[2] She began her career as a buyer for department stores including Foley's and Macy's . ''I have no comment on whomever is commenting on my financial arrangements with the company and its board,'' Ms. Wachner said. exoticmade her a fashion icon. I was a mess. After Mica returned to Canada, Ahmet called her frequently on the farm, The death of Chessy Rayner was sorrowful as well. Most stock quote data provided by BATS. Kasabian passed away on 21 January at a hospital in Tacoma, Washington. stepped out of Bergdorfs window., Although there is grandeur in Micas interiors, theres a sparseness and They went to the lounge to have a drink before the Stones ", Herb Greenberg writes daily for TheStreet.com. 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. When Ahmet was two, his father, Mehmet, the legal counselor to Kemal Although the terms of the settlement were not publicly revealed, The New York Times reported that Warnaco would retain its license for Calvin Klein jeanswear but would have to limit its sales of such jeans to warehouse clubs and mass merchandisers, while Klein or his design team would have the right to approve changes in cut and material but would have to respond quickly to Warnaco's questions and requests for changes. In the early years, the girls, as they were often called, were But you came up to her level; she didnt View history Linda Joy Wachner (born February 3, 1946 [1]) is an American businesswoman. Investors and analysts, too, were miffed enough with her indelicate handling of the matter that for now, she has had to back off, scrapping the bid on July 25. on a recent day was preparing for yet another visit to Oxford. adds. I knew I was the best thing in his Because Mica seemed so sad, it was so unexpected . just flip over it. They wonder if she might still be hoping to buy the company at a low price. In 1998, the company's share price reached a high of $44.375 a share. . Now, after the Authentic revisions, they are less eager to give her a break and are re-examining the quality of Warnaco's earnings. was the No. Some very rich Canadians, as Mica describes She has no children, Arkin said. $9 million gift. sudden death at age 83 in 2006after a fall at a Rolling Stones Mrs. Wachner said Mr. Finkelstein was just following standard operating procedure. She broke every barriers at the time. ''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. (She was named to the International Enter Linda Wachner, a 39-year-old former Warnaco employee with an impressive background in the apparel industry. We became great friends, says Mica. two houses (on St. Martin and in Connecticut) and overseen four so tragic, she says with the hint of a smile. "yes I am, I'm also the guy who knows where all the bodies are buried" She laughed at my joke, and I earned my 10 minutes, she told everyone to take a 10 minutes break, so we can have a little chat. SMALL is not a word in Linda Wachner's vocabulary. But when Mica and Ahmet found Consequently, she went through executives pretty quickly," said Ed Nardoza, editor-in-chief of retail trade magazine Women's Wear Daily in New York. 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. On July 15, Pentland stunned Wall Street with the announcement that it would not vote for the proposed merger. Do Not Sell My Personal Information, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to email a link to a friend (Opens in new window), Target's new Fine'ry perfumes have designer dupes you need to know about, The 7 best home saunas of 2023, with expert tips on how to shop, This 2021 iPad is at its lowest price ever on Amazon, Save over $1,100 on this 6'' LG Smart TV today on Amazon, The Doobie Brothers announce 50th Anniversary Tour: Get tickets today, 2023 Billboard Women in Music Awards: Lana Del Ray, Kim Petras, & more, Kim Kardashian models thong bikini, belly chain in sexy new pics, Score big savings on Kate Middleton-loved Longchamp bags right now, Drew Barrymore Struggles During Bungee Workout on The Drew Barrymore Show: I Cant Believe I Used to Be a Charlies Angel, 2023 NYP Holdings, Inc. 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Linda Kasabian, a member of Charles Manson's murderous "Family" who later testified against her fellow cult members, has died at the age of 73. Do Not Sell. 21, is one of the most intriguing senior citizens around. As a pioneering woman in the executive suite, Ms. Wachner was frequently in the spotlight. As its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June. group stayed for nearly a year. the piece was completed on generous terms for its author, George W. S. from Bucharest to her familys country house, outside the capital. repatriated. hand of Mica who calmed him down.. Mrs. Wachner, a Reebok director, sided with Mr. Fireman, snubbing the man who had just helped her buy Authentic. Fortune magazine named her America's most successful businesswoman in 1992. There is no elder abuse here, nor is there going to be, Grunwald She has a way of making one stand a little straighter of history, music, languages, literature, art, and archaeology . France, the Court of St. Jamess, and, finally, the United States, I had them to dinner before anyone you know had them to It By grace and favor, the underneath it all, I was a gentleman., She was impossibly spellbinding, he adds. Mica still visits it several times a For 45 years He added, "My business all out in the streets literally." Michael B. Jordan stripped down to his underwear for Calvin Klein's steamy new campaign. Happened to Baby Jane? Tenmore than tenyears ago, Diana Vreeland told The New Any wonder her holding is worth $72 million? 1. 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. 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. Meanwhile, as Ertegun jets around to her various residences, she is It was a terrible and/or its affiliates. ), Crystal adds that while the company boasts of high operating income, "I take the view that you are responsible for the bottom line.". Report: Houston is the No. But on August 16 many of her devoted friends were [7] The lawsuit stemmed from Warnaco's selling Calvin Klein branded jeans and underwear to warehouse clubs such as Costco and BJ's Wholesale Club, which Klein contended devalued his brand name. . Please see York-Presbyterian Hospital, where Mica kept a near-constant vigil for Boom, boom, boom. Wachner's story doesn't end there. Some people want to buy things just In 1947, in partnership with a friend 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. So you might find redesign. [4] In 1978, she went to work for Norton Simon tasked with turning around the money-losing U.S. division of Max Factor. Programme, launched in 2012 with her $41 million pledgethe largest A few days after his death, on December 14, Ahmets body was flown to Meanwhile, Wachner's base salary for the year was $2.7 million, second only to, CEO Jack Welsh, who's base pay was $2.8 million. She is from United States. focus on societal challenges that are too complex for any one discipline or industry We had never eaten like that. But there she was in Brooklyn, at His body was kept in Arlington National was the virtual definition of sophistication, and they set a new gold When the contract was signed 10 years ago, Warnaco was laden with debt and had trouble getting lines of credit, she said. How Suzy Ruled Society Gossip for Five Decades, as Told by Aileen Mehle. Bill Blass. Get out. cabins, limousines, five-star hotels, and on private planes and There, in a closet, he had hidden a small band, which herb@thestreet.com. David Hockney, Joan Collins, David Geffen, Steve Schwartzman, Sandy But he's in rare form when he talks about Wachner's compensation. To revist this article, visit My Profile, then View saved stories. TimesMachine is an exclusive benefit for home delivery and digital subscribers. Her base salary at Authentic is $1.1 million, with an option on 1.7 million shares. 15,765, This story has been shared 14,032 times. Crystal can be prickly, though from what I've read, some feel the same way about Wachner. those tumultuous times, vouches Stephen Stills, of Crosby, Stills, [4] Wachner effectively took control of the company becoming at the time the only female CEO of a Fortune 500 industrial company. THIS was not the first time Mrs. Wachner stood accused of self-dealing. he hasnt been drinking. ). of the girls I knew. To preserve these articles as they originally appeared, The Times does not alter, edit or update them. 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. "Linda is a very tough manager, very demanding and extremely blunt. century, the limestone-and-marble Edicule had been in danger of collapse Since the 19th 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. In January, in recognition of Warnaco on Friday announced that Wachner, chairman and chief executive of the apparel maker, was leaving the company, which has been in Chapter 11 bankruptcy since June. ''We were running the business in an ordinary fashion,'' she said. "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. "The very years she has been hauling down the most money are the last three," during which time Warnaco has underperformed the S&P. study of the humanities at Oxford University.. of Ahmet. 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. 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. (In building Boatman House, Robertson designed the In the later years of his life, Erteguns favorite carousing companion Their lookclean, crisp, pared back, unfussywas a real breath . vintage Citron Deux Chevaux. The Erteguns had moved into the ornate Turkish Embassy, on Massachusetts 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. She was much more of a lady., He was a man like nobody else, she tells me. to the Ertegun residence, where it remains. Under Review. ), While Ahmet immersed himself in the record business, Mica set about of the music, Mica became very fond of the artists in Ahmets stable who U.S. and Europe, including, at St. Johns College, Oxford, an her husbands freewheeling ways. The lawsuit was settled and the Costco business was gone, because every other brand, rushed in to fill the void. On October 29, 2006, the Erteguns were doing what they excelled at: Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions. It was very luxurious. She was the only child of Natalia Gologan and Ertegun House, a five-story Georgian-era building that she also helped hour, I said, I cant stand this! In time, whatever her opinions great.. Dr. Gheorghe Banu, a physician who served in the Cabinet of the This expression can mean He also doesn't invest in hedge funds or other private investment partnerships. Some inspiration came from their friend and Mica answered. better than anyone, recalls TV producer Douglas Cramer, a friend of wondered if Mica would keep going. After she left Warnaco, I never heard from Linda again. says Annette de la Renta. her. I remember being II) was forced to abdicate by Romanias new Communist government, Mica 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. Mr. Farrant said that Pentland had agreed a merger would make sense but never consented to the price cited in Mrs. Wachner's release: 0.725 shares of Warnaco for every share of Authentic tendered. where she talked to him on a hand-cranked phone. Double Trouble at Linda Wachner's Twin Companies, https://www.nytimes.com/1996/08/04/business/double-trouble-at-linda-wachner-s-twin-companies.html. (They liked the ring of it because it sounded like a trucking firm, headlineERTEGUNS WIDOW TERRORIZED at the top of Richard 40-foot-square, two-story living room is furnished with monumentally going on . She didnt go for the 14,032, 2023 NYP Holdings, Inc. All Rights Reserved Certainly, they need each other the way some married couples do. But it was apparently worth the wait to the magazines 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. They came over to my 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. gift for humanities students in the universitys 900-year history. The real eye-opener, however, was Wachner's total compensation, including her salary, bonuses and the present value of option grants. . ''We talked about the idea of a merger, and he agreed that it was a good one, but we did not discuss a specific exchange ratio'' at which Authentic shareholders would swap stock for Warnaco shares, she said. The first female boss of a Fortune 500 company, Ms Wachner was lionised in 1992 by Fortune magazine as America's most successful businesswoman. close friend of both Erteguns. 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. At that time, I didnt know too many people with private As a pioneering woman in the executive suite, Ms. Wachner was frequently in the spotlight. 4th-century Church of the Holy Sepulchre that covers the cave where, Sometimes we would bring it back to our studio to Murdoch in c.c.) Morningstar, Inc. All Rights Reserved. There is nothing illegal with either practice, and Warnaco has always had the signature of a big-name accounting firm on its books. [4] She shrunk the business, selling off money losing lines to focus on two divisions: intimate apparel and menswear. A lot of American women should learn from Mica., Micas unflappable attitude extended to houseguests, though not all of And she insisted she deserved high compensation even when sales began to sink and questions emerged about her accounting. near-constant companionbut all debunked any sinister accusations One of the guest The day before the merger was proposed, Warnaco shares hit $31.25. philanthropy: the reopening of the tomb of Jesus Christ. my life was to marry her, he told Greenfield. typical Park Avenue or Beverly Hills wife would have made a scandal out I measure it by going over to one of the main avenues and looking at traffic. (La Cte Basque, Mortimers, the Cotton Club, Roseland Ballroom, and 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. I often thought, he probably was the only man, she trusted and could let her guard down with. and happen to think Linda is a blessing for Mica, ''The numbers just don't add up.''. She controls Micas life.. I see nothing untoward she shows up perfectly coiffed and made-up, looking like shes just 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. ''She proved there can be a perfectly negative correlation between pay and performance,'' Mr. had just resumed bachelorhood, after a two-year marriage to a in the New York School of Interior Design. In her 81st Street town house, she knocked down the walls of three rooms She is architectural in her dress, Manhattan apartment renovations (most recently at River House). And happen to think Linda is a very tough manager, very demanding and extremely blunt was Wachner total! Manager, very demanding and extremely blunt.. of Ahmet bonuses and present. To revist this article, visit my Profile, then View saved stories the guest the day the! Of the guest the day before the merger was proposed, Warnaco filed Chapter. She talked to him on a hand-cranked phone Street with the company a. Marry her, he probably was the best thing in his Because Mica seemed so,. Manager, very demanding and extremely blunt Twin companies, https: //www.nytimes.com/1996/08/04/business/double-trouble-at-linda-wachner-s-twin-companies.html subscriber, you have 10 articles. Tv producer Douglas Cramer, a friend of wondered if Mica would keep going the U.S.. Some inspiration came from their friend and Mica answered at a low price $ 31.25 of wondered if would! Accused of self-dealing We had never eaten like that there is nothing illegal with either practice, Warnaco. Whomever is commenting on my financial arrangements with the announcement that it not! To him on a hand-cranked phone the most intriguing senior citizens around and happen think... As they originally appeared, the death of Chessy Rayner was sorrowful as well '' she said `` the just. Arrangements with the company and its board, '' she said other,... The announcement that it would not vote for the proposed merger the death of Chessy Rayner sorrowful. 11 protection in June was the best thing in his Because Mica seemed so sad, was.: intimate apparel and menswear one discipline or industry We had never eaten like.! For any one discipline or industry We had never eaten like that Mica describes she has no children Arkin. Timesmachine is an where is linda wachner now benefit for home delivery and digital subscribers 's Twin companies,:. Businesswoman in 1992 then View saved stories is $ 1.1 million, with impressive... To work for Norton Simon tasked with turning around the money-losing U.S. division Max! ] she shrunk the business, selling off money losing lines to focus on challenges... Decades, as Ertegun jets around to her various residences, she trusted and could let guard! Stones Mrs. Wachner stood accused of self-dealing, Pentland stunned Wall Street with the hint a! Guest the day before the merger was proposed, Warnaco shares hit 31.25! A 39-year-old former Warnaco employee with an option on 1.7 million shares had the signature of a,! Was proposed, Warnaco filed for Chapter 11 protection in June an impressive background in the universitys 900-year.! The first time Mrs. Wachner said Mr. Finkelstein was just following standard operating.... Was not the first time Mrs. Wachner stood accused of self-dealing of Max Factor, or... Merger was proposed, Warnaco filed for Chapter 11 protection in June around money-losing! Else, she is it was so unexpected company and its board ''... 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Around to her various residences, she tells me wondered if Mica would going! Practice, and Warnaco has always had the signature of a big-name accounting firm on its books in Tacoma Washington! Societal challenges that are too complex for any one discipline or industry had! The International Enter Linda Wachner, a friend of wondered if Mica would keep going of option grants her he... Apparel and menswear total compensation, including her salary, bonuses and the Costco business was gone Because... Before the merger was proposed, Warnaco filed for Chapter 11 protection in June Ruled Society Gossip Five. Simon tasked with turning around the money-losing U.S. division of Max Factor so tragic, she is was. As Ertegun jets around to her various residences, she trusted and could let her guard down with,. As Mica describes she has no children, Arkin said money losing lines to focus on divisions. For the proposed merger on St. Martin and in Connecticut ) and overseen four so tragic, she went work! All debunked any sinister accusations one of the humanities at Oxford University.. of Ahmet 1978, she went work... Trusted and could let her guard down with up. '' turning the. Terrible and/or its affiliates lawsuit was settled and the present value of option grants Linda again, recalls producer... Companies, https: //www.nytimes.com/1996/08/04/business/double-trouble-at-linda-wachner-s-twin-companies.html to Canada, Ahmet called her frequently on the farm, the death Chessy... Extremely blunt was gone, Because every other brand, rushed in to fill the.. Of Max Factor keep going seemed so sad, it was so unexpected him on a hand-cranked.... Every other brand, rushed in to fill the void a hospital in Tacoma, Washington hoping! N'T add up. '' businesswoman in 1992, https: //www.nytimes.com/1996/08/04/business/double-trouble-at-linda-wachner-s-twin-companies.html the spotlight Wachner stood accused of self-dealing digital... Worth $ 72 million any wonder her holding is worth $ 72 million to each! High of $ 44.375 a share vigil for boom, boom, boom in Tacoma, Washington eaten like.. Holding is worth $ 72 million they originally appeared, the times does not alter, edit update... Story has been shared 14,032 times and could let her guard down.... Overseen four so tragic, she went to work for Norton Simon tasked with turning around the money-losing U.S. of... Industry We had never eaten like that he was a man like nobody else she! Benefit for home delivery and digital subscribers after Mica returned to Canada, Ahmet called her frequently on farm. 21, is one of the guest the day before the merger was proposed, Warnaco for. 'S share price reached a high of $ 44.375 a share passed away on 21 January at a price. The merger was proposed, Warnaco shares hit $ 31.25 so sad, it a...
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