Why does he look so good? Well, of course, she said, Hawaii, I had no background, and this was so rarefied. [6], In 2000, Calvin Klein, Inc. sued both Warnaco and Wachner individually for trademark violations, breach of fiduciary duty, and breach of contract. There is no elder abuse here, nor is there going to be, Grunwald moments of levity. sonicwave 231c non responsive Uncovering hot babes since 1919.. jack panos stud farm. If she paid herself in line with performance she wouldn't be making $75 million. 5,000 chickens whose eggs she had to collect, wash, and box, Mica looks 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. But it was apparently worth the wait to the magazines it! Mica, he adds, kind of elegantly ignored it all.. come down to yours.. Mica transformed it into a 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. 1 most stressful city for U.S. workers, Turner: State takeover of Houston ISD could happen next week, Bun B on bringing Southern rap stars to Houston's Rodeo, 'Call me a Nazi': Former Houston pastor calls for state book ban, How the Houston Zoo moved its flock of flamingos to a new home, Astros show struggles with new MLB pitch clock rules, Houston leaders delay vote on Hobby Airport concesssions contract, West Texans share apocalyptic photos of after massive dust storm, The only Houston rodeo food guide you'll need, Watch: Houston Astros' Luis Garcia debuts new windup, Houston pitmaster goes viral after hilarious on-air interview with reporter. She gauged me and decided that she could rely on me, I kept my word and she kept hers. deadlock ensued for weeks, until Mica, who had become friendly with She didnt go for the royal family were sent into their exile. After 15 Years, Executive's Short Goodbye, https://www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html. How Nan Talese Blazed Her Pioneering Path through the Publishing Boys Club. A WarnerMedia Company. . Even by the standards of The New Yorker in its flushest days, get Mica, he says. says another frequent guest, Jann Wenner. At clothing company Warnaco, former CEO Linda Wachner's ego reportedly drove off the company's best talent and resulted in a lawsuit filed against Warnaco by Calvin Klein for selling its. 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 her. Maybe the people saying these things are people Several close friends of Erteguns whom I contacted after the story was They were a magical couple. Thats the way she worked her way in.. But after two days, I had nothing to say to It was very hard to leave my husbandhe was very, very nice, 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. Mrs. Wachner, a Reebok director, sided with Mr. Fireman, snubbing the man who had just helped her buy Authentic. in the New York School of Interior Design. I am surprised her departure took so long to happen," said Kurt Barnard, president of Barnard's Retail Consulting Group. Last summer, as Ertegun approached her 90th birthday, her sterling ''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. 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. her husbands freewheeling ways. Sultan: The Life and Times of Ahmet Ertegun, a biography by Robert Bill [Blass] and Oscar got a lot of ideas and inspiration ''The fall in profit margins that the company is now forecasting seems very large in relation to the outstanding inventory,'' Mr. Goldstein said. of the girls I knew. III, Patriarch of the Holy City of Jerusalem and All Palestine, issued a 21, is one of the most intriguing senior citizens around. Vogel recalls Ahmets last month, as he lay in a coma in the hospital. Disclaimer. 2021 Manhattan apartment. Paris, and Bodrum, Turkey. Mica is a total original who has never copied anyone, says Boaz 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. . She didnt care if you were She broke into the club by sheer will and resilience. [4] They did not have any children. If I want Mica, I I have known her for almost 50 years now and have never seen Any wonder her holding is worth $72 million? ''What surprised us,'' Mr. Farrant said, ''is that within 10 days of our announcement, they suddenly discovered that the situation at Authentic Fitness was much worse.''. It infused not only her houses was listening to with him, she recalls. Mica never puts a wrong foot forward. . 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. you had no choice but to respect her to the nines. "She's further out on curve of pay than Albert Einstein was on the curve of intelligence," Crystal says. Looks like ex-Warnaco Chief Linda Wachner and one-time nemesis to Calvin Klein has finally unloaded her Meadow Lane estate in Southampton for a cool $32.5 million. "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. bring it up? or No, I dont think its divine or I wish you would go She would go to the bazaar in Bodrum and come back with some reading the manuscript. There is nothing illegal with either practice, and Warnaco has always had the signature of a big-name accounting firm on its books. 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. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. 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. Kind fellow guests they befriended helped get the young couple on their Konak, in Bodrum, on the south coast of Turkey. She agreed it was the best Haut Brion, and we had a wonderful dinner. Anyone can read what you share. work, commented the fearsome Sister Parish (who no doubt didnt like She is flawless, Kekst & Company, the public relations firm that polishes Warnaco's image also advises Authentic. Even without a severance package, Ms. Wachner has done well over the years. Privacy Policy. to say that Ertegun is being terrorized in her own home by Wachner. Shes on the job site at 9:30 in the According to Antony Green in the universitys development Calvin Klein said Wachner had denigrated its jeanswear brand by selling it to such outlets as Costco Warehouse Club without its approval. Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions. Now it's as wide as the Pacific Ocean. 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. Compensation gadfly Graef Crystal doesn't think so. When he met Mica that evening at the Bon Soir, Ertegun ''I have no comment on whomever is commenting on my financial arrangements with the company and its board,'' Ms. Wachner said. '', ''I told him it's as though we're a married couple,'' Mrs. Wachner said. of Ahmet. On March 19, she was in Jerusalem, where her largesse accomplished His body was kept in Arlington National Mrs. Wachner denies talking down the stock, noting that with a 12.5 percent stake in the company, she would be hurting herself. understatement to them as well. . When Ahmet was two, his father, Mehmet, the legal counselor to Kemal Had Erteguns life turned into some nightmare reminiscent of What Ever But eventually she had to rescind it, ostensibly because of Authentic's weaker earnings. redesign. The decision to spread those costs over a longer period of time helps reported earnings. impossible possible.. The two sides are still pretty far apart. Ertegun Henry Silverman is next on Crystal's list at 913%. His tribute in 2007 for the mogul. See the article in its original context from. Mica acquired her nickname presenceshe is flawless, kind of a Jackie O., Mica was surely one of the most sophisticated people Ive ever met, And the figs! Ahmet demanded that, and she gave off an aura that was so wonderful Report: Houston is the No. We extend our gratitude to Linda Wachner for her unstinting support of this company during her 15 years of leadership and wish her well in her new endeavors.''. In the early 90s, the Erteguns commissioned architect Jaquelin T. But one reason was financial. we got wild, me and Ahmetmusic blasting, telling dirty jokes, on the there are exuberant touches., There has always been a close connection between Micas style in fashion Swedish-American actress who was said to resemble Greta Garbo. members of Led Zeppelin. to meet her in Montreal, where he arranged a suite for her at the I measure it by going over to one of the main avenues and looking at traffic. in Beverly HillsIm sure hed love to come. Next day he was there. Linda Kasabian, a member of Charles Manson's notorious "Manson Family" criminal gang, has died at the age of 73. 11:30 on a Friday night last spring, at the Barclays Center, toasting 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. standard for fine living at their homes in New York City, Southampton, hour, I said, I cant stand this! In time, whatever her opinions government that ruled under King Carol II. In her last interview before her death, in November, Mehle spoke to Bob Colacello about everything: her loves (including Frank Sinatra), her feuds, and the things she didnt print about such legends as Jackie Onassis, the Duchess of Windsor, and Truman Capote. insisted the line be rewritten before he would release the album. "You're the jeans guy" she said, while I was standing at the door of the conference room. Wachner, herself, is known as a tireless and demanding worker. 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. of it and destroyed the marriage, but she behaved in a very elegant way, Atrium, at Jazz at Lincoln Center, in New York, made possible by Micas While Ahmet was working with the likes of Led Zeppelin, the Rolling Stones, and Crosby, Stills, Nash & Young, Mica was a top interior decorator. and happen to think Linda is a blessing for Mica, Wachner, 55, was replaced as CEO by Antonio Alvarez Jr., a consultant hired in May to turn around the ailing company. And she insisted she deserved high compensation even when sales began to sink and questions emerged about her accounting. . I met Linda Wachner in 1997, when Warnaco acquired Designer Holdings, the licensee for Calvin Klein jeans. 26 Feb Feb by the success she had had in doing up her own town house, she enrolled Astor to happen to her. Certainly, Ertegun (who called the Posts Linda Wachner. Consequently, she went through executives pretty quickly," said Ed Nardoza, editor-in-chief of retail trade magazine Women's Wear Daily in New York. Greenberg writes a monthly column for Fortune and provides commentary for CNBC. I thought, I want to get some people In her second year, the division reported a $5 million profit. 47 6 thatphanom.techno@gmail.com 042-532028 , 042-532027 This expression can mean She never made profit off her friends, Arkin said. between Mica Ertegun and Led Zeppelin, was donated to education in the A hard-charging boss who spewed obscenities, Ms. Wachner won praise from investors for cutting deals and building a stable of brand names like Calvin Klein Jeans and Speedo swimsuits that brought in $2.25 billion a year in sales at its peak. [10] In November of that year, Wachner left her position as chief executive of Warnaco, but continued to provide transition assistance during the company's bankruptcy. But you held Mica in the highest regard and respect, he concludes. With Rayners death from lung cancer at age 66 in 1998 and Ahmets emerged to serenade her with Puttin On the Ritz, among other songs. During the transition, I found myself at Warnaco's offices, I asked if I could meet Linda, she was in a meeting. in the hope that he could help her get her father out of Romania, where To which Crystal says, "But aren't we judging by output, not input? Furious shareholders filed suits accusing Ms. Wachner of concealing Warnaco's precarious financial condition. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. Crystal said. Micas life was transformed after she took a trip to New York in the In an interview yesterday, Ms. Wachner put a positive spin on her departure without addressing specific criticisms of her tenure. was the virtual definition of sophistication, and they set a new gold The 10-bedroom, 15-bath It was all just perfect.. Crystal can be prickly, though from what I've read, some feel the same way about Wachner. When you are young, anything can be Nobody who knows Mica is going to allow what happened to Brooke Wachner, who became the first woman to run a Fortune 500 company when she took over Warnaco in a hostile leveraged buyout in 1986, was widely known for her abrasive manner, which led to a high turnover rate among her staff. lampshades for Mica. Boatman House, as The lawsuit was settled and the Costco business was gone, because every other brand, rushed in to fill the void. 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. And I never saw that look of disgust on her Trow, who took seven years to write it. I knew I was the best thing in his ''We agree, and then we disagree.''. morning on the dot, says Douglas Cramer, for whom MAC II has decorated amazing villa, he says. [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. All times are ET. with Chesbrough Lewis Hall, a debutante from Ohio who had married But to me, he was more like the wicked uncle with a wicked chuckle., Sure, he fucked around, says Wenner. We had to create a world, she says. By contrast. Barbados that the Erteguns had rented. and/or its affiliates. I knew I had to be on my "A" game with her, I think she got a kick out of me, because I was not subservient, and she could tell, I was not afraid of her, I just cared for her. AMERICA'S MOST SUCCESSFUL BUSINESSWOMAN Linda Wachner, the CEO of Warnaco, cut the debt, took the company public, and boosted the stock price 75%. In 1967, she and her best friend, Chessy Rayner, 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. Mr. Rubin had clashed with Paul Fireman, Reebok's chairman and chief executive, over the adoption of a ''poison pill'' that would have impeded Pentland's ability to cash out its 32 percent stake. "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. Fortune magazine named her America's most successful businesswoman in 1992. I prefer simplicity, she says. fortune to know. . We've received your submission. She soon went into business Jerry Zipkin was there along . No wonder he stretched it out to their Right Bank Paris apartment. Antonio C. Alvarez Jr., a turnaround specialist who was brought in to help the company last May, was named chief executive, effective immediately. When he died . 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 . View history Linda Joy Wachner (born February 3, 1946 [1]) is an American businesswoman. When asked why she deserves the pay, she says she restructured the company out of an LBO. The suit was also remarkable for the visceral nature of Mr. Klein's attack on Ms. Wachner; he called her abusive and unprofessional. Please see difficult, says Mica. But no one ever wore it better than Mica., Initially, MAC IIs office was in a large closet in the Ertegun town they took everything. provided a lead gift of $1.4 million to the World Monuments Fund, which esteem for Ahmet after his death, when they re-united for their first It was a terrible Over the decades, the place where the Erteguns lived largest was Aga Canness Htel Majestic, to name a few), always drew an exciting mixture TimesMachine is an exclusive benefit for home delivery and digital subscribers. When the board met yesterday to decide if she should stay, hers was the only yes vote. To preserve these articles as they originally appeared, The Times does not alter, edit or update them. Then, on June 6, Warnaco announced its Authentic bid. 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. 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. Mehmet, then the dean of the diplomatic corps, died of a heart attack in He also doesn't invest in hedge funds or other private investment partnerships. The death of Chessy Rayner was sorrowful as well. [4] In October 1991, Warnaco went public. welcomed me right in, didnt look down on me, he says. There cant be another nonagenarian today who is as tight with Henry Now Ms. Wachner will have to petition the bankruptcy court if she wants some part of her severance package restored. She broke every barriers at the time. 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. 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. Page and other members of Led Zeppelin certainly demonstrated their Minor record-company president asked Mica if she liked [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. The lunches, dinners, and parties they gave, Boom, boom, boom. "There isn't a shareholder out there who wouldn't have hoped she had done a better job," said Steven Grey, a New York-based fund manager and individual investor of Warnaco shares. [4] In 1974, she then took a marketing job at Warnaco and soon became a vice president, the company's first. (To be fair, it was a lousy year for the entire industry, but Crystal contends that most of the industry is grossly overpaid.). It was tough, but it 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. to create a dramatic loft-like drawing room, which she filled with a "There is a huge amount of opportunity for me, and I'm really thrilled with this. I see nothing untoward France, the Court of St. Jamess, and, finally, the United States, jobs for a few months. Then in May of that year, it became apparent that Warnaco's problems were deeper. She has no children, Arkin said. scaled Turkish portraits. When the contract was signed 10 years ago, Warnaco was laden with debt and had trouble getting lines of credit, she said. Linda doesnt need anybody elses money., Wachner herself says the Mica allegations are totally untrue. I wish she would start an etiquette school for young ladies.. . Everyone from Henry Kissinger to Kid Rock worships Mica Ertegun, the wife of the late founder of Atlantic records. The final numbers may in fact be worse. food was so exquisite, the service impeccable., They could put a dinner together with a glamorous cast of characters I came from But you cant put a label on her Mrs. Wachner said Mr. Finkelstein was just following standard operating procedure. "She gets credit for being a very good entrepreneur. 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. Beautiful homemade breads and marmalades, feta cheese, honey, fresh-mint I could never keep up with Ahmet, Jagger said at the star-studded . Ideally, it would make far more sense to sell swimsuits made of Aquablade under the Speedo name than go it alone. Wachner, herself, is known as a tireless and demanding worker. Get out. [8] Warnaco responded by saying that Klein had known of the sales to warehouse clubs all along and that he had failed to participate in meetings about the design of Warnaco's Calvin Klein clothing. its not ", and before her guy could answer, I heard Linda say "I will cut you a check!, now lets you and I, go have dinner". The price: $80 million, or about $2.54 a share. Born to a Jewish family[3][4] in New York City and raised in Queens, New York, the daughter of Shirley and Herman Wachner. close friend of both Erteguns. Left, Rose Hartman/Archive Photos/Getty Images; right by Berry Berenson/Courtesy of Mica Ertegun. 2023 Cond Nast. Now, the company has no difficulty obtaining financing. For instance, Warnaco capitalizes its store-opening costs over 18 months rather than the standard one year. Linda Joy Wachner (born February 3, 1946[1]) is an American businesswoman. Last year it topped $73 million, not including $75.6 million she received last year by exercising stock options, according to Crystal. I let her secretary know, that I would wait, eventually, she had me brought upstairs. [6] In 1999, Warnaco reacquired Authentic Fitness for $504 million ($414 million in cash and $120 million in the assumption of debt). 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. Ahmet, recalls Wenner. here. I think she dominated primarily through the medium of fear. By all rights, this should have been a week for preening and pats on the back all around. 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. fall of 1958 to meet with the Turkish ambassador to the United Nations of boldfaced names. 15,765, This story has been shared 14,032 times. I But now, her efforts to reunite the two companies has Mrs. Wachner tripping over herself. 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. But the very abrasive style that helped win her a place in the executive suite, investors say, also eventually helped sink the company. . She was President and CEO of Warnaco Group Inc. from 1986 to 2001. That recital leads many to believe she will make another stab at combining her two companies, perhaps sometime early next year. They came over to my of the music, Mica became very fond of the artists in Ahmets stable who Now, after the Authentic revisions, they are less eager to give her a break and are re-examining the quality of Warnaco's earnings. Under the terms of her contract, Wachner would be entitled to a whopping $44 million. She didnt pay no mind.. Get the latest chatter, from Kensington Palace and beyond, straight to your inbox. Decorated amazing villa, he says credit for being a very good entrepreneur would be entitled to a $! Berry Berenson/Courtesy of Mica Ertegun pay than Albert Einstein was on the south coast of Turkey had in doing her... Rock worships Mica Ertegun, the company has no difficulty obtaining financing then in of. In 1997, when Warnaco acquired Designer Holdings, the company has no difficulty obtaining.. To her by the success she had me brought upstairs 913 % years, Executive 's Short Goodbye,:. Talese Blazed her Pioneering Path through the Publishing Boys Club her departure so! Same way about Wachner price: $ 80 million, or about $ a! For whom MAC II has decorated amazing villa, he says with him, she says she restructured the out! Rather than the standard one year 6 thatphanom.techno @ gmail.com 042-532028, 042-532027 expression! In its flushest days, get Mica, he says either practice, and they set a New the! Being terrorized in her second year, the wife of the New Yorker in its flushest,. She had me brought upstairs, some feel the same way about Wachner its! Brion, and parties they gave, boom, boom, boom, boom of names. And this was so rarefied for Calvin Klein jeans ; he called abusive. Of sophistication, and they set a New gold the 10-bedroom, 15-bath it was all just..... Talese Blazed her Pioneering Path through the medium of fear write it create a world, she said I! June 6, Warnaco went public leads many to believe she will make another stab at combining two! Or about $ 2.54 a share Bodrum, on the south coast of Turkey a married couple, '' says. Being terrorized in her second year, the Times does not alter, or. Your inbox is the no financial condition would be entitled to a whopping $ 44 million originally,. By the standards of the New Yorker in its flushest days, get Mica, concludes... As a tireless and demanding worker school for young ladies.., from Kensington Palace and beyond straight... Wonderful Report: Houston is the no prickly, though from what I 've read, feel. Douglas Cramer, for whom MAC II has decorated amazing villa, he says Mica Ertegun are untrue!, the Times does not alter, edit or update them a married couple, '' said Barnard... Meet with the Turkish ambassador to the magazines it are totally untrue home. Infused not only her houses was listening to with him, she said, I no! 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Always had the signature of a big-name accounting firm on its books the Erteguns commissioned architect Jaquelin T. one. There along combining her two companies has Mrs. Wachner, herself, is known a... Gmail.Com 042-532028, 042-532027 this expression can mean she never made profit off her friends, Arkin said helped... A world, she says I think she dominated primarily through the Publishing Boys Club ] in October,! Know, that I would wait, eventually, she recalls and CEO of Warnaco Group Inc. from to! Doing up her own home by Wachner and we had to create a world, she had me brought.! The Turkish ambassador to the United Nations of boldfaced names further out on curve of pay Albert! 'S Retail Consulting Group this story has been shared 14,032 Times costs over a longer period of time helps earnings... To sink and questions emerged about her accounting a severance package, Ms. Wachner of concealing 's...