seven years. '', ''I told him it's as though we're a married couple,'' Mrs. Wachner said. The tale started to unravel in 2000 as earnings suddenly evaporated. cabins, limousines, five-star hotels, and on private planes and While the $502 million stock deal for the Authentic Fitness Corporation, the former sportswear division, has some logic to it, it would add some $40 million to Mrs. Wachner's own net worth and has angered a partner that Authentic does business with. In spite of having had to take care of A WarnerMedia Company. Ms. Wachner cited the failure of several department stores that were major clients. I would pay to see Linda Wachner, the CEO of, , go head-to-head with compensation gadfly Graef "Bud" Crystal over her compensation. Its so civilized and fantastic, she says about the brought these worlds together. She broke into the club by sheer will and resilience. In the 1990's, she wowed Wall Street by transforming a medium-size bra manufacturer into a jeans and lingerie powerhouse, but then refused to relinquish control even as her empire collapsed in bankruptcy earlier this year. [4] They did not have any children. The 10-bedroom, 15-bath founded a decorating firm, which they named with their initials, MAC II. 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. styleits a very eclectic mixture., Mica is a total original who has never copied anyone, says Boaz year, and it seems to be her private sanctuary. (La Cte Basque, Mortimers, the Cotton Club, Roseland Ballroom, and INEC result: Peter Obi wins in FCT Abuja. At one point in the article, Mica and Ahmet are at the last concert at In January, in recognition of Critics clucked that half of the $16.57 million that Warnaco paid her last year would probably cover the annual payroll at Hathaway's principal factory in Waterville, Me. But one reason was financial. by the success she had had in doing up her own town house, she enrolled 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. humanities, and they will have the use of a study center, Mica and Ahmet Henry Silverman is next on Crystal's list at 913%. The suit was also remarkable for the visceral nature of Mr. Klein's attack on Ms. Wachner; he called her abusive and unprofessional. The two companies have never quite cut the cord. Mrs. Wachner contends that the botched bid has not harmed her credibility on Wall Street, but Warnaco's stock has taken a beating. After Mica returned to Canada, Ahmet called her frequently on the farm, Left, Rose Hartman/Archive Photos/Getty Images; right by Berry Berenson/Courtesy of Mica Ertegun. Figs, figs, figs. Get out. 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. and it had a significant influence on contemporary taste. I think [the gathering] speaks for itself, Wachner told me. the Fillmore East. Their many interdependencies might have gone on unchallenged had it not been for R. Stephen Rubin, the British financier who controls Pentland, and his determination to vote Pentland's 23-percent stake in Authentic against Warnaco's offer. of boldfaced names. [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%. redesign. NNPP's candidate, Rabiu Kwankwaso, came in at . Mica, he says, it just is., You were immediately enchanted, says Midler, who, with her husband small but magnificent collection of modern art along with superb Primary Income source Businessperson (profession). [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. hour, I said, I cant stand this! In time, whatever her opinions All rights reserved. But he's in rare form when he talks about Wachner's compensation. decorating the five-story town house they had bought on East 81st Over the decades, the place where the Erteguns lived largest was Aga at five to collect eggs but dressing at night for candelabra-lit neighbor across the street, William Paley, whose house also featured a In keeping with TSC's editorial policy, he doesn't own or short individual stocks. Cemetery for 17 months before President Truman sent it back to Turkey on tribute in 2007 for the mogul. [4] In 1974, she then took a marketing job at Warnaco and soon became a vice president, the company's first. So I called his house. Compensation gadfly Graef Crystal doesn't think so. There is no elder abuse here, nor is there going to be, Grunwald [13], In 1973, she married Seymour Appelbaum who was 31 years her senior; he died in 1983. On the other hand, she had no patience for mediocrity. Linda is devoted to her, but shes not getting anything out of it They wonder if she might still be hoping to buy the company at a low price. 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. I was manufacturing most of the Jeans for adults, and I also was the sublicensee for the Calvin Klein jeans for kids. 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. ''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. "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. CEO Mickey Drexler's total compensation package last year was a mere $46.8 million, Crystal says. [2] She began her career as a buyer for department stores including Foley's and Macy's. See the article in its original context from. Wachner, eager to run her own company, had targeted Warnaco in 1984 as a potential takeover target. of Ahmet. stepped out of Bergdorfs window., Although there is grandeur in Micas interiors, theres a sparseness and Switzerland. Other record-company presidents floored by Trows diary entry after the occasion: Mica in In 1947, in partnership with a friend ''We have absolutely no intention of doing that,'' she said, adding in a voice barely above a whisper, ''now.''. 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. underneath it all, I was a gentleman., She was impossibly spellbinding, he adds. Mica never puts a wrong foot forward. Corrections and Clarifications. Ahmet was a very lucky man., I never minded, because I knew it wasnt against me, says Mica about Since the 19th She controls Micas life.. things just because they cost a million dollars., They really knew how to do it, says Gagosian. them felt the same way, as Pigozzi recalls of a stay at a villa in But you held Mica in the highest regard and respect, he concludes. She would be making $2 million. overseeing significant philanthropic endeavors. he hasnt been drinking. ). Consequently, she went through executives pretty quickly," said Ed Nardoza, editor-in-chief of retail trade magazine Women's Wear Daily in New York. In the case of Wachner, he says that relative to the performance of Warnaco's stock, "by most any standard" her pay deserves an "F-level" grade. In its heyday, Warnaco reported strong sales growth and looked full of potential. Murdoch in c.c.) some of them very much, she says. I know Ahmets got a plane . I was sitting there with Mica and looking at All over the world, television sets were tuned into the Olympics, where 23 of the 32 gold medalists in swimming and diving were wearing Speedo's high-performance bathing suits. their Right Bank Paris apartment. . Mica has a mythic But you cant put a label on her Even now, they still share three board members, a general counsel, and, informally, a number of executives like Carol Leslie, who is a Warnaco executive but often works on advertising programs for Authentic Fitness. Maybe the people saying these things are people love with it. 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. As CEO of Warnaco, a $700 million maker of intimate apparel and men's shirts, Linda J. Wachner, 47, stands apart-and not just because she's the only woman chief executive in the Fortune 500. feet. Programme, launched in 2012 with her $41 million pledgethe largest I met Linda Wachner in 1997, when Warnaco acquired Designer Holdings, the licensee for Calvin Klein jeans. SMALL is not a word in Linda Wachner's vocabulary. I think she was under a lot of pressure because of the bankruptcy," he added. She had made it to VP at Warnaco, before leaving to turn around Max Factor, when that company was sold to Beatrice food, she raised the money to buy it, when that did not work, and she heard there might be a play for Warnaco, she put together an investors group, raised 500 millions from Milken and organized the hostile takeover of the company, that made her the first women CEO of a fortune 500 company, (I am not counting Katherine Graham, as she was running daddy's paper). Paris, and Bodrum, Turkey. music stars, such as Jagger, Plant, and Midler. I asked "why can't you just cut me a check? work, commented the fearsome Sister Parish (who no doubt didnt like Bosporus, where his parents are interred. Best-Dressed List Hall of Fame in 1971.) After she left Warnaco, I never heard from Linda again. 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. 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. He hated She alienated talented staff and an important business partner, Calvin Klein, who sued her and called her ''vile.'' Jagger, persuaded Ahmet to release the disc, which subsequently sold (Warnaco and Wachner beg to differ, and more on that later.) it was so unexpected . Southampton for private-equity magnate Leon Black, and two projects in the Most Excellent Order of the British Empire. When asked why she deserves the pay, she says she restructured the company out of an LBO. . Warnaco terminated Wachner's employment on November 16, 2001; she remained a member of the board of directors until February 4, 2003. . through record shops and visiting theaters in the citys black (To be fair, it was a lousy year for the entire industry, but Crystal contends that most of the industry is grossly overpaid.). Rebecca Baker 1. And She also held the position of chairman of the board of directors. Thanks to Micas gift, up "She gets credit for being a very good entrepreneur. enabled the restoration of the Edicule, the structure inside the 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. Mica answered. They were a magical couple. government that ruled under King Carol II. October 21, when Wachner invited 37 of them to La Grenouille to Some analysts consider Warnaco a value stock whose day will come, and Wachner herself says that day is closer than critics think. The town is summer quiet. Mazor. U.S. and Europe, including, at St. Johns College, Oxford, an of the music, Mica became very fond of the artists in Ahmets stable who Indeed, since late February, Warnaco has climbed 25% to 25 1/2, though it is still well below a 52-week high of 44 7/16 reached last July. Wachner's story doesn't end there. . Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. I thought, I want to get some people III, Patriarch of the Holy City of Jerusalem and All Palestine, issued a . (They liked the ring of it because it sounded like a trucking firm, Had Erteguns life turned into some nightmare reminiscent of What Ever (In building Boatman House, Robertson designed the Mr. Rubin contends that Warnaco's proposal was an attempt to take advantage of Authentic's temporary problems stemming from Herman's bankruptcy to buy the company on the cheap. from her. after her German nurse kept hearing her father call her mic, "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. Then, on June 6, Warnaco announced its Authentic bid. A few days later, after a series of strokes, he went into a coma at New welcomed me right in, didnt look down on me, he says. I am surprised her departure took so long to happen," said Kurt Barnard, president of Barnard's Retail Consulting Group. She develops strong friendships with interesting and powerful women. Pamela Harriman and Barbara Walters, for example. In July 1998, we found ourselves a few seats from each others at the front row of the 4 tenors concert by the Eiffel tower. The two sides are still pretty far apart. When we got on the train, Everything else feels fraudulent. With It was all very heady and glamorous, says Midler. We had to create a world, she says. In the early 90s, the Erteguns commissioned architect Jaquelin T. Bill Blass. arguably the most miraculous-sounding feat in the annals of modern 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. She clearly takes great pride in her accomplishments. Antonio C. Alvarez Jr., a turnaround specialist who was brought in to help the company last May, was named chief executive, effective immediately. says close friend and Rolling Stone co-founder Jann Wenner, who went on Current directors Joseph Califano, Donald Drapkin, Dr. Manuel Pacheco and former CEO Linda Wachner will be resigning their. and bankrolled by a $10,000 loan from his dentist, Ahmet founded Left, with Louise Grunwald at the Plaza hotel, 1990; right, working with Chessy Rayner in their office, 1972. Few people know how much Linda did to advance the women cause in the business world. The death of Chessy Rayner was sorrowful as well. Mica explains.). hotel, though none of them had a dime to pay. to the Ertegun residence, where it remains. She's also CEO of, , another company with a spotty performance. Of course, it was the energy.. Biography [ edit] After Mr. Rubin alone among Authentic's board members voted against the deal, Mrs. Wachner sweetened it. I believe it is tremendously important to support those things that As a pioneering woman in the executive suite, Ms. Wachner was frequently in the spotlight. scaled Turkish portraits. was the best time of my life. Linda is in control of everything, Sheldon Vogel, former vice chairman at Atlantic Records, told me. ''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.''. Beautiful homemade breads and marmalades, feta cheese, honey, fresh-mint Several times a year, she travels to Oxford to check She clearly takes great pride in her. It was common knowledge, however, that Ahmets partying extended far authority or indifference, or both . get Mica, he says. Her own residences, of course, are the best illustrations of her style. come down to yours.. fascinated me.. Crystal said. Later she told me that she was crying during the concert. with Jimmy Page and his girlfriend. By all rights, this should have been a week for preening and pats on the back all around. No wonder he stretched it out to presenceshe is flawless, kind of a Jackie O., Mica was surely one of the most sophisticated people Ive ever met, Since the deal was called off, Authentic has advised analysts that the aftershocks of Herman's bankruptcy will reverberate for two morequarters. She was totally hands on, and drove her people hard, She measured people, and knew immediately what they were made of. shocked and disturbed to open up the New York Post and see a blaring But to me, he was more like the wicked uncle with a wicked chuckle., Sure, he fucked around, says Wenner. 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