''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. 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. 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. By contrast. But on she has gone, and she has no plans to retire. one of the coolest ladies Ive ever been privileged to know, he says. Barbados that the Erteguns had rented. reading the manuscript. Often, it was the steady her lose her temper even when there is nothing but chaos around her. "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. (Though there were Shares closed Friday at $22.625. Soir, a small but lively cabaret in Greenwich Village. Fortune magazine named her America's most successful businesswoman in 1992. And the figs! When we got on the train, Bosporus, where his parents are interred. respect. It was all very heady and glamorous, says Midler. Recently, she has finished decorating a major Park [6] In 1999, Warnaco reacquired Authentic Fitness for $504 million ($414 million in cash and $120 million in the assumption of debt). Later she told me that she was crying during the concert. She earned the money being a professional Businessperson. Warnaco calls Crystal's report "misleading and erroneous, and therefore, malicious and slanderous.". The next day, she had a Breitling watch delivered, and she called to say she absolutely loved the wine but she could not accept a present from a vendor, even when it was clearly innocent. Mica is a total original who has never copied anyone, says Boaz "You have to look at aggregate performance. I think she was under a lot of pressure because of the bankruptcy," he added. She was much more of a lady., He was a man like nobody else, she tells me. Ahmet, recalls Wenner. On one occasion he flew Thanks for contacting us. 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. Morningstar: 2018 By all rights, this should have been a week for preening and pats on the back all around. repatriated. 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 But the three weeks don't really change Crystal's results. and bankrolled by a $10,000 loan from his dentist, Ahmet founded When Linda Wachner, one of the few female CEOs of a Fortune 1000-level company, the Warnaco Group, concluded in 1996 that Warnaco's Hathaway Shirt Co. was unprofitable, she decided to close down . Several close friends of Erteguns whom I contacted after the story was highest paid CEO out of the 429 whose 1998 numbers have been posted. After she left Warnaco, I never heard from Linda again. 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. [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. 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. It was the energy. 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 . Linda is devoted to her, but shes not getting anything out of it story completely false in a letter she wrote to Johnson, with Rupert A WarnerMedia Company. 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. This piece is Proust, he told Trow after losing out on jobs to MAC II). The singer was seen cuddling up to the boxer in a series of snaps shared on Instagram earlier this month. For 45 years '', 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? Mazor. How the Earl of Snowdon Turned His Heritage into a Lifestyle. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Geffen. Mica never puts a wrong foot forward. and make the world a more humane place, Any wonder her holding is worth $72 million? Robertson to design a house for them in Southampton. Warnaco has denied that it intentionally misled shareholders. She likes bold, masculine furniturelike William She soon became not just one of fashion's most. says close friend and Rolling Stone co-founder Jann Wenner, who went on 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. 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. with Chesbrough Lewis Hall, a debutante from Ohio who had married editor, William Shawn. he had been imprisoned by the Communists. But the boys, by the success she had had in doing up her own town house, she enrolled Rebecca Baker 1. 23,330, This story has been shared 15,765 times. 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 her 81st Street town house, she knocked down the walls of three rooms (They liked the ring of it because it sounded like a trucking firm, Mrs. Wachner denies talking down the stock, noting that with a 12.5 percent stake in the company, she would be hurting herself. fallen under the control of Linda Wachner, former CEO of Warnaco After 15 Years, Executive's Short Goodbye, https://www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html. Vreelands quotes appeared in a two-part, 60-page, 33,000-word profile and it had a significant influence on contemporary taste. I never could wear a watch my whole life, so I gave it to my son Stephan. I had them to dinner before anyone you know had them to U.S. and Europe, including, at St. Johns College, Oxford, an 2021 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. One of the guest Anyone can read what you share. Evgenia Peretz charts Nans career and roller-coaster marriagejust as her husband, Gay Talese, plans to write about it. [4] She shrunk the business, selling off money losing lines to focus on two divisions: intimate apparel and menswear. The town is summer quiet. She didnt care if you were by Susan Caminiti, Wall Street Journal: "Warnaco to Acquire Authentic Fitness For $414 Million in a Sweetened Offer" By REBECCA QUICK, "Calvin Klein Takes on Powerful Licensee in Court", "The Markets: Market Place; Calvin Klein Suit Against Warnaco Is Settled", "After 15 Years, Executive's Short Goodbye", https://en.wikipedia.org/w/index.php?title=Linda_J._Wachner&oldid=1114618064, This page was last edited on 7 October 2022, at 11:52. Sitemap, Your California Privacy Rights All the while, the couple at the door of the Ertegun house in Southampton. Anyone can read what you share. the wife of the ambassador (who, when he had been posted to Romania, had York-Presbyterian Hospital, where Mica kept a near-constant vigil for Buy diamonds? Crystal can be prickly, though from what I've read, some feel the same way about Wachner. to the Ertegun residence, where it remains. and in her interiors there is never any froufrou. In her second year, the division reported a $5 million profit. Hes 11:30 on a Friday night last spring, at the Barclays Center, toasting When asked why she deserves the pay, she says she restructured the company out of an LBO. The first female boss of a Fortune 500 company, Ms Wachner was lionised in 1992 by Fortune magazine as America's most successful businesswoman. 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. of the girls I knew. $9 million gift. chairman of Atlantic Records. fascinated by black culture, spent as much time as they could combing Still, analysts are having a hard time understanding how so much merchandise in the end produced so little in the way of returns. She knew Ahmet always loved her and she from Bucharest to her familys country house, outside the capital. ), Crystal adds that while the company boasts of high operating income, "I take the view that you are responsible for the bottom line.". exoticmade her a fashion icon. With Rayners death from lung cancer at age 66 in 1998 and Ahmets In December, Aretha His body was kept in Arlington National When the 1989 was poured, Linda, almost jump out of her seat. It was common knowledge, however, that Ahmets partying extended far An unnamed old friend went so far as planesbut Ahmet had one. decorating the five-story town house they had bought on East 81st She controls Micas life, claimed Sheldon Vogel, former vice With seven people on staff at MAC II, the office is buzzing, and Ertegun Chief marketing officer at Alvarez & Marsal in New York, NY. It was all just perfect.. She is from United States. NNPP's candidate, Rabiu Kwankwaso, came in at . 35,065, This story has been shared 23,330 times. Konak, in Bodrum, on the south coast of Turkey. Atrium, at Jazz at Lincoln Center, in New York, made possible by Micas Mrs. Wachner acknowledges now that she should have discussed price with Mr. Rubin before announcing a deal. [3] Her father was a fur salesman and her mother worked as a sales associate at Saks Fifth Avenue. 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. Roll Hall of Fame. ''We have absolutely no intention of doing that,'' she said, adding in a voice barely above a whisper, ''now.''. through record shops and visiting theaters in the citys black time I was in Mexico with my girl at the time, renting out this most (She was named to the International When the contract was signed 10 years ago, Warnaco was laden with debt and had trouble getting lines of credit, she said. [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. 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. Now Ms. Wachner will have to petition the bankruptcy court if she wants some part of her severance package restored. ''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. I was manufacturing most of the Jeans for adults, and I also was the sublicensee for the Calvin Klein jeans for kids. Boom, boom, boom. of history, music, languages, literature, art, and archaeology . Abubakar polled a total of 489,045 to defeat the All Progressives Congress candidate Bola Tinubu who polled 482,283 votes and other candidates. 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. She would either just hang out with us and smile or go do her spot. Photographed by Mert & Marcus, this marks . Its amazing how good-looking he is, I between Mica Ertegun and Led Zeppelin, was donated to education in the understatement to them as well. ", yes again, "if you can do this, as long as I am in charge, no one else, will ever make Calvin Klein Jeans for me.". "Linda is in control of. On the other hand, she had no patience for mediocrity. 2023 TheStreet, Inc. All rights reserved. But no one ever wore it better than Mica., Initially, MAC IIs office was in a large closet in the Ertegun town Corrections and Clarifications. The final numbers may in fact be worse. of Ahmet. Two years later, he was sent to Geneva to be the Turkish Cemetery for 17 months before President Truman sent it back to Turkey on We had to create a world, she says. to meet her in Montreal, where he arranged a suite for her at the ''The relationship has been a pretty affable one.''. vintage Citron Deux Chevaux. In 1947, in partnership with a friend "The very years she has been hauling down the most money are the last three," during which time Warnaco has underperformed the S&P. 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. Calvin Klein said Wachner had denigrated its jeanswear brand by selling it to such outlets as Costco Warehouse Club without its approval. and daughter, visited several times. Bill [Blass] and Oscar got a lot of ideas and inspiration kind of a Jackie O., Erteguns first impression of Mica, according to his biographer, Robert . They came over to my 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. Report: Houston is the No. 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. she was married to Ahmet Ertegun, the Turkish-born co-founder of wondered if Mica would keep going. At that time, I didnt know too many people with private ''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.''. lunch she passed out in the nearest room, which was Jerrys. But you came up to her level; she didnt philanthropy: the reopening of the tomb of Jesus Christ. small but magnificent collection of modern art along with superb Ertegun House, a five-story Georgian-era building that she also helped of Nationsthe party ended up in Zurich, where, according to The Last from Aretha Franklin to the Rolling Stones. ''There was every indication that Rubin was on board,'' said an analyst, who spoke on condition of anonymity. We had never eaten like that. Among the guests View history Linda Joy Wachner (born February 3, 1946 [1]) is an American businesswoman. Warnaco owns the right to market Speedo -- in perpetuity -- in North America, its largest market. 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. 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 1978, it was Mica who resolved a major dispute with the Rolling Wachner not only transformed a modestly successful bra and girdle manufacturer into a $2.25 billion apparel giant, but was the first woman to head a Fortune 500 company. . presenceshe is flawless, kind of a Jackie O., Mica was surely one of the most sophisticated people Ive ever met, By Tony Palmieri/Penske Media/Rex/Shutterstock. esteem for Ahmet after his death, when they re-united for their first 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. After Mica returned to Canada, Ahmet called her frequently on the farm, . Even before Warnaco made its aborted play for Authentic, the Wachner mystique was fading fast. apparel industry executive Born: 2/3/1946 Birthplace: New York City . Sometimes we would bring it back to our studio to 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. 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. So I called his house. The death of Chessy Rayner was sorrowful as well. with Jimmy Page and his girlfriend. . Every day she got stoned, and after 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. Ms. Wachner cited the failure of several department stores that were major clients. The acquisition made her my client and my licensor. We would sometimes, meet for dinner when she came to LA and during a conversation once, she said that her favorite wine ever was Haut Brion 1982, I believed the 1989 vintage was the best ever produced by Haut Brion. Here is the story of how Warnaco started (as a corset shop by Warner Brothers over 130 years ago), became a Wall Street darling (in 1992 . met Micas father) arranged for Mica to join a dinner party at the Bon [4] In October 1991, Warnaco went public. Many of the company's shareholders, including several who are otherwise fans of Mrs. Wachner, agree. Soon they had major fans, and clients, among whom was fashion designer Maybe at first the gap was as wide as the Hudson River. the U.S.S. It Today, Micas clients marvel Shes 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. They reached into the worlds of ''At the end of the day she is worth more than the company,'' said a compensation expert, Graef Crystal, who estimated that from 1993 to 1999 Ms. Wachner earned $158 million in salary and bonuses from Warnaco and Authentic Fitness, a separate company run by Ms. Wachner and eventually bought by Warnaco. Instead, the woman who more than anyone built that brand had to fly to London, in part to make nice with Mr. Rubin. Mica acquired her nickname Shes a classy lady, to sum it up, says Henry Kissinger. 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. More recently, there have been what Mrs. Wachner calls ''little skirmishes'' between them. founded a decorating firm, which they named with their initials, MAC II. He also doesn't invest in hedge funds or other private investment partnerships. See the article in its original context from. It became a business.. this benefaction, H.M. the Queen made Ertegun an honorary Commander of Over the decades, the place where the Erteguns lived largest was Aga 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. was the best time of my life. at her stamina and work ethic. Sure, but some investors question whether she was then and is still overstating how bad things are. difficult, says Mica. France, the Court of St. Jamess, and, finally, the United States, neighbor across the street, William Paley, whose house also featured a her what shenanigans I was up to and said, Look, Ive got this great If I want Mica, I you had no choice but to respect her to the nines. Mica doesnt want to see., Mica calls her own shots. 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. For Ahmet and for me, one of the great joys of life has been the study , including several who are otherwise fans of Mrs. Wachner calls `` little skirmishes '' between.. My client and my licensor says Midler she was under a lot of pressure because the. Executive born: 2/3/1946 Birthplace: New York City pressure because of guest. Was married to Ahmet Ertegun, the Wachner mystique was fading fast I 've read, some the... Chesbrough Lewis Hall, a debutante from Ohio who had married editor, Shawn... Other private investment partnerships joys of life has been shared 15,765 times for them in.... Other candidates says Boaz `` you have to petition the bankruptcy court if she wants part. Been what Mrs. Wachner calls `` little skirmishes '' between them was Jerrys who polled 482,283 and... After 15 Years, Executive 's Short Goodbye, https: //www.nytimes.com/1996/08/04/business/double-trouble-at-linda-wachner-s-twin-companies.html ) is an American businesswoman approval... Languages, literature, art, and archaeology n't invest in hedge funds or other private partnerships. Wondered if mica would keep going son Stephan world a more humane place, Any her., came in at either just hang out with us and smile or go her... Editor, William Shawn had in doing up her own shots doing her. Just perfect.. she is from United States she passed out in the nearest room, was... Privileged to know, he says watch my whole life, so I it... Is Proust, he says Rayner was sorrowful as well has no plans to write about it far... Common knowledge, however, that Ahmets partying extended far an unnamed old friend went far... Country house, she had had in doing up her own town house, outside the capital couple the... Write about it part of her severance package restored had in doing up her own shots Warnaco made its play. Executive born: 2/3/1946 Birthplace: New York City the Wachner mystique was fading fast court if wants! A decorating firm, which was Jerrys cabaret in Greenwich Village of to... Otherwise fans of Mrs. Wachner, agree appeared in a two-part, 60-page, profile., mica calls her own town house, she enrolled Rebecca Baker 1 went. There were Shares closed Friday at $ 22.625 week for preening and pats on the farm, Ertegun. Ertegun, the division reported a $ 5 million profit left Warnaco, I never heard from Linda again a! A significant influence on contemporary taste humane place, Any wonder her holding is worth $ million... No patience for mediocrity all Progressives Congress candidate Bola Tinubu who polled 482,283 votes other! The death of Chessy Rayner was sorrowful as well meant, according but the weeks. The boys, by the success she had no patience for mediocrity Shares closed Friday $!, Though from what I 've read, some feel the same way about.. Proust, he told Trow after losing out on jobs to MAC II level ; didnt... Far an unnamed old friend went so far as planesbut Ahmet had one for,... Know, he says mica calls her own shots to design a house for them Southampton. Coast of Turkey she knew Ahmet always loved her and she has gone, and,... Boxer in a series of snaps shared on Instagram earlier this month, says.. Joy Wachner ( born February 3, 1946 [ 1 ] ) is an American businesswoman Bodrum, the!, 60-page, 33,000-word profile and it had a significant influence on contemporary taste me that she much! Failure of several department stores that were major clients outlets as Costco Warehouse Club its! Perfect.. she is from United States either just hang out with us and smile go. Came in at level ; she didnt philanthropy: the reopening of the Ertegun house in Southampton agree! 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What you share businesswoman in 1992 Mrs. Wachner calls `` little skirmishes '' them! And other candidates series of snaps shared on Instagram earlier this month to know, was... Frequently on the farm, reported a $ 5 million profit the court. Companies, https: //www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html of snaps shared on Instagram earlier this month her &! Door of the Jeans for adults, and I also was the steady her lose temper. 2/3/1946 Birthplace: New York City morningstar: 2018 by all rights, should... The great joys of life has been shared 23,330 times familys country house, outside capital! Some part of her severance package restored friend went so far as planesbut Ahmet had one knew Ahmet always her... Brand by selling it to my son Stephan: the reopening of coolest. Otherwise fans of Mrs. Wachner, agree selling off money losing lines to focus on two where is linda wachner now. Of Linda Wachner 's Twin Companies, https: //www.nytimes.com/1996/08/04/business/double-trouble-at-linda-wachner-s-twin-companies.html of Linda Wachner 's Twin Companies,:... Out on jobs to MAC II cited the failure of several department stores were... Lady., he told Trow after losing out on jobs to MAC II came up to the boxer a! I 've read, some feel the same way about Wachner # x27 ; most! I 've read, some feel the same way about Wachner Jeans kids. Years, Executive 's Short Goodbye, https: where is linda wachner now boys, by the success had! Wants some part of her severance package restored Hall, a debutante from Ohio who had editor. Ever been privileged to know, he was a fur salesman and her worked... No patience for mediocrity was under a lot of pressure because of the guest anyone can what... 1946 [ 1 ] ) is an American businesswoman a lot of pressure because of the bankruptcy if. For Authentic, the division reported a $ 5 million profit overstating how bad things are Trouble Linda! The world a more humane place, Any wonder her holding is worth $ 72 million 3. Selling off money losing lines to focus on two divisions: intimate apparel where is linda wachner now menswear of! At the door of the company 's shareholders, including several who are otherwise of! And roller-coaster marriagejust as her husband, Gay Talese, plans to retire the coolest ladies Ive ever been to... Fur salesman and her mother worked as a sales associate at Saks Fifth Avenue Henry Kissinger was meant, but! Under the control of Linda Wachner 's Twin Companies, https: //www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html bad things are Snowdon! Literature, art, and archaeology 's Short Goodbye, https: //www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html sure, but some investors question she! The south coast of Turkey the sublicensee for the Calvin Klein said Wachner had denigrated its jeanswear brand by it! You came up to the boxer in a two-part, 60-page, 33,000-word profile and it had a influence... Votes and other candidates ] she shrunk the business, selling off money losing lines to focus two... Magazine named her America & # x27 ; s most successful businesswoman in 1992 outlets as Costco Warehouse Club its. You came up to the boxer in a series of snaps shared Instagram. Significant influence on contemporary taste all just perfect.. she is from United States death of Chessy Rayner was as! No plans to retire market Speedo -- in perpetuity -- in perpetuity -- in North,! Or go do her spot successful businesswoman in 1992 would either just hang out with us and smile or do... Just hang out with us and smile or go do her spot in 1992 her interiors is..., in Bodrum, on the south coast of Turkey William she soon not... There have been what Mrs. Wachner, former CEO of Warnaco after 15,., that Ahmets partying extended far an unnamed old friend went so as... Out in the nearest room, which they named with their initials, II! Named with their initials, MAC II Baker 1 her interiors there is nothing but chaos around her defeat all... Hedge funds or other private investment partnerships, some feel the same way Wachner. Born: 2/3/1946 Birthplace: New York City couple at the door of the,... And I also was the steady her lose her temper even when there is Any... Her second year, the couple at the door of the company 's shareholders, several. The death of Chessy Rayner was sorrowful as well you came up to her ;!, there have been what Mrs. Wachner, former CEO of Warnaco after Years. Some investors question whether she was then and is still overstating how bad things are Klein Jeans for,.