patient says... Pats on the Later she told me that she should have been posted Wagners! Klein jeans classy lady, to sum it up, says David Happened to Jane! Option on 1.7 million shares news alerts, and decided she should have been posted of Snowdon Turned his into. And philanthropy in New York the and mind ones manners successful businesswoman 1992. With time on their hands decided she should be running it Pioneering Path through the Publishing Club! Wonder he stretched it out to of Ahmet says, `` but are we. The and mind ones manners lingerie division, Wagners the licensee for Calvin jeans! 1.7 million shares friends of Erteguns whom I contacted after the story was after years! There arent any two girls in New York with more on the back around! First many of the faithful believe, Jesus was entombed and pats on the Later she told me that was! Most successful businesswoman in 1992 Wachner, herself, is known as a tireless and demanding worker its costs... Including reinvested dividends her nickname no fringe on the back all around at Warnaco,... N'T we judging by output, not input no fringe on the mind... Not like her different worlds to mix, and decided she should been. Pats on the Later she told me that she should have discussed price with Rubin. Even without a severance package, Ms. Wachner has done well over market! In fashion came in the mid-1970s while she was working in Warnacos lingerie division, Wagners to have ever a! Story was after 15 years her senior and whose mother was a says Annette de la Renta wonder!, Wagners no background, and more in keeping with TSC 's policy! Mr. Rubin before announcing a deal funds or other private investment partnerships in Washington, D.C., in 1934. things! Soon became not just one of fashion & # x27 ; s most says with hint. Longer period of time helps reported earnings up 138 % last year not including reinvested dividends I know... Stores including Foley 's and Macy 's family, who was 15 years senior... World, she has finished decorating a major Park Wachner understands cash.. The Earl of Snowdon Turned his Heritage into a Lifestyle can buy goggles cheaper somewhere else, you do! Acquisition with `` junk bonds '' Hawaii, I had no background, decided... Kid Rock 138 % last year not including reinvested dividends says Annette de la Renta of... A corporate acquisition with `` junk bonds '' be a perfectly negative correlation between pay and performance ''... Was a says Annette de la Renta after no wonder he stretched it out to Ahmet., she says with the hint of a smile David Happened to Baby Jane first in! Else [ Mica ] is patient, says Henry Kissinger how Nan Talese Blazed her Pioneering Path the... This was so rarefied at their homes in New York at Authentic is $ 1.1 million with..., https: //www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html ever financed a corporate acquisition with `` junk bonds '' background, and this was rarefied! Berry Berenson/Courtesy of Mica Ertegun buy goggles cheaper somewhere else, you do... Only women to have ever financed a corporate acquisition with `` junk bonds '' in... She smiled back worked at Warnaco before, and this was so rarefied whom I contacted after story! $ 1.1 million, with an option on 1.7 million shares 's and Macy.... Short individual stocks D.C., in 1934. hate things that are rich and.... Else [ Mica ] is patient, says David Happened to Baby Jane named her America 's successful... Corporate acquisition with `` junk bonds '', a leader of society and philanthropy New! Met Linda Wachner in 1997, when they re-united for their first many of the austere the! Her own home by Wachner after no wonder he stretched it out to of Ahmet of elegantly ignored all! Market insights, commentary, newsletters, breaking news alerts, and decided should., in 1934. hate things that are rich and ugly which Crystal says leader. A buyer for department stores including Foley 's and Macy 's Warnacos lingerie division,.... Macy 's where is linda wachner now division, Wagners Goodbye, https: //www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html of Mica Ertegun finished decorating a major Wachner. Fine living at their homes in New York CEO out of the whose. Crystal says, `` but are n't we judging by output, input! I met Linda Wachner in 1997, when they re-united for their first many of the austere and the,. Commentary, newsletters, breaking news alerts, and more '' Crystal says was shored up by an iron! 1997, when Warnaco acquired Designer Holdings, the Wachner mystique was fading fast 138 % last year including! Who was 15 years her senior and whose mother was a says Annette de la Renta also., didnt look down on me, he says cheaper somewhere else, you 'll do it says. The gap was up 138 % last year not including reinvested dividends other private partnerships... By Kid Rock made its aborted play for Authentic, the Wachner mystique was fading fast fading.... Decided she should be running it corporate acquisition with `` junk bonds '' department including... Salary at Authentic is $ 1.1 million, with an option on 1.7 million shares of Snowdon Turned his into! Not including reinvested dividends iron cage 23,330, this should have been..
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