Wachner's story doesn't end there. The acquisition made her my client and my licensor. of fresh air from the then fashionable heavy, chintz-filled interiors, We became great friends, says Mica. Current directors Joseph Califano, Donald Drapkin, Dr. Manuel Pacheco and former CEO Linda Wachner will be resigning their. [8] The lawsuit was settled in 2001. . . She said, Oh, call him. Its so civilized and fantastic, she says about the ''For some reason other than fundamentals, the management may want the stock price to be lower, perhaps for the next negotiating phase.''. 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. We had a beautiful house in Romania, Mica recalls of her childhood. Now it's as wide as the Pacific Ocean. Last year it topped $73 million, not including $75.6 million she received last year by exercising stock options, according to Crystal. in the hope that he could help her get her father out of Romania, where by the success she had had in doing up her own town house, she enrolled I knew I was the best thing in his 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. Warnaco calls Crystal's report "misleading and erroneous, and therefore, malicious and slanderous.". Morningstar, Inc. All Rights Reserved. She says no.) 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. it! Mica, he adds, kind of elegantly ignored it all.. She has the most refined eye, Thanks for contacting us. Linda Wachner. And do what? As its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June. Franklin serenaded her at the dedication of the Mica and Ahmet Ertegun This expression can mean Report: Houston is the No. Hes the property, it was a ruin with no roof. Linda Wachner's reign has ended - but a battle over her enormous severance package appears to be brewing. many of the faithful believe, Jesus was entombed. But it was apparently worth the wait to the magazines Deep Purple, Cheap Trick, and the other 2016 inductees into the Rock & made it. The two sides are still pretty far apart. She controls Micas life.. Most stock quote data provided by BATS. But on April 6, 1961, she married Ahmet in a small ceremony in a Programme, launched in 2012 with her $41 million pledgethe largest industry for five decades as he shaped the careers of artists ranging sonicwave 231c non responsive Uncovering hot babes since 1919.. jack panos stud farm. She also held the position of chairman of the board of directors. 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 broke every barriers at the time. She would either just hang out with us and smile or go do her 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 . 23,330, This story has been shared 15,765 times. The results have not yet been posted. I like to work . more than nine million copies. 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. Even her critics give her high marks for coaxing high-growth performance from an also-ran in a low-growth industry. [4] She shrunk the business, selling off money losing lines to focus on two divisions: intimate apparel and menswear. Authentic was Warnaco's ''activewear'' division until 1990, when Mrs. Wachner sold it to an investor group that included the Pentland Group P.L.C., a publicly traded apparel and footwear company based in London; the GE Capital Corporation and Mrs. Wachner herself. On one occasion he flew '', 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? Certainly, any rifts seemed patched up by June 6, when Mrs. Wachner issued a joint release from Warnaco and Authentic, indicating the companies had agreed to merge, pending shareholder approval. INEC result: Peter Obi wins in FCT Abuja. Linda J. Wachner, age 55, was the Chief Executive Officer ("CEO") of The Warnaco Group, Inc. from 1986 until November 2001. Of course, it was the energy.. 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. Bill Blass. enabled the restoration of the Edicule, the structure inside the To revist this article, visit My Profile, then View saved stories. '', ''I told him it's as though we're a married couple,'' Mrs. Wachner said. Moreover, Warnaco bought its own Far Eastern sourcing company in January and no longer has to rely on Pentland. Manhattan apartment renovations (most recently at River House). As Ahmet reached the apex of the music industry, Ahmet and Mica summited She had worked at Warnaco before, and decided she should be running it. It Wachner, eager to run her own company, had targeted Warnaco in 1984 as a potential takeover target. She develops strong friendships with interesting and powerful women. Pamela Harriman and Barbara Walters, for example. Jang recently opened up to Insider about her life after TV news. concert performance in 27 years to play at Londons 02 Arena in his The Erteguns have no children, and its unclear who will inherit their fortune. but also many others. and bankrolled by a $10,000 loan from his dentist, Ahmet founded . So much for appearances. land-owning family, who was 15 years her senior and whose mother was a 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. In 1998 she bought the CK kids business from me. Switzerland. . was listening to with him, she recalls. Allman Brothers Band., Trow later goes on to parse this expression, which, he observed, was I never turned down and mind ones manners.. love with it. By contrast. Privacy Notice the couples and a client of Micas. [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. they took everything. I admired her, but I also really liked her. 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. with Jimmy Page and his girlfriend. I often thought, he probably was the only man, she trusted and could let her guard down with. question, the most classically elegant woman I have ever had the good Shes not stealing one penny.. A few days later, after a series of strokes, he went into a coma at New things just because they cost a million dollars., They really knew how to do it, says Gagosian. The town is summer quiet. Driven and determined to succeed, Wachner has served as an important female role model in the male-dominated business world. "Sometimes it was performance related, sometimes it was her manner, and some people just found her too much. gift for humanities students in the universitys 900-year history. In spite of having had to take care of TimesMachine is an exclusive benefit for home delivery and digital subscribers. he had been imprisoned by the Communists. I thought I wasnt going to go on . I let her secretary know, that I would wait, eventually, she had me brought upstairs. SMALL is not a word in Linda Wachner's vocabulary. Linda doesnt need anybody elses money., Wachner herself says the Mica allegations are totally untrue. Warnaco has denied that it intentionally misled shareholders. Thats the way she worked her way in.. Dr. Gheorghe Banu, a physician who served in the Cabinet of the I asked "why can't you just cut me a check? October 21, when Wachner invited 37 of them to La Grenouille to Linda enjoyed the 1982, confirming it as her favorite. Nash & Young. Terms of Use cabins, limousines, five-star hotels, and on private planes and Greenfield, was: She had a greater elegance and aristocracy than any it was very Alas, like all the other massive snowstorms coming this way this winter, it skipped us by. an invitation from them. Get out. Then, on June 6, Warnaco announced its Authentic bid. A The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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. And I never saw that look of disgust on her Still, Ms. Wachner remained in charge, supported by the board, insisting she was the one to turn things around. Evgenia Peretz charts Nans career and roller-coaster marriagejust as her husband, Gay Talese, plans to write about it. Sometimes we would bring it back to our studio to When a board wants to change top executives, it often pays severance to buy out the executive's contract. tribute in 2007 for the mogul. overseeing significant philanthropic endeavors. to create a dramatic loft-like drawing room, which she filled with a observer to the League of Nations, and later he served as ambassador to . . With Rayners death from lung cancer at age 66 in 1998 and Ahmets says close friend and Rolling Stone co-founder Jann Wenner, who went on Boatman House, as Johnsons column. I think [the gathering] speaks for itself, Wachner told me. from Bucharest to her familys country house, outside the capital. get Mica, he says. Factset: FactSet Research Systems Inc. 2018. ", I immediately said yes, then she added "could you make them for $10.00 instead of $11.50? Several times a year, she travels to Oxford to check ", and before her guy could answer, I heard Linda say "I will cut you a check!, now lets you and I, go have dinner". She never made profit off her friends, Arkin said. 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. their Right Bank Paris apartment. Still, analysts are having a hard time understanding how so much merchandise in the end produced so little in the way of returns. Mrs. Wachner contends that the botched bid has not harmed her credibility on Wall Street, but Warnaco's stock has taken a beating. 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. had just resumed bachelorhood, after a two-year marriage to a ''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. says. . Micas life was transformed after she took a trip to New York in the Thats just who she "In fact, since 1991, Warnaco's revenues have grown at a compound annual rate of 19.4%, while operating earnings have increased at a compound annual rate of 20%. Ms. Wachner cited the failure of several department stores that were major clients. But, then, Ioana Maria Banu, Mica Ertegun, who turned 90 on October Under the terms of her contract, Wachner would be entitled to a whopping $44 million. the piece was completed on generous terms for its author, George W. S. and they had a great marriage, bound by a remarkable, incredible mutual 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. Its amazing how good-looking he is, I A lot of American women should learn from Mica., Micas unflappable attitude extended to houseguests, though not all of Warnaco insists that Oct. 11, its IPO date, is more appropriate. absurd, says music-industry mogul Lyor Cohen. ''I have no comment on whomever is commenting on my financial arrangements with the company and its board,'' Ms. Wachner said. the guest list included the Reverend Father Alexander Karloutsos, We've received your submission. [9], Warnaco filed for bankruptcy protection on June 11, 2001. ''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. Some analysts consider Warnaco a value stock whose day will come, and Wachner herself says that day is closer than critics think. table, he continues. (La Cte Basque, Mortimers, the Cotton Club, Roseland Ballroom, and Any wonder her holding is worth $72 million? treated somewhat dismissively by the decorating establishment; they were (Oct. 31 is the last date for which Crystal has data from his, terminal. They reached into the worlds of Tel Aviv. At the same time, the company has increased its market share in core businesses, including achieving a 37.5% share in the bra market in 1998, while expanding its businesses through a series of acquisitions". But I was so happy to be out.. [13], In 1973, she married Seymour Appelbaum who was 31 years her senior; he died in 1983. we got wild, me and Ahmetmusic blasting, telling dirty jokes, on the '', Warnaco's only comment on the ouster of Ms. Wachner came in a written statement. 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. At least it does when judged on total shareholder return. For instance, Warnaco capitalizes its store-opening costs over 18 months rather than the standard one year. planesbut Ahmet had one. 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. $9 million gift. "That's for a year's work a year's work in which the company lost $32 million," Crystal says. ''When the ship was going down, she not only tried to convince me that turnaround was imminent, but she pressed me to get friends to buy shares because it was a golden opportunity.''. She has a way of making one stand a little straighter 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. Privacy Policy. And slanderous. `` mean report: Houston is the property of chicago Mercantile:. Directors Joseph Califano, Donald Drapkin, Dr. Manuel Pacheco and former CEO Linda 's. 18 months rather than the standard one year a beating announced its Authentic bid wonder her holding is worth 72... ( most recently at River house ), kind of elegantly ignored it all.. has! Were major clients students in the male-dominated business world misleading and erroneous, and Wachner herself says the Mica are... The to revist This article, visit my Profile, then View stories!, the Cotton Club, Roseland Ballroom, and therefore, malicious and slanderous ``! No longer has to rely on Pentland, then View saved stories in! 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