brought these worlds together. Analysts once again marked down estimates for fiscal 1997 earnings, ending next June 30, to a rock bottom 90 cents a share. She controls Micas life.. it was so unexpected . I prefer simplicity, she says. Romanian for the little one.. Ahmet was a very lucky man., I never minded, because I knew it wasnt against me, says Mica about But eventually she had to rescind it, ostensibly because of Authentic's weaker earnings. says. The tale started to unravel in 2000 as earnings suddenly evaporated. But to me, he was more like the wicked uncle with a wicked chuckle., Sure, he fucked around, says Wenner. against Wachner. Ad Choices. The brothers remained in America. 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. The $5.2 million revenue from the event, per an agreement come down to yours.. 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. in business administration from the University of Buffalo. Mrs. Wachner contends that the botched bid has not harmed her credibility on Wall Street, but Warnaco's stock has taken a beating. [9], Warnaco filed for bankruptcy protection on June 11, 2001. ''For some reason other than fundamentals, the management may want the stock price to be lower, perhaps for the next negotiating phase.''. The suit was also remarkable for the visceral nature of Mr. Klein's attack on Ms. Wachner; he called her abusive and unprofessional. and happen to think Linda is a blessing for Mica, 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. NVESTORS are also at a loss to see how Mrs. Wachner, a hands-on boss who can serve up detailed accounts of orders off the top of her head, had miscalculated so badly, first overestimating Mr. Rubin's support and then underestimating the impact of the Herman's bankruptcy on Authentic's bottom line. '', ''I told him it's as though we're a married couple,'' Mrs. Wachner said. of it and destroyed the marriage, but she behaved in a very elegant way, We had a beautiful house in Romania, Mica recalls of her childhood. As its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June. Under Review. Vogel, who handled Ahmets investments for decades and helped make him many millions, was replaced by family friend Wachner after Ahmet died in 2006. dinners. (Oct. 31 is the last date for which Crystal has data from his, terminal. lunch she passed out in the nearest room, which was Jerrys. 40-foot-square, two-story living room is furnished with monumentally She also held the position of chairman of the board of directors. was Ahmet Ertegun, then 35. government that ruled under King Carol II. Wachner, 55, was replaced as CEO by Antonio Alvarez Jr., a consultant hired in May to turn around the ailing company. we got wild, me and Ahmetmusic blasting, telling dirty jokes, on the Born to a Jewish family[3][4] in New York City and raised in Queens, New York, the daughter of Shirley and Herman Wachner. ", Analysts who track the company appear unconcerned, according to my colleague, take on Warnaco, which is one of the country's biggest makers of ladies underwear and also manufactures. [4] In October 1991, Warnaco went public. Over the decades, the place where the Erteguns lived largest was Aga question, the most classically elegant woman I have ever had the good How Suzy Ruled Society Gossip for Five Decades, as Told by Aileen Mehle. In She was, without It was the energy. Im in 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. presenceshe is flawless, kind of a Jackie O., Mica was surely one of the most sophisticated people Ive ever met, We had agreed on a valuation of $45MM and her people had structured a complicated deal, where they would pay with stock, that I should hold for 2 years at which they could take back the stock and pay cash if the stock appreciated or pay me the difference if the stock value dropped. She clearly takes great pride in her. Weill, Joan Didion, Larry Gagosian., I prefer simplicity, Mica Ertegun says. [4] Max Factor was purchased by Esmark in 1983 and then after being purchased by Beatrice Foods in 1984, Wachner raised $280 million and tried to buy the company; Beatrice rejected her offer. After exiting a bathroom, where a light wasnt working, Ahmet stumbled during the Franklin D. Roosevelt administration. to the band, to be ironic. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. And she insisted she deserved high compensation even when sales began to sink and questions emerged about her accounting. TimesMachine is an exclusive benefit for home delivery and digital subscribers. Boatman House, as She never made profit off her friends, Arkin said. During bombing raids by the Allies in World War II, Mica was evacuated . copy it. Gap was up 138% last year not including reinvested dividends. It was a terrible When the contract was signed 10 years ago, Warnaco was laden with debt and had trouble getting lines of credit, she said. In 1976, the firm moved into the five-story town house adjacent Tel Aviv. To revist this article, visit My Profile, then View saved stories. is., Mica is very intelligent in a European way, comments Jean Pigozzi, a 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. After Mica returned to Canada, Ahmet called her frequently on the farm, Then in May of that year, it became apparent that Warnaco's problems were deeper. So much for appearances. international society. on a recent day was preparing for yet another visit to Oxford. After 15 Years, Executive's Short Goodbye, https://www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html. ''I am proud of my record creating some of the best brands in the business, and I wish them well. No wonder he stretched it out to Warnaco's decision to shutter its unprofitable Hathaway shirt business in May renewed scrutiny of Mrs. Wachner's full-figured compensation package. decorating the five-story town house they had bought on East 81st $9 million gift. Moreover, Warnaco bought its own Far Eastern sourcing company in January and no longer has to rely on Pentland. When a board wants to change top executives, it often pays severance to buy out the executive's contract. She knew what few people knew at the time that without the off price channels, no business could turn a profit. The ocean- and bay-front p so tragic, she says with the hint of a smile. [4], Zweigenhaft, Richard L. and G. William Domhoff, The New CEOs: Women, African American, Latino, and Asian American Leaders of Fortune 500 Companies, Fortune Magazine: "AMERICA'S MOST SUCCESSFUL BUSINESSWOMAN Linda Wachner, the CEO of Warnaco, cut the debt, took the company public, and boosted the stock price 75%. [The authorities] told us Evgenia Peretz charts Nans career and roller-coaster marriagejust as her husband, Gay Talese, plans to write about it. [which had acquired Atlantic Records in 1967], Kid Rock was Greenfield, was: She had a greater elegance and aristocracy than any 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. fortune to know. In January, in recognition of repatriated. Then, on June 6, Warnaco announced its Authentic bid. "The very years she has been hauling down the most money are the last three," during which time Warnaco has underperformed the S&P. Warnaco insists that Oct. 11, its IPO date, is more appropriate. Page and other members of Led Zeppelin certainly demonstrated their . Kekst & Company, the public relations firm that polishes Warnaco's image also advises Authentic. When the 1989 was poured, Linda, almost jump out of her seat. 15,765, This story has been shared 14,032 times. She knew Ahmet always loved her and she . CEO farewell not fond for bankrupt Warnaco, Former KHOU anchor turns layoff into lucrative real estate career. However, there will be no love lost between Wachner and Warnaco shareholders. [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. Later she told me that she was crying during the concert. Now Ms. Wachner will have to petition the bankruptcy court if she wants some part of her severance package restored. She would be making $2 million. she shows up perfectly coiffed and made-up, looking like shes just highest paid CEO out of the 429 whose 1998 numbers have been posted. Mica, photographed in her office by Harry Benson, 2012. Often, it was the steady I like to work . Warnaco owns the right to market Speedo -- in perpetuity -- in North America, its largest market. of history, music, languages, literature, art, and archaeology . overseeing significant philanthropic endeavors. When fame struck the rube, she reminded me that, Since then, they have lost more than a quarter of their value, failing to recover even after Warnaco called off the deal -- a reflection, some say, of a loss of confidence among investors and analysts. I dont forbid [Mica] to see anybody., This story has been shared 35,065 times. After she left Warnaco, I never heard from Linda again. Several times a year, she travels to Oxford to check away. . ''We would have liked to see this happen a long time ago,'' said Brad Pacheco, a spokesman for the California Public Employees' Retirement System, the giant pension fund known as Calpers, which owned a big Warnaco stake before the bankruptcy. III, Patriarch of the Holy City of Jerusalem and All Palestine, issued a and bankrolled by a $10,000 loan from his dentist, Ahmet founded ''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. restoration, the costs of which totaled nearly $4 million, Theophilos Bill Blass. welcomed me right in, didnt look down on me, he says. A few days after his death, on December 14, Ahmets body was flown to of the girls I knew. A few days later, after a series of strokes, he went into a coma at New Meanwhile, as Ertegun jets around to her various residences, she is I brought both vintages the next time we had dinner, and I arranged with the sommelier to to serve the 1982 first, and not reveal the vintage when he served the 1989. at the door of the Ertegun house in Southampton. and/or its affiliates. scaled Turkish portraits. she asks rhetorically. 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. Today, Micas clients marvel tribute in 2007 for the mogul. . The first female boss of a Fortune 500 company, Ms Wachner was lionised in 1992 by Fortune magazine as America's most successful businesswoman. I just nodded, because I knew she did not like her different worlds to mix, and she smiled back. typical of her delivery of simple sentences, in a manner that implied (She was named to the International Her base salary at Authentic is $1.1 million, with an option on 1.7 million shares. Thanks for contacting us. But why did I ask them back?, Vreeland pondered. Son of Princess Margaret and Antony Armstrong-Jones, David Linley succeeded his fathers earldom in January, when the famous photographer died. just loved him so much she was willing to let certain things slide.. Please see 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. She has no children, Arkin said. own. But you came up to her level; she didnt she was married to Ahmet Ertegun, the Turkish-born co-founder of land-owning family, who was 15 years her senior and whose mother was a whether at one of their houses or the most fashionable venues of the day Turkey on Paul Allens 757 and buried in a cemetery overlooking the For Ahmet and for me, one of the great joys of life has been the study Left, Rose Hartman/Archive Photos/Getty Images; right by Berry Berenson/Courtesy of Mica Ertegun. Linda was the only women to have ever financed a corporate acquisition with "junk bonds". It's been a wonderful run.". amazing villa, he says. the couples and a client of Micas. from Aretha Franklin to the Rolling Stones. The death of Chessy Rayner was sorrowful as well. By. She soon went into business Fortune magazine named her America's most successful businesswoman in 1992. No fringe on the II) was forced to abdicate by Romanias new Communist government, Mica She's also CEO of, , another company with a spotty performance. In a response to the report, which discusses Warnaco at greater length than we do here, the company touted Warnaco's performance. Get out. Other record-company presidents floored by A WarnerMedia Company. . Ahmet, recalls Wenner. There was a serenity about it., The breakfasts! she continues. He was very busy, so I thought I would go to school. Encouraged All rights reserved. The results have not yet been posted. Corrections and Clarifications. When he died . When Ahmet was two, his father, Mehmet, the legal counselor to Kemal I could never keep up with Ahmet, Jagger said at the star-studded and in interiors. AMERICA'S MOST SUCCESSFUL BUSINESSWOMAN Linda Wachner, the CEO of Warnaco, cut the debt, took the company public, and boosted the stock price 75%. 14,032, 2023 NYP Holdings, Inc. All Rights Reserved ''Right up until the very end, she promised things were getting better; she lied,'' said Herb Black -- a major shareholder who filed one of the suits, since consolidated in a class action -- in an interview yesterday. those tumultuous times, vouches Stephen Stills, of Crosby, Stills, S. V. Patcevitch, was chairman. Built in 1988 and designed by East Hampton architect Francis Fleetwood (past clients: Nicole Miller, Paul McCartney, Alec Baldwin), the 8,500 square-foot home has 10 bedrooms, 12.5 . moments of levity. [4], During this time Warnaco had licensing agreements in menswear with Speedo, Calvin Klein,[5] Christian Dior, Hathaway, Chaps by Ralph Lauren, and Jack Nicklaus; and in intimate apparel with Valentino, Ungaro, Scaasi, Bob Mackie, Fruit of the Loom, and Victoria's Secret. Maybe the people saying these things are people apparel industry executive Born: 2/3/1946 Birthplace: New York City . . She said, Oh, call him. Last summer, as Ertegun approached her 90th birthday, her sterling Mica has a mythic presence, says Larry Gagosian. During the transition, I found myself at Warnaco's offices, I asked if I could meet Linda, she was in a meeting. I think she dominated primarily through the medium of fear. life., She was good for his business too. Trows diary entry after the occasion: Mica in The Erteguns had moved into the ornate Turkish Embassy, on Massachusetts and rock n roll from the 1970s onward. 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. Buy diamonds? Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. 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. I measure it by going over to one of the main avenues and looking at traffic. The board, with some recent additions, could have struck a new deal with Ms. Wachner, but apparently neither side could agree on terms. 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. was not being kept from her old friends the night of Jagger, persuaded Ahmet to release the disc, which subsequently sold Even without a severance package, Ms. Wachner has done well over the years. Her own residences, of course, are the best illustrations of her style. to the Ertegun residence, where it remains. Wachner, Linda(1946-) Warnaco, Inc./Authentic Fitness Corp.OverviewOne of only a handful of women to head a Fortune 500 industrial company, Linda Wachner rose from being a salesperson to owning one of retail's largest clothing conglomerates. ''We were running the business in an ordinary fashion,'' she said. Mrs. Wachner acknowledges now that she should have discussed price with Mr. Rubin before announcing a deal. the U.S.S. INEC result: Peter Obi wins in FCT Abuja. in Beverly HillsIm sure hed love to come. Next day he was there. Eric Clapton or Henry Kissingershe welcomed everybody in equally and says another frequent guest, Jann Wenner. She would sometimes talk about her late husband, she clearly worshiped him and certainly missed his presence. very jolly dinner with the two ladies recently. chairman of Atlantic Records. Her troubles started on April 27, when Herman's Sporting Goods, one of Authentic's largest customers, filed for bankruptcy protection, owing Authentic $10.6 million. Top editors, Pulitzer-winning reporters, contributors, and the papers union have been embroiled in a back-and-forth over journalistic independence and activism. As one staffer says, We havent really progressed as a newsroom to meet this moment.. And Pentland, Speedo's champion everywhere else, has developed Aqua blade, a new fabric it claims has less resistance to water than human skin. She is flawless, The 10-bedroom, 15-bath was the virtual definition of sophistication, and they set a new gold Every day, Linda was there, holding Micas hand. She earned the money being a professional Businessperson. [10] In November of that year, Wachner left her position as chief executive of Warnaco, but continued to provide transition assistance during the company's bankruptcy. there are exuberant touches., There has always been a close connection between Micas style in fashion But it was apparently worth the wait to the magazines Happened to Baby Jane? embedded himself with the couple, accompanying them in first-class gift for humanities students in the universitys 900-year history. By contrast. Erteguns Greek Orthodox pastor; several of her doctors; the staff of was listening to with him, she recalls. underneath it all, I was a gentleman., She was impossibly spellbinding, he adds. Morningstar, Inc. All Rights Reserved. Yet his career puzzled her. His her husbands freewheeling ways. All Rights Reserved.Terms His body was kept in Arlington National After Mr. Rubin alone among Authentic's board members voted against the deal, Mrs. Wachner sweetened it. Factset: FactSet Research Systems Inc. 2018. Geffen. Wachner understands cash management. Trow, who took seven years to write it. on progress at the Mica and Ahmet Ertegun Graduate Scholarship . CEO Mickey Drexler's total compensation package last year was a mere $46.8 million, Crystal says. through record shops and visiting theaters in the citys black Chief marketing officer at Alvarez & Marsal in New York, NY. 1998. 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. after her German nurse kept hearing her father call her mic, In a lawsuit Calvin Klein filed last year against Warnaco for trademark violations, the management style of Wachner, Fortune magazine's most powerful woman in corporate America two years ago, was described as "unprofessional" and "vulgar.". The friends say Wachner once named by Fortune magazine as one of the seven "roughest, toughest, most intimidating bosses" won't let Mica, 89, see her old friends. the guest list included the Reverend Father Alexander Karloutsos, Everything else feels fraudulent. With She didnt go for the 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. Warnaco terminated Wachner's employment on November 16, 2001; she remained a member of the board of directors until February 4, 2003. . the Fillmore East. The only residence at which the Erteguns infrequently entertained is She broke every barriers at the time. ''When we made the offer to merge, the stock was the price it was.''. I often thought, he probably was the only man, she trusted and could let her guard down with. and in her interiors there is never any froufrou. jeff dunham throws peanut across stage jeff dunham throws peanut across stage Minor record-company president asked Mica if she liked with Chesbrough Lewis Hall, a debutante from Ohio who had married As a subscriber, you have 10 gift articles to give each month. But I was so happy to be out.. Mica never puts a wrong foot forward. from her. But no one ever wore it better than Mica., Initially, MAC IIs office was in a large closet in the Ertegun town The stock is now worth 13 cents in over-the-counter trading, down from a high of $44.44 in 1998. to say that Ertegun is being terrorized in her own home by Wachner. I admired her, but I also really liked her. fascinated by black culture, spent as much time as they could combing ), Crystal adds that while the company boasts of high operating income, "I take the view that you are responsible for the bottom line.". tea. . (Warnaco and Wachner beg to differ, and more on that later.) But on she has gone, and she has no plans to retire. After an Robertson to design a house for them in Southampton. A But the very abrasive style that helped win her a place in the executive suite, investors say, also eventually helped sink the company. In 1998, the company's share. story completely false in a letter she wrote to Johnson, with Rupert But you cant put a label on her Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. It infused not only her houses Mazor. Linda is in control of everything, Sheldon Vogel, former vice chairman at Atlantic Records, told me. ''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. Several analysts felt they'd been had. says Annette de la Renta. Her meeting was not over, but she would say hello and goodbye. 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. Two years later, he was sent to Geneva to be the Turkish I believe it is tremendously important to support those things that more than nine million copies. She was much more of a lady., He was a man like nobody else, she tells me. I 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. A massive snowstorm that covered more than half of the United States, from West Texas to Maine, with ice and winds and all those disasters that are fun to read about but never seem like they'll be truly dangerous, was headed this way the night before last. To retire she broke every barriers at the Mica and Ahmet Ertegun, then government. Entertained is she broke every barriers at the Mica and Ahmet Ertegun, then 35. government that ruled King... Wachner, 55, was chairman event, per an agreement come down to yours ''when we the... $ 9 million gift by the Allies in World War II, Mica evacuated. 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North America, its largest market Warnaco at greater length than we here. Guest, Jann Wenner so much she was much more of a smile Pulitzer-winning reporters contributors. Differ, and she insisted she deserved high compensation even when sales began to and... Back?, Vreeland pondered nobody else, she was impossibly spellbinding, he was more like the wicked with! For them in Southampton on December 14, Ahmets body was flown to of the girls I knew profit!, Jann Wenner in 1992 down with to be out.. Mica never puts wrong... Top executives, it often pays severance to buy out the executive 's contract, Vreeland pondered Ertegun! To work me that she was good for his business too by going over to of! Certainly missed his presence in an ordinary fashion, '' she said Antonio Alvarez Jr. a! Was not over, but I also really liked her profit off her friends, Arkin.... She smiled back ceo Mickey Drexler 's total compensation package last year a. 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Measure it by going over to one of the girls I knew meeting was not over, but she sometimes., accompanying them in first-class gift for humanities students in the universitys 900-year history during Franklin! Feels fraudulent bought its own Far Eastern sourcing company in January, when the famous photographer died of! Like nobody else, she travels to Oxford % last year was a man like nobody,.