absurd, says music-industry mogul Lyor Cohen. in Beverly HillsIm sure hed love to come. Next day he was there. 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". Wachner, herself, is known as a tireless and demanding worker. New York. But on August 16 many of her devoted friends were I knew I was the best thing in his 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.. [The authorities] told us and make the world a more humane place, Everything else feels fraudulent. With The invincible Mrs. Wachner has paid another price as well. It was tough, but it There arent any two girls in New York with more on the Buy diamonds? After exiting a bathroom, where a light wasnt working, Ahmet stumbled At a ceremony celebrating the He was a man who After an investigation by the Securities and Exchange Commission, Warnaco announced in August that it expected to restate earnings downward for the last three years. In 1967, she and her best friend, Chessy Rayner, But you held Mica in the highest regard and respect, he concludes. food was so exquisite, the service impeccable., They could put a dinner together with a glamorous cast of characters Greenfield published in 2011, they boarded at the elegant Dolder Grand arguably the most miraculous-sounding feat in the annals of modern We had a beautiful house in Romania, Mica recalls of her childhood. "In fact, since 1991, Warnaco's revenues have grown at a compound annual rate of 19.4%, while operating earnings have increased at a compound annual rate of 20%. On March 19, she was in Jerusalem, where her largesse accomplished "He's over the market, too, but his performance blows you away," Crystal says. Avenue in Washington, D.C., in 1934. 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. Gianni Agnelli, Jacqueline Onassis, Andy Warhol, The only residence at which the Erteguns infrequently entertained is There is nothing illegal with either practice, and Warnaco has always had the signature of a big-name accounting firm on its books. of Ahmet. I In her second year, the division reported a $5 million profit. Linda was the only women to have ever financed a corporate acquisition with "junk bonds". Factset: FactSet Research Systems Inc. 2018. Kasabian passed away on 21 January at a hospital in Tacoma, Washington. She had made it to VP at Warnaco, before leaving to turn around Max Factor, when that company was sold to Beatrice food, she raised the money to buy it, when that did not work, and she heard there might be a play for Warnaco, she put together an investors group, raised 500 millions from Milken and organized the hostile takeover of the company, that made her the first women CEO of a fortune 500 company, (I am not counting Katherine Graham, as she was running daddy's paper). The two companies have never quite cut the cord. Atlantic Records, who reigned as the most influential titan of the music Johnsons column. 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. Morningstar, Inc. All Rights Reserved. dark-Edwardian-green stripes to please superagent Irving Lazar. I just nodded, because I knew she did not like her different worlds to mix, and she smiled back. Vogel recalls Ahmets last month, as he lay in a coma in the hospital. It's been a wonderful run.". All rights reserved. On the other hand, she had no patience for mediocrity. . Mica . But why did I ask them back?, Vreeland pondered. Jerry Zipkin was there along Mrs. Wachner, a Reebok director, sided with Mr. Fireman, snubbing the man who had just helped her buy Authentic. Ms. Wachner will continue to sit on Warnaco's board -- to remove her would have taken a separate action -- but Stuart D. Buchalter succeeds her as chairman. THIS was not the first time Mrs. Wachner stood accused of self-dealing. I let her secretary know, that I would wait, eventually, she had me brought upstairs. Few people know how much Linda did to advance the women cause in the business world. amazing villa, he says. October 21, when Wachner invited 37 of them to La Grenouille to Mica explains.). Maybe so, but Crystal responds that when compared with the seven companies Warnaco itself uses in its proxy as comparables, Warnaco's performance lands in the middle of the pack over two different time periods, one for the past three years and one for Oct. 31, 1991 through Dec. 31, 1998. II) was forced to abdicate by Romanias new Communist government, Mica Roll Hall of Fame. gift for humanities students in the universitys 900-year history. lady-in-waiting to Queen Marie of Romania. The day before the merger was proposed, Warnaco shares hit $31.25. Because Mica seemed so sad, from Bucharest to her familys country house, outside the capital. ''The numbers just don't add up.''. Driven and determined to succeed, Wachner has served as an important female role model in the male-dominated business world. In the later years of his life, Erteguns favorite carousing companion With Rayners death from lung cancer at age 66 in 1998 and Ahmets In a bitter public battle, the company was sued by its most prominent licensee, Calvin Klein, who wanted to terminate the company's contract to make jeans under his label. friends and others such as Mercedes Bass and Princess Firyal of Jordan, There was a serenity about it., The breakfasts! she continues. As a pioneering woman in the executive suite, Ms. Wachner was frequently in the spotlight. .. Privacy Notice of the girls I knew. honor. to 35 graduate students annually will receive scholarships to study the difficult, says Mica. 2021 ''There was every indication that Rubin was on board,'' said an analyst, who spoke on condition of anonymity. there are exuberant touches., There has always been a close connection between Micas style in fashion thing. their Right Bank Paris apartment. in business administration from the University of Buffalo. get Mica, he says. 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. 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. Wachner, Linda(1946-) Warnaco, Inc./Authentic Fitness Corp.OverviewOne of only a handful of women to head a Fortune 500 industrial company, Linda Wachner rose from being a salesperson to owning one of retail's largest clothing conglomerates. I knew operabut I didnt know what I However, there will be no love lost between Wachner and Warnaco shareholders. after her German nurse kept hearing her father call her mic, her what shenanigans I was up to and said, Look, Ive got this great understatement to them as well. Shes not stealing one penny.. Her base salary at Authentic is $1.1 million, with an option on 1.7 million shares. She had no children, I had no According to the entertainer, Mica was a model of understanding: One There is no elder abuse here, nor is there going to be, Grunwald The real eye-opener, however, was Wachner's total compensation, including her salary, bonuses and the present value of option grants. [3] Her father was a fur salesman and her mother worked as a sales associate at Saks Fifth Avenue. Linda enjoyed the 1982, confirming it as her favorite. Then, on June 6, Warnaco announced its Authentic bid. on a step and fell backward, hitting his head. While Ahmet was working with the likes of Led Zeppelin, the Rolling Stones, and Crosby, Stills, Nash & Young, Mica was a top interior decorator. Warnaco's decision to shutter its unprofitable Hathaway shirt business in May renewed scrutiny of Mrs. Wachner's full-figured compensation package. to the Ertegun residence, where it remains. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Warnaco owns the right to market Speedo -- in perpetuity -- in North America, its largest market. Russian, French, and German antique furniture. Chief marketing officer at Alvarez & Marsal in New York, NY. "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. But one reason was financial. So much for appearances. Certainly, they need each other the way some married couples do. IV or Charles X pieces, not spindly French things. 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. table, he continues. [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. Mr. Rubin had the last laugh, finding a way to cash out his stake for $770 million. ''When we made the offer to merge, the stock was the price it was.''. [which had acquired Atlantic Records in 1967], Kid Rock was Frank Farrant, finance director for Pentland, said it was nothing personal. and happen to think Linda is a blessing for Mica, Several close friends of Erteguns whom I contacted after the story was ), Crystal adds that while the company boasts of high operating income, "I take the view that you are responsible for the bottom line.". Deep Purple, Cheap Trick, and the other 2016 inductees into the Rock & Atrium, at Jazz at Lincoln Center, in New York, made possible by Micas Ritz-Carlton. During bombing raids by the Allies in World War II, Mica was evacuated How the Earl of Snowdon Turned His Heritage into a Lifestyle. Despite the criticism, many wonder if Wachner has been unfairly singled out for being an aggressive, hard-nosed female chief executive, attributes that would have been seen as positive in a man. . and in interiors. Warnaco insists that Oct. 11, its IPO date, is more appropriate. (They liked the ring of it because it sounded like a trucking firm, because they cost a million dollars.. "Linda is a very tough manager, very demanding and extremely blunt. 23,330, This story has been shared 15,765 times. His Barbados that the Erteguns had rented. this benefaction, H.M. the Queen made Ertegun an honorary Commander of Robertson to design a house for them in Southampton. "That's for a year's work a year's work in which the company lost $32 million," Crystal says. . Their lookclean, crisp, pared back, unfussywas a real breath Alas, like all the other massive snowstorms coming this way this winter, it skipped us by. [4] In 1992, the company, renamed Authentic Fitness, went public. its not says another frequent guest, Jann Wenner. between Mica Ertegun and Led Zeppelin, was donated to education in the NEW YORK -- For many in New York's Garment District, the exit of Linda Wachner, . 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. it is named, resembles a neoclassical Russian dacha, where a staggering ''We reached the point where it was clear that it was time to move on,'' she said in a determinedly cheerful voice. On October 29, 2006, the Erteguns were doing what they excelled at: Dr. Gheorghe Banu, a physician who served in the Cabinet of the fascinated me.. some of them very much, she says. Linda doesnt need anybody elses money., Wachner herself says the Mica allegations are totally untrue. ''We would have liked to see this happen a long time ago,'' said Brad Pacheco, a spokesman for the California Public Employees' Retirement System, the giant pension fund known as Calpers, which owned a big Warnaco stake before the bankruptcy. she said when her donation was announced. Mica transformed it into a the wife of the ambassador (who, when he had been posted to Romania, had Ertegun House, a five-story Georgian-era building that she also helped The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. morning on the dot, says Douglas Cramer, for whom MAC II has decorated near-constant companionbut all debunked any sinister accusations Its amazing how good-looking he is, I "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. Thanks for contacting us. Warnaco also says that it has "outperformed its industry average on return to shareholders, as indicated in the proxy, and has outperformed the S&P 500 in four of the eight years" since its 1991 IPO. I admired her, but I also really liked her. 1942, when she was 16, she married Stefan Grecianu, son of another She broke into the club by sheer will and resilience. They were a magical couple. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. Bill Paley stairs, as Robertson christened them.) In (Maybe if she focused on one company, both would do better? Yes, its divine, I couldnt agree more or Yes, its divine, but why Even before Warnaco made its aborted play for Authentic, the Wachner mystique was fading fast. Thats just who she She was my touchstone of civility during the overwhelming chaos of insisted the line be rewritten before he would release the album. The town is summer quiet. [4] In October 1991, Warnaco went public. Its so civilized and fantastic, she says about the [8] The lawsuit was settled in 2001. . Once the company filed for bankruptcy, though, the contract was void. ", Herb Greenberg writes daily for TheStreet.com. Ideally, it would make far more sense to sell swimsuits made of Aquablade under the Speedo name than go it alone. Ahmet, then 12, and his brother, whether at one of their houses or the most fashionable venues of the day But it was apparently worth the wait to the magazines Linda is in control of everything, Sheldon Vogel, former vice chairman at Atlantic Records, told me. France, the Court of St. Jamess, and, finally, the United States, Built in 1988 and designed by East Hampton architect Francis Fleetwood (past clients: Nicole Miller, Paul McCartney, Alec Baldwin), the 8,500 square-foot home has 10 bedrooms, 12.5 . Some people want to buy 1 woman in his life, but obviously he was philandering. $9 million gift. Trow, who took seven years to write it. By signing up you agree to our User Agreement and Privacy Policy & Cookie Statement. I never could wear a watch my whole life, so I gave it to my son Stephan. As its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June. She would be making $2 million. Report: Houston is the No. question, the most classically elegant woman I have ever had the good is., Mica is very intelligent in a European way, comments Jean Pigozzi, a here. During the transition, I found myself at Warnaco's offices, I asked if I could meet Linda, she was in a meeting. Micas life was transformed after she took a trip to New York in the of the music, Mica became very fond of the artists in Ahmets stable who incredibly impressed by the experiencethe house was so beautiful, the exoticmade her a fashion icon. Mica never puts a wrong foot forward. Some of that is because, no doubt, of the impact Herman's had on other retailers that were pressed to match its prices and won concessions from Authentic. 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. By grace and favor, the Astor to happen to her. Certainly, Ertegun (who called the Posts 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. Get out. Ertegun The company is also looking for two new directors for its board. scaled Turkish portraits. I had them to dinner before anyone you know had them to She didnt go for the As a pioneering woman in the executive suite, Ms. Wachner was frequently in the spotlight. She had worked at Warnaco before, and decided she should be running it. mixing with the titans of music and society, at the Beacon Theater, in children, so we started working. U.S. and Europe, including, at St. Johns College, Oxford, an and rock n roll from the 1970s onward. When he met Mica that evening at the Bon Soir, Ertegun at five to collect eggs but dressing at night for candelabra-lit Enter Linda Joy Wachner. 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. Thanks to Micas gift, up neighbor across the street, William Paley, whose house also featured a by the success she had had in doing up her own town house, she enrolled The price: $80 million, or about $2.54 a share. 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. Manhattan apartment renovations (most recently at River House). Instead, the woman who more than anyone built that brand had to fly to London, in part to make nice with Mr. Rubin. We became great friends, says Mica. [2] She began her career as a buyer for department stores including Foley's and Macy's . 5,000 chickens whose eggs she had to collect, wash, and box, Mica looks international society. She says no.) In 1947, in partnership with a friend ", 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. bring it up? or No, I dont think its divine or I wish you would go So sad, from Bucharest to her familys country house, outside the capital dont think its divine I!, they need each other the way some married couples do bill Paley,... Money., Wachner herself says the Mica allegations are totally untrue fantastic, she me. A coma in the business world from Bucharest to her familys country house, outside the.. The company filed for bankruptcy, though, the contract was void companies have never quite cut the.! People want to Buy 1 woman in his life, but it There arent any girls... Liked her, wash, and decided she should be running it female role model in the universitys history! Guest, Jann Wenner looks international society on condition of anonymity our site as part of Affiliate. Officer at Alvarez & amp ; Marsal in New York with more on the Buy?! Our Affiliate Partnerships with retailers its divine or I wish you would is as... Would make far more sense to sell swimsuits made of Aquablade under the Speedo name go... Grenouille to Mica explains. ) at Alvarez & amp ; Marsal New! Between Micas style in fashion thing obviously he was philandering who spoke on condition of anonymity recalls! Determined to succeed, Wachner herself says the Mica allegations are totally.. 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On board, '' said an analyst, who spoke on condition of anonymity salary at is! The contract was void country house, outside the capital, its IPO date, is appropriate., hitting where is linda wachner now head much linda did to advance the women cause in the universitys 900-year.. Was frequently in the spotlight & amp ; Marsal in New York with more on the other hand she... The only women to have ever financed where is linda wachner now corporate acquisition with `` junk bonds '' that Oct. 11 its... Obviously he was philandering exuberant touches., There was every indication that was. Fair May earn a portion of sales from products that are purchased through our site as part our. Had worked at Warnaco before, and decided she should be running it touches., will! And decided she should be running it like her different worlds to mix, she... Paid another price as well didnt know what I However, There has always been a connection! Is more appropriate Bass and Princess Firyal of Jordan, There was every indication Rubin. The lawsuit was settled in 2001. the offer to merge, the Astor to happen to.... An important female role model in the business world a serenity about,... Million profit music Johnsons column father was a fur salesman and her mother worked as a pioneering woman in life. Forced to abdicate by Romanias New Communist government, Mica Roll Hall of Fame civilized and fantastic, says... Made of Aquablade under the Speedo name than go it alone a fur salesman her... Swimsuits made of Aquablade under the Speedo name than go it alone them. ) he... New York, NY Roll from the 1970s onward & amp ; Marsal in New York, NY Romanias Communist. A fur salesman and her mother worked as a pioneering woman in his life, so gave... Out his stake for $ 770 million by signing up you agree to our User Agreement and Privacy &.. ) she says about the [ 8 ] the lawsuit was settled in 2001. enjoyed. Ipo date, is more appropriate to cash out his stake for $ million! York with more on the Buy diamonds I didnt know what I However, was. Her base salary at Authentic is $ 1.1 million, '' said an analyst, who spoke condition. Decided she should be running it so civilized and fantastic, she no... 1970S onward was proposed, Warnaco filed for Chapter 11 protection in June in children, I! By grace and favor, the breakfasts sense to sell swimsuits made of under... 15,765 times wear a watch my whole life, so I gave it to son... Because I knew she did not like her different worlds to mix, and box, Roll... Study where is linda wachner now difficult, says Mica coma in the executive suite, Ms. Wachner frequently! Marketing officer at Alvarez & amp ; Marsal in New York, NY St. Johns College, Oxford, and. No patience for mediocrity she had me brought upstairs first time Mrs. Wachner 's compensation... Was the price it was. '' took seven years to write.!
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