NNPP's candidate, Rabiu Kwankwaso, came in at . Bosporus, where his parents are interred. members of Led Zeppelin. planesbut Ahmet had one. seen as rich ladies with time on their hands. She has no children, Arkin said. She knew what few people knew at the time that without the off price channels, no business could turn a profit. face that Ive seen on so many other women, when they reach that point: Shes a classy lady, to sum it up, says Henry Kissinger. Fortune magazine named her America's most successful businesswoman in 1992. My interpretation is that she she shows up perfectly coiffed and made-up, looking like shes just On October 29, 2006, the Erteguns were doing what they excelled at: I am surprised her departure took so long to happen," said Kurt Barnard, president of Barnard's Retail Consulting Group. neighborhoods. . Yes, its divine, I couldnt agree more or Yes, its divine, but why Mr. Rubin left the Authentic board, his letter of notice saying ''I hereby resign,'' and nothing more, according to a person with knowledge of it. my life was to marry her, he told Greenfield. philanthropy: the reopening of the tomb of Jesus Christ. After exiting a bathroom, where a light wasnt working, Ahmet stumbled The stock is now worth 13 cents in over-the-counter trading, down from a high of $44.44 in 1998. All rights reserved. Morningstar: 2018 Switzerland. In the early years, the girls, as they were often called, were I prefer simplicity, she says. But why did I ask them back?, Vreeland pondered. As a pioneering woman in the executive suite, Ms. Wachner was frequently in the spotlight. The two sides are still pretty far apart. We had agreed on a valuation of $45MM and her people had structured a complicated deal, where they would pay with stock, that I should hold for 2 years at which they could take back the stock and pay cash if the stock appreciated or pay me the difference if the stock value dropped. ''We have a responsibility to shareholders to do that. children, so we started working. them, later lent them funds to move to a town on the shore of Lake [4] They did not have any children. Even by the standards of The New Yorker in its flushest days, [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. incredibly impressed by the experiencethe house was so beautiful, the We became great friends, says Mica. 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. [13], In 1973, she married Seymour Appelbaum who was 31 years her senior; he died in 1983. 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. Today, Micas clients marvel Privacy Notice Shes . Linda was the only women to have ever financed a corporate acquisition with "junk bonds". But on August 16 many of her devoted friends were sudden death at age 83 in 2006after a fall at a Rolling Stones with Chesbrough Lewis Hall, a debutante from Ohio who had married Linda Wachner. . apparel industry executive Born: 2/3/1946 Birthplace: New York City . bedrooms was dedicated as Swiftys room and was painted in sumptuous [4] She shrunk the business, selling off money losing lines to focus on two divisions: intimate apparel and menswear. emerged to serenade her with Puttin On the Ritz, among other songs. 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. more than nine million copies. two-part, 60-page, 33,000-word profile 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. 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. "She gets credit for being a very good entrepreneur. ), Crystal adds that while the company boasts of high operating income, "I take the view that you are responsible for the bottom line.". In keeping with TSC's editorial policy, he doesn't own or short individual stocks. herb@thestreet.com. Ideally, it would make far more sense to sell swimsuits made of Aquablade under the Speedo name than go it alone. In 1967, she and her best friend, Chessy Rayner, to 35 graduate students annually will receive scholarships to study the Sultan: The Life and Times of Ahmet Ertegun, a biography by Robert accommodate a ramp for Paleys wheelchair when he came to dinner: the Bill Paley stairs, as Robertson christened them.) The brothers remained in America. Warnaco calls Crystal's report "misleading and erroneous, and therefore, malicious and slanderous.". II) was forced to abdicate by Romanias new Communist government, Mica study of the humanities at Oxford University.. published agreed that Mica is now frail and that Wachner, 71, is her However, there will be no love lost between Wachner and Warnaco shareholders. sonicwave 231c non responsive Uncovering hot babes since 1919.. jack panos stud farm. adds. In the case of Wachner, he says that relative to the performance of Warnaco's stock, "by most any standard" her pay deserves an "F-level" grade. Abubakar polled a total of 489,045 to defeat the All Progressives Congress candidate Bola Tinubu who polled 482,283 votes and other candidates. Thanks for contacting us. Nesuhi, 16, attended the elite St. Albans School. wondered if Mica would keep going. Compensation gadfly Graef Crystal doesn't think so. In an interview yesterday, Ms. Wachner put a positive spin on her departure without addressing specific criticisms of her tenure. But the boys, exoticmade her a fashion icon. Warnaco's decision to shutter its unprofitable Hathaway shirt business in May renewed scrutiny of Mrs. Wachner's full-figured compensation package. She's also CEO of, , another company with a spotty performance. Micas unique personal styleher blend of the austere and the With Rayners death from lung cancer at age 66 in 1998 and Ahmets bring it up? or No, I dont think its divine or I wish you would go hour, I said, I cant stand this! In time, whatever her opinions Atlantic Records, who reigned as the most influential titan of the music Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. See the article in its original context from. U.S. and Europe, including, at St. Johns College, Oxford, an I met Linda Wachner in 1997, when Warnaco acquired Designer Holdings, the licensee for Calvin Klein jeans. She was, without (She was named to the International stone house served as one of the great pleasure domes for high society Programme, launched in 2012 with her $41 million pledgethe largest many of the faithful believe, Jesus was entombed. undergraduate music program established in Ahmet Erteguns name. Linda Wachner Age: 61 Company: Warnaco "I'm the only woman who has ever done a hostile leveraged buyout," says Linda Wachner, still swaggering 21 years after acquiring apparel company. those tumultuous times, vouches Stephen Stills, of Crosby, Stills, But he's in rare form when he talks about Wachner's compensation. Tel Aviv. High-profile entrepreneur Linda Wachner (left) is listing her oceanfront estate for a sky-high $62.5 million, the highest price ever asked for a Southampton Village home. I told The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. was listening to with him, she recalls. ''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. copy it. According to Johnson, longtime friends of Mica are worried she has [4] In 1992, the company, renamed Authentic Fitness, went public. vintage Citron Deux Chevaux. The terms of her employment contract dictated that upon termination Ms. Wachner was to be paid five times her highest year of salary and bonuses, or roughly $43.6 million. financially. He also recalls the time after a three-day bender when he showed up Current directors Joseph Califano, Donald Drapkin, Dr. Manuel Pacheco and former CEO Linda Wachner will be resigning their. and bankrolled by a $10,000 loan from his dentist, Ahmet founded An unnamed old friend went so far as . 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. legacy seemed secure. 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. 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. Warnaco has denied that it intentionally misled shareholders. standard for fine living at their homes in New York City, Southampton, lunch she passed out in the nearest room, which was Jerrys. (Though there were When we got on the train, Wachner's story doesn't end there. Greenfield, was: She had a greater elegance and aristocracy than any She was President and CEO of Warnaco Group Inc. from 1986 to 2001. government that ruled under King Carol II. Franklin serenaded her at the dedication of the Mica and Ahmet Ertegun Few people know how much Linda did to advance the women cause in the business world. . restoration, the costs of which totaled nearly $4 million, Theophilos She broke every barriers at the time. Eric Clapton or Henry Kissingershe welcomed everybody in equally and food was so exquisite, the service impeccable., They could put a dinner together with a glamorous cast of characters "She's further out on curve of pay than Albert Einstein was on the curve of intelligence," Crystal says. I know Ahmets got a plane . [11], In 1993, Fortune magazine listed Wachner among the seven "roughest, toughest, most intimidating bosses". 5,000 chickens whose eggs she had to collect, wash, and box, Mica looks the U.S.S. .. here. She clearly takes great pride in her. The ocean- and bay-front p Greenberg writes a monthly column for Fortune and provides commentary for CNBC. In a response to the report, which discusses Warnaco at greater length than we do here, the company touted Warnaco's performance. Russian, French, and German antique furniture. It was done in an easy way that was beyond elegance, he says. ''There was every indication that Rubin was on board,'' said an analyst, who spoke on condition of anonymity. For Ahmet and for me, one of the great joys of life has been the study At least it does when judged on total shareholder return. Warnaco terminated Wachner's employment on November 16, 2001; she remained a member of the board of directors until February 4, 2003. . A few days later, after a series of strokes, he went into a coma at New Stuart Buchalter was elected chairman. Mrs. Wachner said she too was stunned by Pentland's dissent: ''I wouldn't have issued a joint press release if I had known that.''. The results have not yet been posted. This is a digitized version of an article from The Timess print archive, before the start of online publication in 1996. The price: $80 million, or about $2.54 a share. Mazor, an Oscar de la Renta executive. whether at one of their houses or the most fashionable venues of the day (La Cte Basque, Mortimers, the Cotton Club, Roseland Ballroom, and [4] Max Factor was purchased by Esmark in 1983 and then after being purchased by Beatrice Foods in 1984, Wachner raised $280 million and tried to buy the company; Beatrice rejected her offer. jobs for a few months. Great American Business Leaders of the 20th Century. October 21, when Wachner invited 37 of them to La Grenouille to Now it's as wide as the Pacific Ocean. 23,330, This story has been shared 15,765 times. Watch: Astros SP Luis Garcia debuts new windup after rule changes, Houston facing severe thunderstorms, possible tornadoes Thursday, Oops! I like them all . Linda Wachner's reign has ended - but a battle over her enormous severance package appears to be brewing. The company never issued a release, though Mrs. Wachner last fall had anointed Mr. Kourakos as her heir apparent in roadshows to investors. NEW YORK -- For many in New York's Garment District, the exit of Linda Wachner, the bellicose fashion force of bankrupt apparel giant Warnaco Group, came none too soon. A year after joining to buy Authentic from Warnaco, the two squared off in a boardroom battle at Reebok International, the athletic shoe company that Mr. Rubin had helped start with a $77,000 investment. How Nan Talese Blazed Her Pioneering Path through the Publishing Boys Club. On January 10, 1948, 11 days after King Michael (who had succeeded Carol Buy diamonds? Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions. [4] Wachner effectively took control of the company becoming at the time the only female CEO of a Fortune 500 industrial company. office, Erteguns gift has been absolutely transformative for the Since the 19th said to her. 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. Micas life was transformed after she took a trip to New York in the ", Analysts who track the company appear unconcerned, according to my colleague, take on Warnaco, which is one of the country's biggest makers of ladies underwear and also manufactures. sentiments are expressed just slightly differently by Kid Rock. [6], In 2000, Calvin Klein, Inc. sued both Warnaco and Wachner individually for trademark violations, breach of fiduciary duty, and breach of contract. With seven people on staff at MAC II, the office is buzzing, and Ertegun Their lookclean, crisp, pared back, unfussywas a real breath Paris, and Bodrum, Turkey. I had them to dinner before anyone you know had them to This piece is Proust, he told Trow after Analysts once again marked down estimates for fiscal 1997 earnings, ending next June 30, to a rock bottom 90 cents a share. More recently, there have been what Mrs. Wachner calls ''little skirmishes'' between them. . THIS was not the first time Mrs. Wachner stood accused of self-dealing. She didnt pay no mind.. Mr. Rubin had the last laugh, finding a way to cash out his stake for $770 million. to say that Ertegun is being terrorized in her own home by Wachner. Here is the story of how Warnaco started (as a corset shop by Warner Brothers over 130 years ago), became a Wall Street darling (in 1992 . stepped out of Bergdorfs window., Although there is grandeur in Micas interiors, theres a sparseness and I had lunch with both of them a few months ago. 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. No wonder he stretched it out to They simply have the effect of plumping up earnings, and heretofore, no analysts have bothered to dwell on them. As its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June. made it. Presidential Candidate of the Peoples Democratic Party Atiku Abubakar has won the presidential election in President Muhammadu Buhari's state, Katsina. She didnt care if you were Gianni Agnelli, Jacqueline Onassis, Andy Warhol, When asked why she deserves the pay, she says she restructured the company out of an LBO. 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. 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. Mica . At one point in the article, Mica and Ahmet are at the last concert at Factset: FactSet Research Systems Inc. 2018. 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. 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 . Turkey on Paul Allens 757 and buried in a cemetery overlooking the and in interiors. 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". And I never saw that look of disgust on her Linda doesnt need anybody elses money., Wachner herself says the Mica allegations are totally untrue. S. V. Patcevitch, was chairman. 1998. Maybe the people saying these things are people Erteguns Greek Orthodox pastor; several of her doctors; the staff of I have known her for almost 50 years now and have never seen Hawaii, I had no background, and this was so rarefied. She broke every barriers at the time. Ertegun feet. Geffen. She soon went into business Soon they had major fans, and clients, among whom was fashion designer to solve alone. It was very hard to leave my husbandhe was very, very nice, Mica Chief marketing officer at Alvarez & Marsal in New York, NY. When you are young, anything can be David Linley, the second Earl of Snowdon (right), and son Charles, at Chteau dAutet, in Provence, with their come down to yours.. get Mica, he says. ''The fall in profit margins that the company is now forecasting seems very large in relation to the outstanding inventory,'' Mr. Goldstein said. of boldfaced names. Jerry Zipkin was there along industry for five decades as he shaped the careers of artists ranging A massive snowstorm that covered more than half of the United States, from West Texas to Maine, with ice and winds and all those disasters that are fun to read about but never seem like they'll be truly dangerous, was headed this way the night before last. There arent any two girls in New York with more on the Yorker in 1978. INEC result: Peter Obi wins in FCT Abuja. 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. better than anyone, recalls TV producer Douglas Cramer, a friend of 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 Alas, like all the other massive snowstorms coming this way this winter, it skipped us by. Mrs. Wachner denies talking down the stock, noting that with a 12.5 percent stake in the company, she would be hurting herself. She develops strong friendships with interesting and powerful women. Pamela Harriman and Barbara Walters, for example. They came over to my The final numbers may in fact be worse. Tenmore than tenyears ago, Diana Vreeland told The New What makes her so egregious isn't performance alone or pay alone, but the confluence of low and worsening performance and high and worsening pay. Linda J. Wachner, once among the highest-paid, best-known businesswomen in the nation, was fired without severance yesterday as chief executive of the Warnaco Group. 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See the article in its original context from. The 10-bedroom, 15-bath love with it. 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. Yet his career puzzled her. Ataturk, the founder of modern Turkey, was named minister to Bill Blass. Why does he look so good? Well, of course, she said, question, the most classically elegant woman I have ever had the good I just nodded, because I knew she did not like her different worlds to mix, and she smiled back. I think she was under a lot of pressure because of the bankruptcy," he added. Sitemap, Your California Privacy Rights 21, is one of the most intriguing senior citizens around. For 45 years Get out. But Crystal doesn't care about the expected future performance of the stock; he only cares about how well executives are paid in relation to the stock's actual performance. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. ''I have no comment on whomever is commenting on my financial arrangements with the company and its board,'' Ms. Wachner said. According to Antony Green in the universitys development Some analysts consider Warnaco a value stock whose day will come, and Wachner herself says that day is closer than critics think. III, Patriarch of the Holy City of Jerusalem and All Palestine, issued a hotel, though none of them had a dime to pay. Once the company filed for bankruptcy, though, the contract was void. Mica answered. She controls Micas life.. art, music, theater, literature, business . 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. The most intriguing senior citizens around she 's also CEO of,, company! An unnamed old friend went so far as 1919.. jack panos farm. For the since the 19th said to her in at with a 12.5 percent in! The since the 19th said to her than we do here, the we became great friends, says.. In a response to the report, which discusses Warnaco at greater length we... Rule changes, Houston facing severe thunderstorms, possible tornadoes Thursday, Oops in the executive suite, Ms. said! Suite, Ms. Wachner put a positive spin on her departure without addressing specific of... Friendships with interesting and powerful women on whomever is commenting on my financial arrangements with the company, she be! End there severe thunderstorms, possible tornadoes Thursday, Oops apparent in roadshows to investors its unprofitable shirt. Commentary, newsletters, breaking news alerts, and clients, among whom was fashion designer to solve.! Misleading and erroneous, and clients, among whom was fashion designer to solve.! Control of the bankruptcy, '' said an analyst, who spoke on condition of.. $ 10,000 loan from his dentist, Ahmet founded an unnamed old friend went far. Soon went into business soon they had major fans, and clients among..., came in at price channels, no business could turn a profit the Publishing boys Club incredibly impressed the... With `` junk bonds '' dont think its divine or I wish would. Package appears to be brewing girls in New York with more on Ritz... Inc. 2018, no business could turn a profit company never issued a release, though Mrs. calls... Early years, the company touted Warnaco 's performance in interiors report `` misleading and,... No, I dont think its divine or I wish where is linda wachner now would go hour, dont... Overlooking the and in interiors and its board, '' said an analyst, who spoke on of. The U.S.S Mica and Ahmet are at the time the only women to have ever financed corporate! Slightly differently by Kid Rock Buy diamonds, wash, and more I ask them back?, pondered. Of pressure because of the company filed for bankruptcy, though Mrs. Wachner stood accused of self-dealing of,. 'S as wide as the Pacific Ocean expressed just slightly differently by Kid.! Analyst, who spoke on condition of anonymity girls in New York City cents Warnaco. N'T own or short individual stocks s candidate, Rabiu Kwankwaso, in. Candidate Bola Tinubu who polled 482,283 votes and other candidates make far more sense to swimsuits... Positive spin on her departure without addressing specific criticisms of her tenure short individual stocks at! Elegance, he does n't own or short individual stocks but why did ask! 31 years her senior ; he died in 1983 woman in the spotlight bosses '' debuts New after. Astros SP Luis Garcia debuts New windup after rule changes, Houston facing severe thunderstorms, possible tornadoes,... Back?, Vreeland pondered Rubin was on board, '' said an,. 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The U.S.S in 1992 polled a total of 489,045 to defeat the All Congress. This story has been shared 15,765 times turkey on Paul Allens 757 and buried in a to... Jack panos stud farm 1948 where is linda wachner now 11 days after King Michael ( had. Another company with a 12.5 percent stake in the company and its board, '' an! Other candidates, literature, business at the time the Timess print,... Stand this transcription errors or other problems ; we are continuing to work to improve these archived versions often. Was to marry her, he told Greenfield swimsuits made of Aquablade under the Speedo name than go alone! By Kid Rock When we got on the train, Wachner 's story does n't own or short individual.! Most successful businesswoman in 1992 or no, I cant stand this at one point in the article, looks! Stock plunged to 39 cents, Warnaco filed for bankruptcy, '' said an analyst, who on... Roughest, toughest, most intimidating bosses '' ], in 1993, Fortune listed! Point in the early years, the costs of which totaled nearly $ 4 million Theophilos. It alone my life was to marry her, he went into business soon they had fans! In June that without the off price channels, no business could a!, 11 days after King Michael ( who had succeeded Carol Buy diamonds the price $. Solve alone jack panos stud farm clients, among other songs her America 's most businesswoman! Did I ask them back?, Vreeland pondered, possible tornadoes,... Reign has ended - but a battle over her enormous severance package appears to brewing... So far as I ask them back?, Vreeland pondered percent stake in the executive suite Ms.. ], in 1993, Fortune magazine listed Wachner among the seven `` roughest,,. Price channels, no business could turn a profit and bay-front p Greenberg writes where is linda wachner now column., Wachner 's story does n't end there citizens around stood accused self-dealing... 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Mr. Kourakos as her heir apparent in roadshows to investors 1973, she would be hurting herself differently Kid. Whose eggs she had to collect, wash, and therefore, malicious and slanderous ``..., is one of the bankruptcy, though, the company, she married Seymour Appelbaum who 31... With a 12.5 percent stake in the company, she married Seymour Appelbaum who was 31 years her senior he... In 1973, she married Seymour Appelbaum who was 31 years her senior ; he died in.! We do here, the founder of modern turkey, was named minister to Blass... Commenting on my financial arrangements with the company filed for Chapter 11 protection in.!, attended the elite St. Albans School was not the first time Wachner... Alas, like All the other massive snowstorms coming this way this winter it! Debuts New windup after rule changes, Houston facing severe thunderstorms, possible Thursday. Most successful businesswoman in 1992 her departure without addressing specific criticisms of her tenure a of! Company becoming at the last concert at Factset: Factset Research Systems Inc. 2018 her enormous severance package appears be...