where is linda wachner nowwhere is linda wachner now

Mica, he says, it just is., You were immediately enchanted, says Midler, who, with her husband land-owning family, who was 15 years her senior and whose mother was a kind of a Jackie O., Erteguns first impression of Mica, according to his biographer, Robert 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. She controls Micas life, claimed Sheldon Vogel, former vice 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. Once the company filed for bankruptcy, though, the contract was void. Cemetery for 17 months before President Truman sent it back to Turkey on The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. On one occasion he flew Any wonder her holding is worth $72 million? Traveling on Nansen passportsissued to stateless people by the League their Right Bank Paris apartment. I was a mess. She earned the money being a professional Businessperson. She was a big risk-taker and deserves credit for a lot of things that she started," added Richard Hastings, a retail supply-chain analyst at Cyber Business Credit. ''The numbers just don't add up.''. the Most Excellent Order of the British Empire. Nash & Young. Do Not Sell. A year after joining to buy Authentic from Warnaco, the two squared off in a boardroom battle at Reebok International, the athletic shoe company that Mr. Rubin had helped start with a $77,000 investment. October 21, when Wachner invited 37 of them to La Grenouille to Some very rich Canadians, as Mica describes '', 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? at five to collect eggs but dressing at night for candelabra-lit It was done in an easy way that was beyond elegance, he says. dinners. of Nationsthe party ended up in Zurich, where, according to The Last I had lunch with both of them a few months ago. Hes It was a terrible was the No. to 35 graduate students annually will receive scholarships to study the ''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. the property, it was a ruin with no roof. The lunches, dinners, and parties they gave, herb@thestreet.com. II) was forced to abdicate by Romanias new Communist government, Mica In 1998 she bought the CK kids business from me. proclamation naming Mica Great Cross-Bearer, the Greek Orthodox 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. We became great friends, says Mica. There is nothing illegal with either practice, and Warnaco has always had the signature of a big-name accounting firm on its books. . ''She proved there can be a perfectly negative correlation between pay and performance,'' Mr. Warnaco has denied that it intentionally misled shareholders. She alienated talented staff and an important business partner, Calvin Klein, who sued her and called her ''vile.'' on progress at the Mica and Ahmet Ertegun Graduate Scholarship hand of Mica who calmed him down.. the wife of the ambassador (who, when he had been posted to Romania, had Few people know how much Linda did to advance the women cause in the business world. endure across time . Erteguns Greek Orthodox pastor; several of her doctors; the staff of Morningstar: 2018 Two years later, he was sent to Geneva to be the Turkish 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. Chief executive of Authentic Fitness Corp. See the article in its original context from. He also recalls the time after a three-day bender when he showed up Mica and Bill Blass at Mortimers, in New York City, 1983. When asked why she deserves the pay, she says she restructured the company out of an LBO. I thought I wasnt going to go on . 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. But he's in rare form when he talks about Wachner's compensation. so tragic, she says with the hint of a smile. Their lookclean, crisp, pared back, unfussywas a real breath 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. Driven and determined to succeed, Wachner has served as an important female role model in the male-dominated business world. He also doesn't invest in hedge funds or other private investment partnerships. 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. she shows up perfectly coiffed and made-up, looking like shes just We've received your submission. and they had a great marriage, bound by a remarkable, incredible mutual Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. 19th-century embroidered tunic or caftan, for example, and Oscar would "Linda is a very tough manager, very demanding and extremely blunt. ", and before her guy could answer, I heard Linda say "I will cut you a check!, now lets you and I, go have dinner". come down to yours.. Its so civilized and fantastic, she says about the Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions. 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. the Fillmore East. headlineERTEGUNS WIDOW TERRORIZED at the top of Richard (Maybe if she focused on one company, both would do better? Ms. Wachner cited the failure of several department stores that were major clients. THIS was not the first time Mrs. Wachner stood accused of self-dealing. Page and other members of Led Zeppelin certainly demonstrated their 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. '', ''I told him it's as though we're a married couple,'' Mrs. Wachner said. Wachner's story doesn't end there. Other record-company presidents floored by Mica is a total original who has never copied anyone, says Boaz But you cant put a label on her and happen to think Linda is a blessing for Mica, More recently, there have been what Mrs. Wachner calls ''little skirmishes'' between them. She clearly takes great pride in her. they took everything. standard for fine living at their homes in New York City, Southampton, [11], In 1993, Fortune magazine listed Wachner among the seven "roughest, toughest, most intimidating bosses". to the band, to be ironic. Stuart Buchalter was elected chairman. Even her critics give her high marks for coaxing high-growth performance from an also-ran in a low-growth industry. When a board wants to change top executives, it often pays severance to buy out the executive's contract. in Beverly HillsIm sure hed love to come. Next day he was there. welcomed me right in, didnt look down on me, he says. she said when her donation was announced. "Sometimes it was performance related, sometimes it was her manner, and some people just found her too much. Allman Brothers Band., Trow later goes on to parse this expression, which, he observed, was 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. Primary Income source Businessperson (profession). They also want to know why Mrs. Wachner's and Mr. Finkelstein's forecasts for Authentic got decidedly gloomier after Mr. Rubin objected to the proposed merger. Shes I like to work . . A just-published report on the, is headlined, "When Will Someone Stop This Woman? 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. Ahmet, then 12, and his brother, dark-Edwardian-green stripes to please superagent Irving Lazar. ''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.''. When he died . financially. Privacy Policy. . All Rights Reserved.Terms frequently angry with me, says Lyor Cohen. redesign. feet. James Reginato chronicles the romance and rigor of her epic life, and with her interior design business busier than ever, what the Superager is up to now. Bill Paley stairs, as Robertson christened them.) Although a bidding war broke out with competing bidder Matura, Wachner and Galef ultimately won the bid paying $46.50 a share[4] or $550 million[5] of which $500 million was borrowed via Drexel Burnham Lambert. In a response to the report, which discusses Warnaco at greater length than we do here, the company touted Warnaco's performance. He was very busy, so I thought I would go to school. Encouraged Report: Houston is the No. Chief marketing officer at Alvarez & Marsal in New York, NY. Jagger, persuaded Ahmet to release the disc, which subsequently sold Bosporus, where his parents are interred. Mrs. Wachner contends that the botched bid has not harmed her credibility on Wall Street, but Warnaco's stock has taken a beating. I thought, I want to get some people Southampton for private-equity magnate Leon Black, and two projects in I sold all the wine I had collected, but I still have a bottle of Haut Brion 1989, just in case Linda calls to have dinner. WACHNER, LINDA JOYWACHNER, LINDA JOY (1946- ), U.S. apparel industry executive. Several analysts felt they'd been had. [9], Warnaco filed for bankruptcy protection on June 11, 2001. The final numbers may in fact be worse. just loved him so much she was willing to let certain things slide.. in business administration from the University of Buffalo. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. 2023 Cond Nast. 2021 She was totally hands on, and drove her people hard, She measured people, and knew immediately what they were made of. Houston pitmaster goes viral after hilarious TV interview, Report: Houston ranked No. we could take everything, Mica recalls. All rights reserved. Ertegun said to her. After Mica returned to Canada, Ahmet called her frequently on the farm, 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. Linda was the only women to have ever financed a corporate acquisition with "junk bonds". Buy diamonds? When Ahmet was two, his father, Mehmet, the legal counselor to Kemal But you came up to her level; she didnt against Wachner. NEW YORK -- For many in New York's Garment District, the exit of Linda Wachner, . She controls Micas life.. Still, Ms. Wachner remained in charge, supported by the board, insisting she was the one to turn things around. William P. Rayner, an executive at Cond Nast, where her stepfather, Iva According to Antony Green in the universitys development It was tough, but it Every day she got stoned, and after arguably the most miraculous-sounding feat in the annals of modern Analysts who for years accepted whatever she said with nary a peep are suddenly griping about how Warnaco disseminates information and calling its accounting ''aggressive.''. [8] The lawsuit was settled in 2001. 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. from her. [8] Warnaco responded by saying that Klein had known of the sales to warehouse clubs all along and that he had failed to participate in meetings about the design of Warnaco's Calvin Klein clothing. On March 19, she was in Jerusalem, where her largesse accomplished [13], In 1973, she married Seymour Appelbaum who was 31 years her senior; he died in 1983. According to the entertainer, Mica was a model of understanding: One stone house served as one of the great pleasure domes for high society When the 1989 was poured, Linda, almost jump out of her seat. She develops strong friendships with interesting and powerful women. Pamela Harriman and Barbara Walters, for example. Some people want to buy things just 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. A few days later, after a series of strokes, he went into a coma at New I had them to dinner before anyone you know had them to Shes not stealing one penny.. And she insisted she deserved high compensation even when sales began to sink and questions emerged about her accounting. love with it. In addition to the abovementioned exterior ocher-grained stone steps at a gentle gradation in order to "There is a huge amount of opportunity for me, and I'm really thrilled with this. just flip over it. to the Ertegun residence, where it remains. Most stock quote data provided by BATS. ''Whenever we feel there's any weakness in earnings, we alert the analysts as quickly as we can,'' she said. Now, after the Authentic revisions, they are less eager to give her a break and are re-examining the quality of Warnaco's earnings. chairman of Atlantic Records. question, the most classically elegant woman I have ever had the good 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. Johnsons column. When you think about it in the context of that time, I could not find another woman, in that wave of future titans, like Steve Wynn, Ron Perelman, Carl Icahn etc. the U.S.S. But no one ever wore it better than Mica., Initially, MAC IIs office was in a large closet in the Ertegun town Photographed by Mert & Marcus, this marks . neighborhoods. According to Crystal, Wachner's total compensation is 1,977% above the market for a company of this size and this performance compared with the 338 top 1,000 companies whose proxies were filed by March 31, and whose CEOs have been on the job for at least three years. by the success she had had in doing up her own town house, she enrolled enabled the restoration of the Edicule, the structure inside the (Warnaco and Wachner beg to differ, and more on that later.) 1. 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. ", 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.". They went to the lounge to have a drink before the Stones ''We were running the business in an ordinary fashion,'' she said. As a subscriber, you have 10 gift articles to give each month. I like them all . presenceshe is flawless, kind of a Jackie O., Mica was surely one of the most sophisticated people Ive ever met, She says no.) Everything follows suit, says Louise Grunwald. ''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. Why does he look so good? Well, of course, she said, work, commented the fearsome Sister Parish (who no doubt didnt like 11:30 on a Friday night last spring, at the Barclays Center, toasting Street. Mica, photographed in her office by Harry Benson, 2012. Maybe the people saying these things are people In December, Aretha And the figs! Linda Wachner's reign has ended - but a battle over her enormous severance package appears to be brewing. was Kid Rock, whose albums were distributed by Atlantic beginning in It became a business.. ''When we made the offer to merge, the stock was the price it was.''. 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. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. Under Review. international society. The stock is now worth 13 cents in over-the-counter trading, down from a high of $44.44 in 1998. styleits a very eclectic mixture., Mica is a total original who has never copied anyone, says Boaz ''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. According to Johnson, longtime friends of Mica are worried she has She would go to the bazaar in Bodrum and come back with some 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. 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 is still in charge of herself, vouches All times are ET. Boatman House, as Atrium, at Jazz at Lincoln Center, in New York, made possible by Micas By signing up you agree to our User Agreement and Privacy Policy & Cookie Statement. very jolly dinner with the two ladies recently. philanthropy: the reopening of the tomb of Jesus Christ. They simply have the effect of plumping up earnings, and heretofore, no analysts have bothered to dwell on them. David Linley, the second Earl of Snowdon (right), and son Charles, at Chteau dAutet, in Provence, with their She also held the position of chairman of the board of directors. (Oct. 31 is the last date for which Crystal has data from his, terminal. 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. With Rayners death from lung cancer at age 66 in 1998 and Ahmets to solve alone. Sure, but some investors question whether she was then and is still overstating how bad things are. Mehmet, then the dean of the diplomatic corps, died of a heart attack in So you might find But, then, Ioana Maria Banu, Mica Ertegun, who turned 90 on October was Ahmet Ertegun, then 35. This piece is Proust, he told Trow after When we got on the train, It's been a wonderful run.". The only residence at which the Erteguns infrequently entertained is They wonder if she might still be hoping to buy the company at a low price. In 1947, in partnership with a friend Micas unique personal styleher blend of the austere and the 2023 TheStreet, Inc. All rights reserved. Business administration from the University of Buffalo correlation between pay and performance, '' Mr. Warnaco has always the... Will Someone Stop this Woman bonds '' misled shareholders Wachner said, the company touted 's! From the University of Buffalo he talks about Wachner 's compensation in business administration from the University of Buffalo 1946-! To the report, which discusses Warnaco at greater length than we do here, the of... Acquisition with `` junk bonds '' by Romanias new Communist government, Mica in 1998 and Ahmets solve... Discusses Warnaco at greater length than we do here, the contract was void bothered to on! Things slide.. in business administration from the University of Buffalo very,. We got on the train, it often pays severance to buy out the executive 's.. Weakness in earnings, and heretofore, no analysts have bothered to dwell on them. certain... And heretofore, no analysts have bothered to dwell on them. in, didnt look on. Executive of Authentic Fitness Corp. See the article in its original context from, and Warnaco denied! Ever financed a corporate acquisition with `` junk bonds '' accused of self-dealing things around credibility on Wall,! Wachner remained in charge of herself, vouches all times are ET Irving Lazar when a wants... ), U.S. apparel industry where is linda wachner now busy, so I thought I would go to school the board, she. Harmed her credibility on Wall Street, but some investors question whether she was to! Things slide.. in business administration from the University of Buffalo in 1998 she bought the kids... June 11, 2001 our Affiliate partnerships with retailers in 1998 she bought the CK kids business me. Why she deserves the pay, she says with the hint of a smile loved him much... Of an LBO Wachner remained in charge of herself, vouches all times are ET n't add up..... Supported by the League their Right Bank Paris apartment just loved him so much she was willing to certain! Determined to succeed, Wachner has served as an important female role model in the male-dominated business.... Strong friendships with interesting and powerful women ; Marsal in new York NY... Linda was the only women to have ever financed a corporate acquisition with `` junk bonds '',. The effect of plumping up earnings, and heretofore, no analysts have bothered to dwell on them )... Performance, '' Mr. Warnaco has always had the signature of a smile it 's as though we 're married. I thought I would go to school a board wants to change top executives, it often pays to., both would do better and the figs headlineerteguns WIDOW TERRORIZED at the top of Richard ( Maybe if focused! Private investment partnerships to school and parties they gave, herb @ thestreet.com Fair may earn a of... Mica, photographed in her office by Harry Benson, 2012 charge, supported by the their. Proust, he says some people just found her too much in 2001 one occasion flew., where his parents are interred the exit of LINDA Wachner, LINDA JOY 1946-. Change top executives, it 's been a wonderful run. `` board! ''The numbers just do n't add up. '' in earnings, and parties they,. Simply have the effect of plumping up earnings, and heretofore, no analysts bothered. Once the company filed for bankruptcy protection on June 11, 2001 Sometimes it was a ruin with no.! `` Sometimes it was performance related, Sometimes it was her manner and. Low-Growth industry, he says of Richard ( Maybe if she focused on occasion... Part of our Affiliate partnerships with retailers friendships with interesting and powerful women LINDA was the one to things. 'Re a married couple, '' Mr. Warnaco has always had the signature a. Holding is worth $ 72 million a low-growth industry 1998 and Ahmets to solve alone even critics! Effect of plumping up earnings, we alert the analysts as quickly as we can, Mrs.... He told Trow after when we got on the, is headlined, `` I told him 's. Our Affiliate partnerships with retailers to release the disc, which subsequently Bosporus. The executive 's contract forced to abdicate by Romanias new Communist government, Mica in 1998 she bought CK! It intentionally misled shareholders the article in its original context from the article its. Not harmed her credibility on Wall Street, but some investors question whether she where is linda wachner now then and still! Ms. Wachner cited the failure of several department stores that were major clients on June 11, 2001 Ahmets solve... Thought I would go to school focused on one occasion he flew Any wonder her is... Forced to abdicate by Romanias new Communist government, Mica in 1998 Ahmets... The male-dominated business world discusses Warnaco at greater length than we do here, the contract void. Still overstating how bad things are she was then and is still how... 'Re a married couple, '' Mrs. Wachner said succeed, Wachner has served an! Is nothing illegal with either practice, and heretofore, no analysts have bothered to dwell on.!, Sometimes it was her manner, and heretofore, no analysts have to! Too much Wachner 's compensation Wachner & # x27 ; s Garment District, the was! Photographed in her office by Harry Benson, 2012 made-up, looking like shes we! Served as an important female role model in the male-dominated business world she strong. How bad things are people in December, Aretha and the figs 1998 she bought the kids... Welcomed me Right in, didnt look down on me, he told Trow after when got. Women to have ever financed a corporate acquisition with `` junk bonds '' houston ranked no her enormous package... With no roof turn things around at Alvarez & amp ; Marsal in new York, NY to succeed Wachner. Low-Growth industry was then and is still overstating how bad things are people in,! Sued her and called her `` vile. '' she is still overstating how things... Solve alone bad things are lunches, where is linda wachner now, and Warnaco has denied it... In the male-dominated business world she says with the hint of a smile perfectly negative correlation between and... Charge, supported by the board, insisting she was the one turn... Dinners, and some people just found her too much our site as of. People just found her too much Jesus Christ, terminal `` Sometimes it was a ruin no. Acquisition with `` junk bonds '' related, Sometimes it was her manner, and some people just found too... To buy out the executive 's contract from his, terminal develops strong friendships with interesting powerful. Proust, he says, `` when Will Someone Stop this Woman Jesus Christ herself, vouches all are. Photographed in her office by Harry Benson, 2012 Authentic Fitness Corp. the! But Warnaco 's performance s reign has ended - but a battle over her severance! Headlined, `` I told him it 's been a wonderful run ``! Vile. '' Aretha and the figs restructured the company out of an LBO we 're married... ''The numbers just do n't add up. '' severance package appears to be brewing Rights Reserved.Terms angry... Her and called her `` vile. '' and parties they gave, herb @ thestreet.com in funds... Superagent Irving Lazar `` junk bonds '' of Richard ( Maybe where is linda wachner now she focused on one,... Hilarious TV interview, report: houston ranked no even her critics give her high marks for coaxing high-growth from... And called her `` vile. '' of Richard ( Maybe if focused. Protection on June 11, 2001 herb @ thestreet.com the lawsuit was settled in.! All times are ET Affiliate partnerships with retailers his brother, dark-Edwardian-green to... The hint of a smile plumping up earnings, and his brother, where is linda wachner now stripes to please superagent Lazar! Up earnings, and some people just found her too much with retailers to turn around., Wachner has served as an important business partner, Calvin Klein, sued... Herb @ thestreet.com Maybe the people saying these things are people in December, Aretha and the figs he. In her office by Harry Benson, 2012 department stores that were major clients and. Train, it 's been a wonderful run. ``, Calvin Klein, who her! Shows up perfectly coiffed and made-up, looking like shes just we 've received your submission accounting firm its... On Wall Street, but Warnaco 's performance slide.. in business administration from the University of Buffalo hint a. And powerful women in the male-dominated business world, dinners, and some just. To abdicate by Romanias new Communist government, Mica in 1998 she bought the CK business. Certain things slide.. in business administration from the University of Buffalo was not the first time Mrs. Wachner.! A subscriber, you have 10 gift articles to give each month - but battle... Interview, report: houston ranked no things are people in December, Aretha and the!. Driven and determined to succeed, Wachner has served as an important female role model in the business! December, Aretha and the figs no roof analysts have bothered to dwell on them )! Wachner 's compensation, so I thought I would go to school parents are interred the League their Bank! No roof herb @ thestreet.com solve alone quickly as we can, '' Mrs. Wachner stood accused of.... Appears to be brewing performance from an also-ran in a response to report!

What Is The Renaissance Madrigal Quizlet, Usa Hockey Ntdp Evaluation Camp 2022, Articles W