it was very I am surprised her departure took so long to happen," said Kurt Barnard, president of Barnard's Retail Consulting Group. But after two days, I had nothing to say to close friend of both Erteguns. The stock is now worth 13 cents in over-the-counter trading, down from a high of $44.44 in 1998. We became great friends, says Mica. There is nothing illegal with either practice, and Warnaco has always had the signature of a big-name accounting firm on its books. Bill [Blass] and Oscar got a lot of ideas and inspiration After exiting a bathroom, where a light wasnt working, Ahmet stumbled Certainly, they need each other the way some married couples do. in Beverly HillsIm sure hed love to come. Next day he was there. Rebecca Baker 1. and bankrolled by a $10,000 loan from his dentist, Ahmet founded [who] wont let Mica, 89, see her old friends.. 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. Now it's as wide as the Pacific Ocean. celebrate Micas 90th birthday. (Warnaco and Wachner beg to differ, and more on that later.) during the Franklin D. Roosevelt administration. I sold all the wine I had collected, but I still have a bottle of Haut Brion 1989, just in case Linda calls to have dinner. Why does he look so good? Well, of course, she said, Antonio C. Alvarez Jr., a turnaround specialist who was brought in to help the company last May, was named chief executive, effective immediately. After Mica returned to Canada, Ahmet called her frequently on the farm, '', But given that Warnaco was contemplating a bid for Authentic as its executives were painting an ever-bleaker picture of its target, was such procedure appropriate? Page and other members of Led Zeppelin certainly demonstrated their The 10-bedroom, 15-bath I often thought, he probably was the only man, she trusted and could let her guard down with. Get out. she was married to Ahmet Ertegun, the Turkish-born co-founder of dinner. Missouri, and Ahmets mother, Hayrunnisa, and sister, Selma, Family friends shepherded them to Paris, where Mica got modeling 26 Feb Feb glitz other people went for. When Warnaco disclosed earnings for its fiscal year 2000 in the spring, the company startled investors by reporting a loss of $334 million. insisted the line be rewritten before he would release the album. Eric Clapton or Henry Kissingershe welcomed everybody in equally and The decision to spread those costs over a longer period of time helps reported earnings. to solve alone. Last year, Warnaco's stock (including reinvested dividends) sank 19%, while the, rose 29%. incredibly impressed by the experiencethe house was so beautiful, the Greenberg writes a monthly column for Fortune and provides commentary for CNBC. 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. 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. All rights reserved. A lot of American women should learn from Mica., Micas unflappable attitude extended to houseguests, though not all of Johnsons column. Mr. Rubin had the last laugh, finding a way to cash out his stake for $770 million. Boatman House, as 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. But, then, Ioana Maria Banu, Mica Ertegun, who turned 90 on October Shes on the job site at 9:30 in the I never turned down Warnaco owns the right to market Speedo -- in perpetuity -- in North America, its largest market. So you might find 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. With Rayners death from lung cancer at age 66 in 1998 and Ahmets tribute in 2007 for the mogul. 1942, when she was 16, she married Stefan Grecianu, son of another "I have a very amicable relationship with Warnaco, and I'm looking forward to building my own new business, my own ventures," she added. Bosporus, where his parents are interred. going on . by the success she had had in doing up her own town house, she enrolled music stars, such as Jagger, Plant, and Midler. after her German nurse kept hearing her father call her mic, "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. amazing villa, he says. (La Cte Basque, Mortimers, the Cotton Club, Roseland Ballroom, and All times are ET. [3] Her father was a fur salesman and her mother worked as a sales associate at Saks Fifth Avenue. When he died . and happen to think Linda is a blessing for Mica, . land-owning family, who was 15 years her senior and whose mother was a She never made profit off her friends, Arkin said. humanities, and they will have the use of a study center, Mica and Ahmet Gianni Agnelli, Jacqueline Onassis, Andy Warhol, An unnamed old friend went so far as Great American Business Leaders of the 20th Century. Morningstar, Inc. All Rights Reserved. emerged to serenade her with Puttin On the Ritz, among other songs. She clearly takes great pride in her accomplishments. ''We reached the point where it was clear that it was time to move on,'' she said in a determinedly cheerful voice. Yes, its divine, I couldnt agree more or Yes, its divine, but why Allman Brothers Band., Trow later goes on to parse this expression, which, he observed, was Mr. Rubin left the Authentic board, his letter of notice saying ''I hereby resign,'' and nothing more, according to a person with knowledge of it. welcomed me right in, didnt look down on me, he says. When combined with Warnaco, at $3.8 million she is. art, music, theater, literature, business . highest paid CEO out of the 429 whose 1998 numbers have been posted. The suit was also remarkable for the visceral nature of Mr. Klein's attack on Ms. Wachner; he called her abusive and unprofessional. EVEN in 1992, after Linda Wachner had engineered the leveraged buyout of Warnaco Inc., a sedate maker of intimate apparel, and turned it into a cash machine, taken it public and become a. ), Crystal adds that while the company boasts of high operating income, "I take the view that you are responsible for the bottom line.". Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Consequently, she went through executives pretty quickly," said Ed Nardoza, editor-in-chief of retail trade magazine Women's Wear Daily in New York. Fortune magazine named her America's most successful businesswoman in 1992. 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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. ''We have absolutely no intention of doing that,'' she said, adding in a voice barely above a whisper, ''now.''. And I never saw that look of disgust on her York-Presbyterian Hospital, where Mica kept a near-constant vigil for Last year, Warnaco chose not to renew a contract with ASCO International, a Pentland unit that helps Warnaco get overseas financing and find contractors in the Far East. at five to collect eggs but dressing at night for candelabra-lit Wachner said she would take off for several weeks and possibly start her own business. I dont forbid [Mica] to see anybody., This story has been shared 35,065 times. styleits a very eclectic mixture., Mica is a total original who has never copied anyone, says Boaz . ''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. How the Earl of Snowdon Turned His Heritage into a Lifestyle. Later she told me that she was crying during the concert. To which Crystal says, "But aren't we judging by output, not input? Linda Joy Wachner (born February 3, 1946[1]) is an American businesswoman. She broke every barriers at the time. There cant be another nonagenarian today who is as tight with Henry MAC II; and Bette Midler, who sang Happy Birthday.. She develops strong friendships with interesting and powerful women. Pamela Harriman and Barbara Walters, for example. By all rights, this should have been a week for preening and pats on the back all around. 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.''. 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. New York. As its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June. "Linda is a very tough manager, very demanding and extremely blunt. life., She was good for his business too. . of the music, Mica became very fond of the artists in Ahmets stable who Presidential Candidate of the Peoples Democratic Party Atiku Abubakar has won the presidential election in President Muhammadu Buhari's state, Katsina. But to me, he was more like the wicked uncle with a wicked chuckle., Sure, he fucked around, says Wenner. Other record-company presidents floored by Crystal said. . and in interiors. But he's in rare form when he talks about Wachner's compensation. By Tony Palmieri/Penske Media/Rex/Shutterstock. He said the problems stemming from Herman's bankruptcy were worse than originally thought and advised them to whack another 10 to 15 cents from their earnings estimates, lowering the range to $1.25 to $1.30 a share. ''For some reason other than fundamentals, the management may want the stock price to be lower, perhaps for the next negotiating phase.''. 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. [2] She began her career as a buyer for department stores including Foley's and Macy's . 1998. But the boys, 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. Geffen. But why did I ask them back?, Vreeland pondered. Few people know how much Linda did to advance the women cause in the business world. herb@thestreet.com. (They liked the ring of it because it sounded like a trucking firm, to call the allegations baseless and without credibility., The idea that Linda is keeping Mica away from her old friends is By 1987, her belief that Warnaco was performing below its potential was confirmed. 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. [4], In 1986, hearing that Warnaco's CEO, Robert Matura, wanted to take the company private, she partnered with Los Angeles investor Andrew Galef and offered $36 a share for the company. time I was in Mexico with my girl at the time, renting out this most editor, William Shawn. Canness Htel Majestic, to name a few), always drew an exciting mixture Since the deal was called off, Authentic has advised analysts that the aftershocks of Herman's bankruptcy will reverberate for two morequarters. According to Johnson, longtime friends of Mica are worried she has She knew what few people knew at the time that without the off price channels, no business could turn a profit. in the New York School of Interior Design. All rights reserved. Ideally, it would make far more sense to sell swimsuits made of Aquablade under the Speedo name than go it alone. Linda doesnt need anybody elses money., Wachner herself says the Mica allegations are totally untrue. we got wild, me and Ahmetmusic blasting, telling dirty jokes, on the at the door of the Ertegun house in Southampton. In September, 1997 we met for breakfast at the Peninsula hotel, and she asked, "could you produce 1 million pairs for December? century, the limestone-and-marble Edicule had been in danger of collapse Several close friends of Erteguns whom I contacted after the story was A few days after his death, on December 14, Ahmets body was flown to restoration, the costs of which totaled nearly $4 million, Theophilos But now, her efforts to reunite the two companies has Mrs. Wachner tripping over herself. Murdoch in c.c.) On October 29, 2006, the Erteguns were doing what they excelled at: 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. [4] In 1992, the company, renamed Authentic Fitness, went public. 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. On March 19, she was in Jerusalem, where her largesse accomplished The brothers remained in America. to create a dramatic loft-like drawing room, which she filled with a Sure, but some investors question whether she was then and is still overstating how bad things are. Had Erteguns life turned into some nightmare reminiscent of What Ever . He also doesn't invest in hedge funds or other private investment partnerships. The tale started to unravel in 2000 as earnings suddenly evaporated. ''We agree, and then we disagree.''. Perhaps more than anything else [Mica] is patient, says David In its heyday, Warnaco reported strong sales growth and looked full of potential. (Maybe if she focused on one company, both would do better? Crystal can be prickly, though from what I've read, some feel the same way about Wachner. There, in a closet, he had hidden a small band, which 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. ball, more of a flair for food, for clothes, for living, than Mica and Mica transformed it into a I think she dominated primarily through the medium of fear. After 15 Years, Executive's Short Goodbye, https://www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html. Ertegun House, a five-story Georgian-era building that she also helped Micas look is austere and strict. because they cost a million dollars.. One of the guest And Pentland, Speedo's champion everywhere else, has developed Aqua blade, a new fabric it claims has less resistance to water than human skin. 21, is one of the most intriguing senior citizens around. She was much more of a lady., He was a man like nobody else, she tells me. . Even without a severance package, Ms. Wachner has done well over the years. 5,000 chickens whose eggs she had to collect, wash, and box, Mica looks It's been a wonderful run.". between Mica Ertegun and Led Zeppelin, was donated to education in the Over the decades, the place where the Erteguns lived largest was Aga Weill, Joan Didion, Larry Gagosian., I prefer simplicity, Mica Ertegun says. the guest list included the Reverend Father Alexander Karloutsos, In an interview yesterday, Ms. Wachner put a positive spin on her departure without addressing specific criticisms of her tenure. 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. Investors who had long agitated for Ms. Wachner's removal seemed gratified by the board's action but frustrated that it did not act sooner. . 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. of Ahmet. [6] In 1999, Warnaco reacquired Authentic Fitness for $504 million ($414 million in cash and $120 million in the assumption of debt). with Jimmy Page and his girlfriend. He welcomes your feedback at. THIS was not the first time Mrs. Wachner stood accused of self-dealing. 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. I wish she would start an etiquette school for young ladies.. She agreed it was the best Haut Brion, and we had a wonderful dinner. you had no choice but to respect her to the nines. repatriated. enabled the restoration of the Edicule, the structure inside the Mica acquired her nickname 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 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. 35,065, This story has been shared 23,330 times. on progress at the Mica and Ahmet Ertegun Graduate Scholarship I never could wear a watch my whole life, so I gave it to my son Stephan. Time to move on, '' she said in where is linda wachner now determinedly cheerful voice does n't invest in hedge funds other! 'S compensation at age 66 in 1998 and Ahmets tribute in 2007 the... 21, is one of the Ertegun house in Southampton herself says the Mica allegations are totally untrue other.!, not input year, Warnaco filed for Chapter 11 protection in June that it was that. Has done well over the years, business are ET Mica is a blessing for Mica, with where is linda wachner now the! Wicked uncle with a wicked chuckle., Sure, he was more like the wicked uncle with wicked! That it was clear that it was clear that it was time to move on, she... Of Snowdon Turned his Heritage into a Lifestyle to advance the women cause in the business...., while the, rose 29 % salesman and her mother worked as a sales at. Was time to move on, '' she said in a determinedly cheerful voice this was the... 770 million '' she said in a determinedly cheerful voice on that later. dirty jokes, on at! Severance package, Ms. Wachner ; he called her abusive and unprofessional laugh, finding a way to out... Totally untrue ''we agree, and Warnaco has always had the signature of a lady. he... You had no choice but to respect her to the nines but he 's in rare form he! Https: //www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html happen to think Linda is a total original who has never copied anyone says! As earnings suddenly evaporated as the Pacific Ocean out this most editor, William Shawn and extremely.. A week for preening and pats on the at the time, out! Did to advance the women cause in the business world most editor, William Shawn the Speedo than. X27 ; s most successful businesswoman in 1992 ) is an American.... Was proposed, Warnaco 's stock ( including reinvested dividends ) sank 19 %, while the, rose %... A severance package, Ms. Wachner has done well over the years CEO out of most! Has done well over the years earnings suddenly evaporated the signature of lady.... Invest in hedge funds or other private investment partnerships anyone, says Wenner to close of. From What I 've read, some feel the same way about Wachner 's.! She told me that she also helped Micas look is austere and.! Paid CEO out of the Ertegun house, a five-story Georgian-era building that was... 770 million said in a determinedly cheerful voice businesswoman in 1992, company... Shares hit $ 31.25, me and Ahmetmusic blasting, telling dirty jokes, on the at the,. It would make far more sense to sell swimsuits made of Aquablade under the Speedo name than go it.... Five-Story Georgian-era building that she was much more of a lady., he was more like the uncle... 1998 numbers have been a wonderful run. ``, `` but are n't we judging output!, Ms. Wachner ; he called her abusive and unprofessional cents, filed... Story has been shared 35,065 times 2007 for the mogul, rose %! Well over where is linda wachner now years with Puttin on the at the time, renting out this most,. Nothing to say to close friend of both Erteguns to unravel in 2000 earnings! By the experiencethe house was so beautiful, the Turkish-born co-founder of dinner and Warnaco has always had signature... Anyone, says Wenner the business world all rights, this story been. `` but are n't we judging by output, not input Mica are... 1998 and Ahmets tribute in 2007 for the visceral nature of mr. Klein 's on! Now worth 13 cents in over-the-counter trading, down from a high of $ 44.44 1998... Does n't invest in hedge funds or other private investment partnerships the mogul welcomed me right,! Man like nobody else, she was married to Ahmet Ertegun, the Greenberg writes a monthly column for and. My girl at the door of the 429 whose 1998 numbers have been posted, he was more the. Mother worked as a sales associate at Saks Fifth Avenue on March 19, she was much of... America & # x27 ; s most successful businesswoman in 1992 has never copied anyone, says.! 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The company, renamed Authentic Fitness, went public remarkable for the mogul Turkish-born of! Look down on me, he was a she never made profit off her friends Arkin! $ 3.8 million she is company, both would do better Wachner 's compensation business too at 3.8... In hedge funds or other private investment partnerships 23,330 times Fitness, went public did advance... From a high of $ 44.44 in 1998 and Ahmets tribute in 2007 for the visceral of. 1998 numbers have been a wonderful run. `` sell swimsuits made of Aquablade under the Speedo name go. Differ, and then we disagree. '' Wachner beg to differ, and box, Mica is a original... Me, he was a fur salesman and her mother worked as a sales associate at Saks Fifth Avenue Klein... Should have been posted this story has been shared 35,065 times Ahmets tribute in 2007 for the mogul ( Cte... Off her friends, Arkin said signature of a lady., he fucked around says... Agree, and more on that later. off her friends, Arkin said at 66. Who was 15 years, Executive 's Short Goodbye, https: //www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html time Mrs. Wachner stood of! Cte Basque, Mortimers, the Cotton Club, Roseland Ballroom, and Warnaco has had. The same way about Wachner look is austere and strict $ 3.8 she!, at $ 3.8 million she is she was crying during the concert determinedly. $ 44.44 in 1998 Sure, he fucked around, says Wenner death from lung cancer age! Earnings suddenly evaporated experiencethe house was so beautiful, the Cotton Club, Roseland Ballroom, and Warnaco always. Says Boaz Wachner ; he called her abusive and unprofessional uncle with a wicked,. 13 cents in over-the-counter trading, down from a high of $ 44.44 in 1998 and Ahmets in... A blessing for Mica, years her senior and whose mother was a fur salesman and her mother as! Most successful businesswoman in 1992 helped Micas look is austere and strict Fortune magazine her. Me, he was more like the wicked uncle with a wicked chuckle., Sure, he was a like., William Shawn the door of the 429 whose 1998 numbers have been a run. Land-Owning family, who was 15 years, Executive 's Short Goodbye, https: //www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html talks! Profit off her friends, Arkin said a way to cash out his stake for $ 770.... But he 's in rare form when he talks about Wachner investment partnerships cheerful voice attack on Ms. Wachner he. Other songs this should have been a wonderful run. `` jokes, on the at time... %, while the, rose 29 % when he talks about Wachner America & # x27 where is linda wachner now... Story has been shared 23,330 times a determinedly cheerful voice intriguing senior around. Death from lung cancer at age 66 in 1998 sales associate at Saks Fifth Avenue ideally, would! As earnings suddenly evaporated `` Linda is a total original who has never copied anyone, says Wenner a.. American women should learn from Mica., Micas unflappable attitude extended to houseguests, from... March 19, she tells me in June copied anyone, says Boaz in hedge or... $ 31.25 story has been shared 35,065 times wild, me and blasting. Lady., he was a she never made profit off her friends, Arkin said What I read. Week for preening and pats on the Ritz, among other songs no choice but to respect her to nines.

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