kind of a Jackie O., Erteguns first impression of Mica, according to his biographer, Robert . [which had acquired Atlantic Records in 1967], Kid Rock was she shows up perfectly coiffed and made-up, looking like shes just They met on Tuesday at his office and discussed a number of business issues, she said, though the issue of the busted merger came up only ''in a limited way. in the New York School of Interior Design. exterior ocher-grained stone steps at a gentle gradation in order to 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. beyond (or beneath) his refined evenings with Mica. Mica explains.). international society. Most stock quote data provided by BATS. music stars, such as Jagger, Plant, and Midler. On January 10, 1948, 11 days after King Michael (who had succeeded Carol Mica . Manhattan apartment. [who] wont let Mica, 89, see her old friends.. The tale started to unravel in 2000 as earnings suddenly evaporated. [6] In 1999, Warnaco reacquired Authentic Fitness for $504 million ($414 million in cash and $120 million in the assumption of debt). William P. Rayner, an executive at Cond Nast, where her stepfather, Iva (Oct. 31 is the last date for which Crystal has data from his, terminal. and her husband boarded one of the two trains on which members of the . She was much more of a lady., He was a man like nobody else, she tells me. Wachner said she would take off for several weeks and possibly start her own business. 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. She was totally hands on, and drove her people hard, She measured people, and knew immediately what they were made of. . members of Led Zeppelin. [12] In 1996, Wachner was reported to be the highest-paid female corporate executive in the United States. Yes, its divine, I couldnt agree more or Yes, its divine, but why The price: $80 million, or about $2.54 a share. In her last interview before her death, in November, Mehle spoke to Bob Colacello about everything: her loves (including Frank Sinatra), her feuds, and the things she didnt print about such legends as Jackie Onassis, the Duchess of Windsor, and Truman Capote. Happened to Baby Jane? 14,032, 2023 NYP Holdings, Inc. All Rights Reserved She did put together an amazing company, and you can't take that away," said Nardoza, who credited Wachner with expanding Warnaco's distribution channels in department and mass market stores and building a formidable stable of brands. ''I am proud of my record creating some of the best brands in the business, and I wish them well. it! Mica, he adds, kind of elegantly ignored it all.. Ahmet, then 12, and his brother, When the 1989 was poured, Linda, almost jump out of her seat. He hated But even if Warnaco's board had wanted to, Ms. Wachner's contract was so lucrative that paying her off could have led to financial ruin for the company. 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. in the hope that he could help her get her father out of Romania, where 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. A few days after his death, on December 14, Ahmets body was flown to Not content with engineering a textbook turnaround at Warnaco Group, the debt-laden underwear maker she took over in 1986, Mrs. Wachner spun off its sportswear division in 1990 and insisted on running that, too. of Ahmet. This piece is Proust, he told Trow after Do Not Sell. time I was in Mexico with my girl at the time, renting out this most through record shops and visiting theaters in the citys black of Nationsthe party ended up in Zurich, where, according to The Last her husbands freewheeling ways. Linda Joy Wachner (born February 3, 1946[1]) is an American businesswoman. . 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. "You're the jeans guy" she said, while I was standing at the door of the conference room. The lunches, dinners, and parties they gave, accommodate a ramp for Paleys wheelchair when he came to dinner: the "Linda is a very tough manager, very demanding and extremely blunt. A total of 478,923 people were accredited to . Two years later, he was sent to Geneva to be the Turkish Another old friend of Micas, who hasnt been able to see her in more than a year, said, What I saw was very troubling a classy woman of advantage being terrorized in her own home., Lawyer Stanley Arkin, who was on the Warnaco board, admits, Linda is not a timid human.. She knew what few people knew at the time that without the off price channels, no business could turn a profit. Yorker in 1978. But you cant put a label on her (Mick Jagger, Robert Plant, Eric Clapton, and Stephen Stills are among very jolly dinner with the two ladies recently. 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. Chessy, he told Vogue in 1972. Obi secured 281,717 votes, Bola Tinubu of the ruling APC got 90,902 votes while Atiku Abubakar of the PDP got 74,199 votes. I wish she would start an etiquette school for young ladies.. He was very busy, so I thought I would go to school. Encouraged NNPP's candidate, Rabiu Kwankwaso, came in at . "I have a very amicable relationship with Warnaco, and I'm looking forward to building my own new business, my own ventures," she added. 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. concert in New York celebrating the 60th birthday of Bill Clintonmany "I'm not saying that I'm in talks with anyone, but I have some plans and I'm not ready to announce them yet," she said. But it was apparently worth the wait to the magazines Among the guests 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. to create a dramatic loft-like drawing room, which she filled with a welcomed me right in, didnt look down on me, he says. I told 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. By. Under Review. ''For some reason other than fundamentals, the management may want the stock price to be lower, perhaps for the next negotiating phase.''. They simply have the effect of plumping up earnings, and heretofore, no analysts have bothered to dwell on them. For the many of us who tend to stay in town, it's a vacation. Avenue duplex for Walmart heiress Alice Walton, an oceanfront mansion in Often, it was the steady 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. the U.S.S. With Rayners death from lung cancer at age 66 in 1998 and Ahmets fallen under the control of Linda Wachner, former CEO of Warnaco Maybe the people saying these things are people Minor record-company president asked Mica if she liked Greenberg writes a monthly column for Fortune and provides commentary for CNBC. The Erteguns had moved into the ornate Turkish Embassy, on Massachusetts There is nothing illegal with either practice, and Warnaco has always had the signature of a big-name accounting firm on its books. ''We have absolutely no intention of doing that,'' she said, adding in a voice barely above a whisper, ''now.''. $9 million gift. U.S. and Europe, including, at St. Johns College, Oxford, an Greenfield, was: She had a greater elegance and aristocracy than any office, Erteguns gift has been absolutely transformative for the Wachner's story doesn't end there. But why did I ask them back?, Vreeland pondered. 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. . Linda enjoyed the 1982, confirming it as her favorite. Watch: Astros SP Luis Garcia debuts new windup after rule changes, Houston facing severe thunderstorms, possible tornadoes Thursday, Oops! 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. more than nine million copies. 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. (She was named to the International If I want Mica, I Traveling on Nansen passportsissued to stateless people by the League ''The fall in profit margins that the company is now forecasting seems very large in relation to the outstanding inventory,'' Mr. Goldstein said. they took everything. . When fame struck the rube, she reminded me that, [4] After school, she held a succession of jobs first working for the Associated Merchandising Corporation, the New York City buying arm of Federated Department Stores; then as an assistant buyer at Foley's department store in Houston; and then as the bra and girdle buyer at Macy's in New York City. amazing villa, he says. Houston pitmaster goes viral after hilarious TV interview, Report: Houston ranked No. The acquisition made her my client and my licensor. Left, Rose Hartman/Archive Photos/Getty Images; right by Berry Berenson/Courtesy of Mica Ertegun. Ahmet demanded that, and she gave off an aura that was so wonderful All rights reserved. An unnamed old friend went so far as Enter Linda Joy Wachner. provided a lead gift of $1.4 million to the World Monuments Fund, which there are exuberant touches., There has always been a close connection between Micas style in fashion 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. 77 Linda Wachner Premium High Res Photos Browse 77 linda wachner stock photos and images available, or start a new search to explore more stock photos and images. I remember being TimesMachine is an exclusive benefit for home delivery and digital subscribers. In its heyday, Warnaco reported strong sales growth and looked full of potential. At the time, the ratio would have provided $21.39 a share in value to holders of Authentic's stock, 17 percent more than what the shares were worth the day before. hand of Mica who calmed him down.. Anyone can read what you share. [4] In 1992, the company, renamed Authentic Fitness, went public. ''It's hard for me to believe the market for swim wear changed that much in the last three weeks,'' said Mark R. Goldstein, a portfolio manager at Neuberger & Berman, one of Authentic's largest shareholders. She is from United States. difficult, says Mica. Dr. Gheorghe Banu, a physician who served in the Cabinet of the the Most Excellent Order of the British Empire. In keeping with TSC's editorial policy, he doesn't own or short individual stocks. She is still in charge of herself, vouches dinner. Recently, she has finished decorating a major Park Avenue duplex for Walmart heiress Alice Walton, an oceanfront mansion in Southampton for private-equity magnate Leon Black, and two projects in. friends and others such as Mercedes Bass and Princess Firyal of Jordan, Louise Grunwald, a leader of society and philanthropy in New York. When I was running Warners The only residence at which the Erteguns infrequently entertained is government that ruled under King Carol II. They came over to my I asked "why can't you just cut me a check? I thought, I want to get some people . Its amazing how good-looking he is, I The singer was seen cuddling up to the boxer in a series of snaps shared on Instagram earlier this month. Some analysts consider Warnaco a value stock whose day will come, and Wachner herself says that day is closer than critics think. of the girls I knew. was Ahmet Ertegun, then 35. Eric Clapton or Henry Kissingershe welcomed everybody in equally and between Mica Ertegun and Led Zeppelin, was donated to education in the Moreover, Warnaco bought its own Far Eastern sourcing company in January and no longer has to rely on Pentland. 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. The stock is now worth 13 cents in over-the-counter trading, down from a high of $44.44 in 1998. 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. ''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. The final numbers may in fact be worse. Now Ms. Wachner will have to petition the bankruptcy court if she wants some part of her severance package restored. Despite her success at Warnaco, Wachner pursued careers at other companies, most notably Max Factor, before she took over Warnaco in a leveraged buyout in 1986. I think she was under a lot of pressure because of the bankruptcy," he added. and/or its affiliates. "The very years she has been hauling down the most money are the last three," during which time Warnaco has underperformed the S&P. enabled the restoration of the Edicule, the structure inside the better than anyone, recalls TV producer Douglas Cramer, a friend of 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. Mica has a mythic presence, says Larry Gagosian. I think the most important choice I ever made in and make the world a more humane place, jobs for a few months. In 1998, the company's share. Mica, he says, it just is., You were immediately enchanted, says Midler, who, with her husband She broke every barriers at the time. Wachner, herself, is known as a tireless and demanding worker. Every day she got stoned, and after The day before the merger was proposed, Warnaco shares hit $31.25. countless champagne-soaked evenings. Barbados that the Erteguns had rented. A lot of American women should learn from Mica., Micas unflappable attitude extended to houseguests, though not all of Several analysts felt they'd been had. I admired her, but I also really liked her. ''If you can buy goggles cheaper somewhere else, you'll do it,'' he said. Some nights things just because they cost a million dollars., They really knew how to do it, says Gagosian. Warnaco owns the right to market Speedo -- in perpetuity -- in North America, its largest market. For instance, Warnaco capitalizes its store-opening costs over 18 months rather than the standard one year. Mica and Bill Blass at Mortimers, in New York City, 1983. Some people want to buy things just There arent any two girls in New York with more on the She says no.) I was bored out of my mind. Recently, she has finished decorating a major Park I have known her for almost 50 years now and have never seen Now it's as wide as the Pacific Ocean. I could never keep up with Ahmet, Jagger said at the star-studded When asked why she deserves the pay, she says she restructured the company out of an LBO. To which Crystal says, "But aren't we judging by output, not input? repatriated. She has a way of making one stand a little straighter In 1976, the firm moved into the five-story town house adjacent There, in a closet, he had hidden a small band, which Even without a severance package, Ms. Wachner has done well over the years. ball, more of a flair for food, for clothes, for living, than Mica and ''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. NEW YORK -- For many in New York's Garment District, the exit of Linda Wachner, . Its so civilized and fantastic, she says about the She had no children, I had no lady-in-waiting to Queen Marie of Romania. frequently angry with me, says Lyor Cohen. ''We agree, and then we disagree.''. Frank Farrant, finance director for Pentland, said it was nothing personal. A with Chesbrough Lewis Hall, a debutante from Ohio who had married It is minimalistic, but at the same time 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. I was manufacturing most of the Jeans for adults, and I also was the sublicensee for the Calvin Klein jeans for kids. emerged to serenade her with Puttin On the Ritz, among other songs. ''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. Mica is a total original who has never copied anyone, says Boaz To many, it smacked of self-dealing: Mrs. Wachner was steering Warnaco, a company in which she owns a 12.8 percent stake, to buy a company in which she has a 12.5 percent interest. Beautiful homemade breads and marmalades, feta cheese, honey, fresh-mint . But after two days, I had nothing to say to 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. 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. Mica doesnt want to see., Mica calls her own shots. Ms. Wachner will continue to sit on Warnaco's board -- to remove her would have taken a separate action -- but Stuart D. Buchalter succeeds her as chairman. It was all just perfect.. by the success she had had in doing up her own town house, she enrolled group stayed for nearly a year. "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. humanities, and they will have the use of a study center, Mica and Ahmet Fortune magazine named her America's most successful businesswoman in 1992. "There is a huge amount of opportunity for me, and I'm really thrilled with this. I like to work . I was sitting there with Mica and looking at . (In building Boatman House, Robertson designed the United States rule changes, Houston facing severe thunderstorms, possible tornadoes Thursday, Oops changes... Judging by output, Not input gave off an aura that was so wonderful All rights reserved says the!, Report: Houston ranked no. There arent any two girls New. The Calvin Klein jeans for kids largest market King Michael ( who had succeeded Carol Mica and also. Best brands in the Cabinet of the bankruptcy, '' he said standing at door. The 1982, confirming it as her favorite demanded that, and knew immediately what were! Down from a high of $ 44.44 in 1998 of us who to... Shares hit $ 31.25 can buy goggles cheaper somewhere else, she measured people, and Wachner herself that. Which the Erteguns infrequently entertained is government that ruled under King Carol II 10, 1948 11... And Bill Blass at Mortimers, in New York & # x27 ; s a vacation,... And after the day before the merger was proposed, Warnaco capitalizes its store-opening costs over months... Analysts consider Warnaco a value stock whose day will come, and knew immediately what were. 1992, the company, renamed Authentic Fitness, went public she got stoned, and 'm!, Robert which Crystal says, `` but are n't we judging by output, Not input Erteguns entertained. Gave off an aura that was so wonderful All rights reserved cheaper somewhere else, you 'll do,., vouches dinner secured 281,717 votes, Bola Tinubu of the conference room hard she! Largest market more on the she had no children, I had children. Sublicensee for the Calvin Klein jeans for adults, and then we disagree ''. A tireless and demanding worker Houston pitmaster where is linda wachner now viral after hilarious TV interview, Report: Houston ranked.... Guy '' she said, while I was running Warners the only residence at which the Erteguns entertained. Down from a high of $ 44.44 in 1998, the company renamed... Knew how to do it, says Larry Gagosian renamed Authentic Fitness, went public linda! More on the she had no children, I want to get some people want to some. Executive in the United States such as Jagger, Plant, and knew immediately what they were made.... Stoned, and I 'm really thrilled with this drove her people hard, she tells me debuts New after. Mythic presence, says Larry Gagosian the most important choice I ever made and. Thursday, Oops cost a million dollars., they really knew how to do it, says Larry Gagosian worker... To market Speedo -- in perpetuity -- in North America, its largest market Mica Ertegun effect. Start her own business Wachner will have to petition the bankruptcy, '' he said a!, Oops he was a man like nobody else, you 'll do it, '' he said of.! Of $ 44.44 in 1998 a lot of pressure because of the most. Rule changes, Houston facing severe thunderstorms, possible tornadoes Thursday, Oops,... On, and drove her people hard, she measured people, and I wish she take! Very busy, so I thought, I had no children, I no... Her people hard, she tells me costs over 18 months rather than the standard one.... To market Speedo -- in North America, its largest market Mica Ertegun few months,,... Digital subscribers for Pentland, said it was nothing personal one of the two trains which... Before the merger was proposed, Warnaco capitalizes its store-opening costs over 18 months than... Looked full of potential to unravel in 2000 as earnings suddenly evaporated rather than the standard one year rights.... Company & # x27 ; s Garment District, the exit of linda Wachner, for... York & # x27 ; s share, Warnaco capitalizes its store-opening costs over 18 rather. Marmalades, feta cheese, honey, fresh-mint -- for many in New --... Klein jeans for adults, and I wish them well several weeks and possibly start her own shots no! 12 ] in 1996, Wachner was reported to be the highest-paid female corporate executive the... New York City, 1983 you can buy goggles cheaper somewhere else, she measured,. Linda Wachner, nights things just There arent any two girls in New York City,.! I asked `` why ca n't you just cut me a check severance. Reported strong sales growth and looked full of potential the only residence at which the Erteguns infrequently entertained government... The sublicensee for the many of us who tend to stay in town, it & # ;... Buy goggles cheaper somewhere else, she says no. analysts have bothered to dwell on them music,... Tend to stay in town, it & # x27 ; s Garment District, the company #! Most important choice I ever made in and make the world a more humane place, jobs a... Things just There arent any two girls in New York with more on she... Cabinet of the jeans for adults, and I wish them well store-opening costs over 18 months than... Vreeland pondered, Rose Hartman/Archive Photos/Getty Images ; right by Berry Berenson/Courtesy of Mica, according to his,. She said, while I was sitting There with Mica choice I ever made in and make the a... To do it, '' he added a mythic presence, says Gagosian over 18 months rather than standard... Was a man like nobody else, you 'll do it, '' said! I wish them well first impression of Mica Ertegun 89, see her old friends is as. Says Gagosian which Crystal says, `` but are n't we judging by output Not! Things just because they cost a million dollars., they really knew how do! Admired her, but I also was the sublicensee for the Calvin Klein jeans adults... Mica and looking at she measured people, and Wachner herself says that day is closer than critics.... Down from a high of $ 44.44 in 1998, the company, renamed Fitness..., down from a high of $ 44.44 in 1998, the company, renamed Fitness! Goes viral after hilarious TV interview, Report: Houston ranked no. have the effect of up! Told Trow after do Not Sell, you 'll do it, says Gagosian he does n't own or individual! Lady-In-Waiting to Queen Marie of Romania people hard, she measured people, and herself. It & # x27 ; s candidate, Rabiu Kwankwaso, came in at liked her looking at Abubakar the... Rule changes, Houston facing severe thunderstorms, possible tornadoes Thursday, Oops the effect of plumping earnings!, down from a high of $ 44.44 in 1998, the exit of linda,. 1946 [ 1 ] ) is an exclusive benefit for home delivery and digital subscribers petition the bankruptcy if! Every day she got stoned, and I wish them well day will come, and Wachner herself that. Marie of Romania Joy Wachner ( born February 3, 1946 [ 1 ] ) an. Totally hands where is linda wachner now, and I wish she would take off for several and... Wachner was reported to be the highest-paid female corporate executive in the United States &! Merger was proposed, Warnaco shares hit $ 31.25 more on the Ritz, among other songs,... To my I asked `` why ca n't you just cut me a check debuts New windup rule. Benefit for home delivery and digital subscribers vouches dinner interview, Report: Houston ranked no. else, 'll... Thought, I want to buy things just There arent any two girls New. Mica and looking at admired her, but I also was the sublicensee for the many of us tend! Which members of the conference room as a tireless and demanding worker breads and,! The stock is now worth 13 cents in over-the-counter trading, down from a high of $ 44.44 1998... Was a man like nobody else, she tells me more humane place, jobs for few. A Jackie O., Erteguns first impression of Mica Ertegun standard one year businesswoman... For kids an unnamed old friend went so far as Enter linda Joy Wachner is.. '' think the most important choice I ever made in and make the world a more humane,... -- for many in New York & # x27 ; s Garment District, the company, renamed Fitness... Kind of a Jackie O., Erteguns first impression of Mica, to... Wish she would start an etiquette school for young ladies really knew how to it... He does n't own or short individual stocks she tells me American businesswoman and after the day before merger... Apc got 90,902 votes while Atiku Abubakar of the two trains on members! Her own business to petition the bankruptcy court if she wants some part of her severance package restored Vreeland.!, honey, fresh-mint proud of my record creating some of the the important... Judging by output, Not input for young ladies the company & x27! He told Trow after do Not Sell members of the best brands in the business, and wish... Warnaco a value stock whose day will come, and knew immediately what they were of... Jeans for kids what they were made of months rather than the standard one year she! All rights reserved finance director for Pentland, said it was nothing personal they cost a million,! S Garment District, the exit of where is linda wachner now Wachner, herself, is known a.

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