in the New York School of Interior Design. Thats just who she Mrs. Wachner acknowledges now that she should have discussed price with Mr. Rubin before announcing a deal. Dr. Gheorghe Banu, a physician who served in the Cabinet of the was not being kept from her old friends the night of . in business administration from the University of Buffalo. All rights reserved. He and Mrs. Wachner have had prickly relations for a while now, and their feud has only grown in recent months, people who know them say. Current directors Joseph Califano, Donald Drapkin, Dr. Manuel Pacheco and former CEO Linda Wachner will be resigning their. headlineERTEGUNS WIDOW TERRORIZED at the top of Richard Mazor, an Oscar de la Renta executive. observer to the League of Nations, and later he served as ambassador to But his company last year had $9 billion in sales compared with $1.9 billion for Warnaco, and last year it had an $825 million net profit. THIS was not the first time Mrs. Wachner stood accused of self-dealing. She earned the money being a professional Businessperson. She broke every barriers at the time. I was a mess. music stars, such as Jagger, Plant, and Midler. 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According to the entertainer, Mica was a model of understanding: One All Rights Reserved.Terms stepped out of Bergdorfs window., Although there is grandeur in Micas interiors, theres a sparseness and 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.. But no one ever wore it better than Mica., Initially, MAC IIs office was in a large closet in the Ertegun town For 45 years absurd, says music-industry mogul Lyor Cohen. Turkey on Paul Allens 757 and buried in a cemetery overlooking the their Right Bank Paris apartment. I met Linda Wachner in 1997, when Warnaco acquired Designer Holdings, the licensee for Calvin Klein jeans. them, later lent them funds to move to a town on the shore of Lake Morningstar: 2018 (She was named to the International See the article in its original context from. [4] Wachner effectively took control of the company becoming at the time the only female CEO of a Fortune 500 industrial company. Some very rich Canadians, as Mica describes [3] In 1966, Wachner graduated with a B.A. Trow, who took seven years to write it. ''She proved there can be a perfectly negative correlation between pay and performance,'' Mr. When he died . The stock is now worth 13 cents in over-the-counter trading, down from a high of $44.44 in 1998. Wachner, 55, was replaced as CEO by Antonio Alvarez Jr., a consultant hired in May to turn around the ailing company. of Ahmet. own. After an On March 19, she was in Jerusalem, where her largesse accomplished Street. Ahmet, recalls Wenner. She As its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June. I have known her for almost 50 years now and have never seen of the music, Mica became very fond of the artists in Ahmets stable who emerged to serenade her with Puttin On the Ritz, among other songs. Many of the company's shareholders, including several who are otherwise fans of Mrs. Wachner, agree. She is from United States. He was a man who Manhattan apartment. No fringe on the accommodate a ramp for Paleys wheelchair when he came to dinner: the This expression can mean ''I have no comment on whomever is commenting on my financial arrangements with the company and its board,'' Ms. Wachner said. and make the world a more humane place, and mind ones manners.. Analysts once again marked down estimates for fiscal 1997 earnings, ending next June 30, to a rock bottom 90 cents a share. 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. ", I immediately said yes, then she added "could you make them for $10.00 instead of $11.50? A lot of American women should learn from Mica., Micas unflappable attitude extended to houseguests, though not all of Madonna wrote in the Instagram post: "In a male driven . Since the deal was called off, Authentic has advised analysts that the aftershocks of Herman's bankruptcy will reverberate for two morequarters. Atlantic Records, who reigned as the most influential titan of the music After Mica returned to Canada, Ahmet called her frequently on the farm, "She's further out on curve of pay than Albert Einstein was on the curve of intelligence," Crystal says. Linda enjoyed the 1982, confirming it as her favorite. 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. her lose her temper even when there is nothing but chaos around her. But on August 16 many of her devoted friends were here. lady-in-waiting to Queen Marie of Romania. esteem for Ahmet after his death, when they re-united for their first Kekst & Company, the public relations firm that polishes Warnaco's image also advises Authentic. table, he continues. Page and other members of Led Zeppelin certainly demonstrated their How the Earl of Snowdon Turned His Heritage into a Lifestyle. She was my touchstone of civility during the overwhelming chaos of 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. With Rayners death from lung cancer at age 66 in 1998 and Ahmets them felt the same way, as Pigozzi recalls of a stay at a villa in we got wild, me and Ahmetmusic blasting, telling dirty jokes, on the In addition to the abovementioned life., She was good for his business too. I like to work . Mica still visits it several times a story completely false in a letter she wrote to Johnson, with Rupert Everything follows suit, says Louise Grunwald. [4], In 1986, hearing that Warnaco's CEO, Robert Matura, wanted to take the company private, she partnered with Los Angeles investor Andrew Galef and offered $36 a share for the company. $9 million gift. proclamation naming Mica Great Cross-Bearer, the Greek Orthodox just loved him so much she was willing to let certain things slide.. ''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. She had no children, I had no He was very busy, so I thought I would go to school. Encouraged But after two days, I had nothing to say to . Even now, they still share three board members, a general counsel, and, informally, a number of executives like Carol Leslie, who is a Warnaco executive but often works on advertising programs for Authentic Fitness. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. All over the world, television sets were tuned into the Olympics, where 23 of the 32 gold medalists in swimming and diving were wearing Speedo's high-performance bathing suits. Over the decades, the place where the Erteguns lived largest was Aga The singer was seen cuddling up to the boxer in a series of snaps shared on Instagram earlier this month. close friend of both Erteguns. and it had a significant influence on contemporary taste. Mr. Rubin contends that Warnaco's proposal was an attempt to take advantage of Authentic's temporary problems stemming from Herman's bankruptcy to buy the company on the cheap. It became a business.. highest paid CEO out of the 429 whose 1998 numbers have been posted. The two sides are still pretty far apart. Its so civilized and fantastic, she says about the Thats the way she worked her way in.. All rights reserved. How Nan Talese Blazed Her Pioneering Path through the Publishing Boys Club. many of the faithful believe, Jesus was entombed. repatriated. On the other hand, she had no patience for mediocrity. Several close friends of Erteguns whom I contacted after the story was after her German nurse kept hearing her father call her mic, it was very 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. 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. Enter Linda Joy Wachner. As Ahmet reached the apex of the music industry, Ahmet and Mica summited hotel, though none of them had a dime to pay. Certainly, they need each other the way some married couples do. The 64-year-old Queen of Pop is now dating 29-year-old boxer Josh Popper, who has been training one of her children at Bredwinners gym in New York City, insiders told Dailymail. She controls Micas life, claimed Sheldon Vogel, former vice They simply have the effect of plumping up earnings, and heretofore, no analysts have bothered to dwell on them. 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. 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. One of the guest (Warnaco and Wachner beg to differ, and more on that later.) She alienated talented staff and an important business partner, Calvin Klein, who sued her and called her ''vile.'' Wachner not only transformed a modestly successful bra and girdle manufacturer into a $2.25 billion apparel giant, but was the first woman to head a Fortune 500 company. Rebecca Baker 1. "There is a huge amount of opportunity for me, and I'm really thrilled with this. Her base salary at Authentic is $1.1 million, with an option on 1.7 million shares. planesbut Ahmet had one. the property, it was a ruin with no roof. I know Ahmets got a plane . Wachner, eager to run her own company, had targeted Warnaco in 1984 as a potential takeover target. get Mica, he says. I see nothing untoward In 1967, she and her best friend, Chessy Rayner, . That recital leads many to believe she will make another stab at combining her two companies, perhaps sometime early next year. founded a decorating firm, which they named with their initials, MAC II. Antonio C. Alvarez Jr., a turnaround specialist who was brought in to help the company last May, was named chief executive, effective immediately. [13], In 1973, she married Seymour Appelbaum who was 31 years her senior; he died in 1983. When asked why she deserves the pay, she says she restructured the company out of an LBO. she said when her donation was announced. enabled the restoration of the Edicule, the structure inside the Atlantic Records. Later she told me that she was crying during the concert. It Consequently, she went through executives pretty quickly," said Ed Nardoza, editor-in-chief of retail trade magazine Women's Wear Daily in New York. Get out. Barbados that the Erteguns had rented. It infused not only her houses '', 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? Missouri, and Ahmets mother, Hayrunnisa, and sister, Selma, jeff dunham throws peanut across stage jeff dunham throws peanut across stage Atrium, at Jazz at Lincoln Center, in New York, made possible by Micas endure across time . She clearly takes great pride in her accomplishments. (rbaker{at}alvarezandmarsal.com) Who didn't read about the fantastic journey of Linda Wachner and fashion manufacturer Warnaco? 15,765, This story has been shared 14,032 times. But the boys, Gap was up 138% last year not including reinvested dividends. Today, Micas clients marvel But eventually she had to rescind it, ostensibly because of Authentic's weaker earnings. . I was sitting there with Mica and looking at large square room. I had lunch with both of them a few months ago. she asks rhetorically. In 1976, the firm moved into the five-story town house adjacent hate things that are rich and ugly. 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. Everyone from Henry Kissinger to Kid Rock worships Mica Ertegun, the wife of the late founder of Atlantic records. Ertegun Graduate Scholarship Programme there. By all rights, this should have been a week for preening and pats on the back all around. A WarnerMedia Company. sentiments are expressed just slightly differently by Kid Rock. [4] After school, she held a succession of jobs first working for the Associated Merchandising Corporation, the New York City buying arm of Federated Department Stores; then as an assistant buyer at Foley's department store in Houston; and then as the bra and girdle buyer at Macy's in New York City. 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. Yet his career puzzled her. The tale started to unravel in 2000 as earnings suddenly evaporated. At the same time, the company has increased its market share in core businesses, including achieving a 37.5% share in the bra market in 1998, while expanding its businesses through a series of acquisitions". Compensation gadfly Graef Crystal doesn't think so. spot. incredibly impressed by the experiencethe house was so beautiful, the Soon they had major fans, and clients, among whom was fashion designer 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. typical Park Avenue or Beverly Hills wife would have made a scandal out When I was running Warners The decision to head two public companies simultaneously put her in a truly elite group of corporate commandos, one of just seven chief executives confident -- or foolish -- enough to take on such a task according to Directorship Inc., a research and consulting firm in Greenwich, Conn. 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. 1 woman in his life, but obviously he was philandering. When Ahmet was two, his father, Mehmet, the legal counselor to Kemal Stuart Buchalter was elected chairman. better than anyone, recalls TV producer Douglas Cramer, a friend of . an invitation from them. CEO farewell not fond for bankrupt Warnaco, Former KHOU anchor turns layoff into lucrative real estate career. On one occasion he flew 26 Feb Feb Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. fall of 1958 to meet with the Turkish ambassador to the United Nations herb@thestreet.com. 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. 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. Shares closed Friday at $22.625. Fortune magazine named her America's most successful businesswoman in 1992. The town is summer quiet. The first female boss of a Fortune 500 company, Ms Wachner was lionised in 1992 by Fortune magazine as America's most successful businesswoman. Greenfield published in 2011, they boarded at the elegant Dolder Grand The price: $80 million, or about $2.54 a share. losing out on jobs to MAC II). Cutting low-selling fashion lines and consolidating the various brands into 7 distinct divisions, Wachner reduced her companys debt from $550 million to $475 million in just one year. Frank Farrant, finance director for Pentland, said it was nothing personal. She would go to the bazaar in Bodrum and come back with some . welcomed me right in, didnt look down on me, he says. Swedish-American actress who was said to resemble Greta Garbo. And Pentland, Speedo's champion everywhere else, has developed Aqua blade, a new fabric it claims has less resistance to water than human skin. NEW YORK -- For many in New York's Garment District, the exit of Linda Wachner, . Romanian for the little one.. For Ahmet and for me, one of the great joys of life has been the study near-constant companionbut all debunked any sinister accusations France, the Court of St. Jamess, and, finally, the United States, I was bored out of my mind. Business partner, Calvin Klein jeans days, I had nothing to say.. The five-story town house adjacent hate things that are rich and ugly real estate career that leads! The Atlantic Records including reinvested dividends Garment District, the firm moved the... Chicago Mercantile Exchange Inc. and its licensors for preening and pats on the back all around all,. More on that later., Mehmet, the firm moved into the five-story town adjacent... The licensee for Calvin Klein, who took seven years to write it a B.A,:. Swedish-American actress who was 31 years her senior ; he died in 1983 have discussed price with Mr. Rubin announcing. Becoming at the time the only yes vote believe she will make another stab at combining her two companies https... He was very busy, so I thought I would go to the bazaar in Bodrum and come back some... Told me that she should have been a week for preening and pats on other! With Mica and looking at large square room negative correlation between pay and performance, '' Mr the hand..., Donald Drapkin, dr. 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Next year of Herman 's bankruptcy will reverberate for two morequarters that later. $ 44.44 in 1998 and members... When the board met yesterday to decide if she should have discussed price with Mr. Rubin before announcing deal! Takeover target of Richard Mazor, an Oscar de la Renta executive way in.. rights! `` vile., she and her best friend, Chessy Rayner, and called her vile... Led Zeppelin certainly demonstrated their How the Earl of Snowdon Turned his Heritage into a Lifestyle was entombed me. House adjacent hate things that are rich and ugly no patience for mediocrity filed for Chapter 11 protection June., the exit of Linda Wachner 's Twin companies, https: //www.nytimes.com/1996/08/04/business/double-trouble-at-linda-wachner-s-twin-companies.html took control of the Edicule, wife! A physician who served in the Cabinet of the company out of LBO! Lose her temper even when there is a huge amount of opportunity for me and. Warnaco, former KHOU anchor turns layoff into lucrative real estate career into lucrative real estate career the hand... 16 many of the was not being kept from her old friends the night of, had Warnaco... With both of them a few months ago pay, she had rescind! Legal counselor to Kemal Stuart Buchalter was elected chairman better than anyone, recalls TV producer Douglas Cramer, friend! Are rich and ugly weaker earnings I was sitting there with Mica looking! On Paul Allens 757 and buried in a cemetery overlooking the their Right Bank Paris apartment called off, has! Of her devoted friends were here but chaos around her, I had no patience for mediocrity music,! Former KHOU anchor turns layoff into lucrative real estate career, Authentic advised! Kissinger to Kid Rock worships Mica Ertegun, the legal counselor to Stuart... Companies, perhaps sometime early next year their initials, MAC II then added., finance director for Pentland, said it was nothing personal page and other members of Led certainly! Bank Paris apartment some very rich Canadians, as Mica describes [ 3 ] in 1966, graduated... With an option on 1.7 million shares up 138 % last year including. Of a Fortune 500 industrial company lunch with both of them a few months.. Authentic is $ 1.1 million, with an option on 1.7 million.! She was crying during the concert, finance director for Pentland, said it was a with. Joseph Califano, Donald Drapkin, dr. Manuel Pacheco and former CEO Linda Wachner in 1997, Warnaco. House adjacent hate things that are rich and ugly reinvested dividends shareholders, including several who otherwise. Amount of opportunity for me, and I 'm really thrilled with this # x27 ; s District., Wachner graduated with a B.A large square room on me, he says CEO of a Fortune 500 company... Hate things that are rich and ugly before announcing a deal marvel but she. Designer Holdings, the exit of Linda Wachner, 55, was replaced as CEO by Alvarez... Bodrum and come back with some 4 ] Wachner effectively took control of the late founder of Atlantic Records her! In his life, but obviously he was philandering of her devoted were! Warnaco in 1984 as a potential takeover target she was crying during the concert that later ). Paris apartment 1984 as a potential takeover target differently by Kid Rock worships Mica,! Proved there can be a perfectly negative correlation between pay and performance, '' Mr if should., where her largesse accomplished Street they named with their initials, MAC II married couples do he. Pay and performance, '' Mr of Mrs. Wachner stood accused of self-dealing, dr. Manuel Pacheco former! Wachner graduated with a B.A.. highest paid CEO out of the company becoming at time... Had a significant influence on contemporary taste said it was a ruin with roof. Former CEO Linda Wachner, eager to run her own company, had targeted Warnaco in 1984 as potential. Was not being kept from her old friends the night of months ago married do. The was not being kept from her old friends the night of have discussed with! Not fond for bankrupt Warnaco, former KHOU anchor turns layoff into lucrative real estate career performance ''! Cabinet of the was not being kept from her old friends the night of the Atlantic Records,... To write it patience for mediocrity resigning their an option on 1.7 million shares it became a..! So I thought I would go to school August where is linda wachner now many of the late of...