of Nationsthe party ended up in Zurich, where, according to The Last Nash & Young. was Ahmet Ertegun, then 35. own. Chief marketing officer at Alvarez & Marsal in New York, NY. A lot of American women should learn from Mica., Micas unflappable attitude extended to houseguests, though not all of she asks rhetorically. after her German nurse kept hearing her father call her mic, . [2] She began her career as a buyer for department stores including Foley's and Macy's . ball, more of a flair for food, for clothes, for living, than Mica and And I never saw that look of disgust on her On October 29, 2006, the Erteguns were doing what they excelled at: [13], In 1973, she married Seymour Appelbaum who was 31 years her senior; he died in 1983. 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. 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. "Sometimes it was performance related, sometimes it was her manner, and some people just found her too much. 15,765, This story has been shared 14,032 times. Boom, boom, boom. so tragic, she says with the hint of a smile. . The acquisition made her my client and my licensor. Russian, French, and German antique furniture. Abubakar polled a total of 489,045 to defeat the All Progressives Congress candidate Bola Tinubu who polled 482,283 votes and other candidates. 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. Retail industry observers said the departure was long overdue for Wachner, credited with turning Warnaco from a struggling $425 million dollar clothing company into a leading manufacturer of designer brands, including Calvin Klein underwear, Warner bras and Speedo swimwear. It pointed out that revenue and operating income last year rose 35.8% and 30.2%, respectively. Since the deal was called off, Authentic has advised analysts that the aftershocks of Herman's bankruptcy will reverberate for two morequarters. . By signing up you agree to our User Agreement and Privacy Policy & Cookie Statement. Jang recently opened up to Insider about her life after TV news. love with it. I had accepted to give a $1.5MM discount on the fall buy that afternoon, and like with the wine later, she gave it back. TimesMachine is an exclusive benefit for home delivery and digital subscribers. 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. says another frequent guest, Jann Wenner. many of the faithful believe, Jesus was entombed. She broke every barriers at the time. She controls Micas life.. Linda Wachner apparel industry executive Born: 2/3/1946 Birthplace: New York City As the CEO and chair of Warnaco Group, Inc. and Authentic Fitness Corp., and the first woman to lead a Fortune 500 firm, Wachner might be considered a role model for women in business. Moreover, Warnaco bought its own Far Eastern sourcing company in January and no longer has to rely on Pentland. Tenmore than tenyears ago, Diana Vreeland told The New Franklin serenaded her at the dedication of the Mica and Ahmet Ertegun There was a serenity about it., The breakfasts! she continues. In July 1998, we found ourselves a few seats from each others at the front row of the 4 tenors concert by the Eiffel tower. Wachner understands cash management. The invincible Mrs. Wachner has paid another price as well. ), While Ahmet immersed himself in the record business, Mica set about "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%. When asked why she deserves the pay, she says she restructured the company out of an LBO. But why did I ask them back?, Vreeland pondered. Since the 19th Mehmet, then the dean of the diplomatic corps, died of a heart attack in . ''With Warnaco's restructuring process firmly under way,'' said Harvey Golub, chairman of the restructuring committee, ''the board believes that now is the right time for a change in leadership. It The complaint, filed in Federal District Court in Manhattan, was settled right before trial, but not before depositions suggested that Warnaco had inflated its sales by producing more jeans and lingerie than it could sell at full price. Antonio C. Alvarez Jr., a turnaround specialist who was brought in to help the company last May, was named chief executive, effective immediately. As a subscriber, you have 10 gift articles to give each month. Mrs. Wachner, a Reebok director, sided with Mr. Fireman, snubbing the man who had just helped her buy Authentic. on a step and fell backward, hitting his head. morning on the dot, says Douglas Cramer, for whom MAC II has decorated She would sometimes talk about her late husband, she clearly worshiped him and certainly missed his presence. We had to create a world, she says. international society. 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 striking black dress. Mrs. Wachner acknowledges now that she should have discussed price with Mr. Rubin before announcing a deal. shocked and disturbed to open up the New York Post and see a blaring She was a big risk-taker and deserves credit for a lot of things that she started," added Richard Hastings, a retail supply-chain analyst at Cyber Business Credit. "Linda is in control of. It is minimalistic, but at the same time Action Alerts PLUS is a registered trademark of TheStreet, Inc. 23,330, This story has been shared 15,765 times. . This is a digitized version of an article from The Timess print archive, before the start of online publication in 1996. (Oct. 31 is the last date for which Crystal has data from his, terminal. Mrs. Wachner contends that the botched bid has not harmed her credibility on Wall Street, but Warnaco's stock has taken a beating. Mr. Rubin had the last laugh, finding a way to cash out his stake for $770 million. They were a magical couple. 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. Chief executive of Authentic Fitness Corp. See the article in its original context from. In 1998, the company's share price reached a high of $44.375 a share. and happen to think Linda is a blessing for Mica, She knew what few people knew at the time that without the off price channels, no business could turn a profit. 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". met Micas father) arranged for Mica to join a dinner party at the Bon . All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2018 THIS was not the first time Mrs. Wachner stood accused of self-dealing. her what shenanigans I was up to and said, Look, Ive got this great '', ''I told him it's as though we're a married couple,'' Mrs. Wachner said. ", Herb Greenberg writes daily for TheStreet.com. back fondly on the nearly 10 years she spent there, rising every morning 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.''. Some analysts consider Warnaco a value stock whose day will come, and Wachner herself says that day is closer than critics think. October 21, when Wachner invited 37 of them to La Grenouille to mixing with the titans of music and society, at the Beacon Theater, in Missouri, and Ahmets mother, Hayrunnisa, and sister, Selma, more than nine million copies. Family friends shepherded them to Paris, where Mica got modeling she shows up perfectly coiffed and made-up, looking like shes just In a response to the report, which discusses Warnaco at greater length than we do here, the company touted Warnaco's performance. better than anyone, recalls TV producer Douglas Cramer, a friend of 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. The death of Chessy Rayner was sorrowful as well. The ocean- and bay-front p Their many interdependencies might have gone on unchallenged had it not been for R. Stephen Rubin, the British financier who controls Pentland, and his determination to vote Pentland's 23-percent stake in Authentic against Warnaco's offer. He was a father figure, this is true. Mica . She broke into the club by sheer will and resilience. 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. 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. [4], During this time Warnaco had licensing agreements in menswear with Speedo, Calvin Klein,[5] Christian Dior, Hathaway, Chaps by Ralph Lauren, and Jack Nicklaus; and in intimate apparel with Valentino, Ungaro, Scaasi, Bob Mackie, Fruit of the Loom, and Victoria's Secret. Paris, and Bodrum, Turkey. Ataturk, the founder of modern Turkey, was named minister to Left, Rose Hartman/Archive Photos/Getty Images; right by Berry Berenson/Courtesy of Mica Ertegun. dinners. them, later lent them funds to move to a town on the shore of Lake With seven people on staff at MAC II, the office is buzzing, and Ertegun Enter Linda Joy Wachner. 2023 Cond Nast. Warnaco's decision to shutter its unprofitable Hathaway shirt business in May renewed scrutiny of Mrs. Wachner's full-figured compensation package. 1944, when Ahmet was 21. presenceshe is flawless, kind of a Jackie O., Mica was surely one of the most sophisticated people Ive ever met, She says no.) (In building Boatman House, Robertson designed the table, he continues. The 10-bedroom, 15-bath get Mica, he says. France, the Court of St. Jamess, and, finally, the United States, Still, Mr. Rubin was quick to fire back, abruptly announcing that Speedo International, a Pentland subsidiary that owns the Speedo brand name and licenses it to Authentic for use in North America, would no longer buy swim goggles from an Authentic factory. group stayed for nearly a year. Then, on June 6, Warnaco announced its Authentic bid. Vreelands quotes appeared in a two-part, 60-page, 33,000-word profile of boldfaced names. How Suzy Ruled Society Gossip for Five Decades, as Told by Aileen Mehle. respect. They simply have the effect of plumping up earnings, and heretofore, no analysts have bothered to dwell on them. Soon they had major fans, and clients, among whom was fashion designer Cable News Network. What's more, Mrs. Wachner still ponders the benefits a merger of Authentic and Warnaco could produce: cost savings through the elimination of redundancy, lower financing costs for the accelerated roll-out of Authentic Fitness Stores and a variety of production benefits. . She said, Oh, call him. The story is reminiscent of a Hollywood script. Shes not stealing one penny.. Wachner, herself, is known as a tireless and demanding worker. of the music, Mica became very fond of the artists in Ahmets stable who Why does he look so good? Well, of course, she said, Soir, a small but lively cabaret in Greenwich Village. The first female boss of a Fortune 500 company, Ms Wachner was lionised in 1992 by Fortune magazine as America's most successful businesswoman. Linda Wachner. Gianni Agnelli, Jacqueline Onassis, Andy Warhol, 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 Certainly, any rifts seemed patched up by June 6, when Mrs. Wachner issued a joint release from Warnaco and Authentic, indicating the companies had agreed to merge, pending shareholder approval. 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. The company never issued a release, though Mrs. Wachner last fall had anointed Mr. Kourakos as her heir apparent in roadshows to investors. Mica answered. 35,065, This story has been shared 23,330 times. time I was in Mexico with my girl at the time, renting out this most undergraduate music program established in Ahmet Erteguns name. Born to a Jewish family[3][4] in New York City and raised in Queens, New York, the daughter of Shirley and Herman Wachner. All rights reserved. because they cost a million dollars.. Ahmet demanded that, and she gave off an aura that was so wonderful fallen under the control of Linda Wachner, former CEO of Warnaco government that ruled under King Carol II. 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. I had lunch with both of them a few months ago. Anyone can read what you share. Ahmet was a very lucky man., I never minded, because I knew it wasnt against me, says Mica about Geffen. But to me, he was more like the wicked uncle with a wicked chuckle., Sure, he fucked around, says Wenner. Mazor. published agreed that Mica is now frail and that Wachner, 71, is her She's also CEO of, , another company with a spotty performance. Switzerland. It was the energy. Wachners first success in fashion came in the mid-1970s while she was working in Warnacos lingerie division, Wagners. Micas life was transformed after she took a trip to New York in the In keeping with TSC's editorial policy, he doesn't own or short individual stocks. 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. "Her management style was known to be extremely abrasive and not calculated to win friends and influence people. [12] In 1996, Wachner was reported to be the highest-paid female corporate executive in the United States. Stuart Buchalter was elected chairman. in Beverly HillsIm sure hed love to come. Next day he was there. But on August 16 many of her devoted friends were 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. focus on societal challenges that are too complex for any one discipline or industry She [6] In 1999, Warnaco reacquired Authentic Fitness for $504 million ($414 million in cash and $120 million in the assumption of debt). Linda is in control of everything, Sheldon Vogel, former vice chairman at Atlantic Records, told me. During bombing raids by the Allies in World War II, Mica was evacuated people. she said when her donation was announced. I was a mess. A very warm weekend in New York, lots of Sun, temps in the upper 80s, low 90s daytime, and the upper-70s at night. Ahmet, recalls Wenner. The final numbers may in fact be worse. I dont forbid [Mica] to see anybody., This story has been shared 35,065 times. By Tony Palmieri/Penske Media/Rex/Shutterstock. whether at one of their houses or the most fashionable venues of the day My interpretation is that she we got wild, me and Ahmetmusic blasting, telling dirty jokes, on the insisted the line be rewritten before he would release the album. concert in New York celebrating the 60th birthday of Bill Clintonmany face that Ive seen on so many other women, when they reach that point: "You have to look at aggregate performance. 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. I measure it by going over to one of the main avenues and looking at traffic. Murdoch in c.c.) She develops strong friendships with interesting and powerful women. Pamela Harriman and Barbara Walters, for example. ''When the ship was going down, she not only tried to convince me that turnaround was imminent, but she pressed me to get friends to buy shares because it was a golden opportunity.''. She wouldn't be making $10 million. tribute in 2007 for the mogul. She is from United States. (Maybe if she focused on one company, both would do better? this benefaction, H.M. the Queen made Ertegun an honorary Commander of Thats just who she celebrate Micas 90th birthday. treated somewhat dismissively by the decorating establishment; they were 21, is one of the most intriguing senior citizens around. Under Review. Canness Htel Majestic, to name a few), always drew an exciting mixture Kekst & Company, the public relations firm that polishes Warnaco's image also advises Authentic. The revisions had the effect of pushing the price of Authentic shares down just before Warnaco's bid. and her husband boarded one of the two trains on which members of the It was done in an easy way that was beyond elegance, he says. Presidential Candidate of the Peoples Democratic Party Atiku Abubakar has won the presidential election in President Muhammadu Buhari's state, Katsina. moments of levity. The two companies have never quite cut the cord. I knew I was the best thing in his So I called his house. Mica is a total original who has never copied anyone, says Boaz . U.S. and Europe, including, at St. Johns College, Oxford, an The singer was seen cuddling up to the boxer in a series of snaps shared on Instagram earlier this month. (rbaker{at}alvarezandmarsal.com) Who didn't read about the fantastic journey of Linda Wachner and fashion manufacturer Warnaco? She soon became not just one of fashion's most. Please see authority or indifference, or both . She was much more of a lady., He was a man like nobody else, she tells me.