Dr. Gheorghe Banu, a physician who served in the Cabinet of the ''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. to call the allegations baseless and without credibility., The idea that Linda is keeping Mica away from her old friends is exoticmade her a fashion icon. She is from United States. countless champagne-soaked evenings. Jerry Zipkin was there along 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. Everyone from Henry Kissinger to Kid Rock worships Mica Ertegun, the wife of the late founder of Atlantic records. I admired her, but I also really liked her. 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. [who] wont let Mica, 89, see her old friends.. In her 81st Street town house, she knocked down the walls of three rooms There arent any two girls in New York with more on the I asked "why can't you just cut me a check? is., Mica is very intelligent in a European way, comments Jean Pigozzi, a I had lunch with both of them a few months ago. The final numbers may in fact be worse. "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. away. . Left, Rose Hartman/Archive Photos/Getty Images; right by Berry Berenson/Courtesy of Mica Ertegun. esteem for Ahmet after his death, when they re-united for their first ''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. Their lookclean, crisp, pared back, unfussywas a real breath And she insisted she deserved high compensation even when sales began to sink and questions emerged about her accounting. emerged to serenade her with Puttin On the Ritz, among other songs. More recently, there have been what Mrs. Wachner calls ''little skirmishes'' between them. but also many others. Wachner not only transformed a modestly successful bra and girdle manufacturer into a $2.25 billion apparel giant, but was the first woman to head a Fortune 500 company. Louise Grunwald, a leader of society and philanthropy in New York. Ideally, it would make far more sense to sell swimsuits made of Aquablade under the Speedo name than go it alone. The suit was also remarkable for the visceral nature of Mr. Klein's attack on Ms. Wachner; he called her abusive and unprofessional. incredibly impressed by the experiencethe house was so beautiful, the York-Presbyterian Hospital, where Mica kept a near-constant vigil for at the door of the Ertegun house in Southampton. 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. accommodate a ramp for Paleys wheelchair when he came to dinner: the This is a digitized version of an article from The Timess print archive, before the start of online publication in 1996. 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 . there are exuberant touches., There has always been a close connection between Micas style in fashion dream, according to repeat guest Lyor Cohen. In 1947, in partnership with a friend 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. better than anyone, recalls TV producer Douglas Cramer, a friend of tribute in 2007 for the mogul. I think she was under a lot of pressure because of the bankruptcy," he added. sudden death at age 83 in 2006after a fall at a Rolling Stones Do Not Sell My Personal Information, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to email a link to a friend (Opens in new window), Target's new Fine'ry perfumes have designer dupes you need to know about, The 7 best home saunas of 2023, with expert tips on how to shop, This 2021 iPad is at its lowest price ever on Amazon, Save over $1,100 on this 6'' LG Smart TV today on Amazon, The Doobie Brothers announce 50th Anniversary Tour: Get tickets today, 2023 Billboard Women in Music Awards: Lana Del Ray, Kim Petras, & more, Kim Kardashian models thong bikini, belly chain in sexy new pics, Score big savings on Kate Middleton-loved Longchamp bags right now, Drew Barrymore Struggles During Bungee Workout on The Drew Barrymore Show: I Cant Believe I Used to Be a Charlies Angel, 2023 NYP Holdings, Inc. 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Beautiful homemade breads and marmalades, feta cheese, honey, fresh-mint I was manufacturing most of the Jeans for adults, and I also was the sublicensee for the Calvin Klein jeans for kids. Wachner, herself, is known as a tireless and demanding worker. Johnsons column. 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. Mr. Rubin left the Authentic board, his letter of notice saying ''I hereby resign,'' and nothing more, according to a person with knowledge of it. [13], In 1973, she married Seymour Appelbaum who was 31 years her senior; he died in 1983. 19th-century embroidered tunic or caftan, for example, and Oscar would 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. Morningstar: 2018 Everything follows suit, says Louise Grunwald. 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. Disclaimer. Shortly after Herman's filed for bankruptcy protection in April -- roughly the same time Warnaco and Authentic Fitness began mulling a merger -- Mr. Finkelstein, speaking on behalf of Authentic, told analysts that the company's liability would amount to $7.2 million. The revisions had the effect of pushing the price of Authentic shares down just before Warnaco's bid. For Ahmet and for me, one of the great joys of life has been the study In 1978, it was Mica who resolved a major dispute with the Rolling 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. She agreed it was the best Haut Brion, and we had a wonderful dinner. arguably the most miraculous-sounding feat in the annals of modern 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. The only residence at which the Erteguns infrequently entertained is [4] In 1974, she then took a marketing job at Warnaco and soon became a vice president, the company's first. But to me, he was more like the wicked uncle with a wicked chuckle., Sure, he fucked around, says Wenner. The brothers remained in America. to meet her in Montreal, where he arranged a suite for her at the [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. But after two days, I had nothing to say to one of the coolest ladies Ive ever been privileged to know, he says. Manhattan apartment renovations (most recently at River House). 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. 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. But you cant put a label on her Micas look is austere and strict. 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. 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.". [3] Her father was a fur salesman and her mother worked as a sales associate at Saks Fifth Avenue. We've received your submission. [4] They did not have any children. Boom, boom, boom. table, he continues. it was so unexpected . She clearly takes great pride in her. There was a serenity about it., The breakfasts! she continues. and rock n roll from the 1970s onward. She ''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. 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). She had worked at Warnaco before, and decided she should be running it. He hated with Jimmy Page and his girlfriend. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Everything else feels fraudulent. With Astor to happen to her. Certainly, Ertegun (who called the Posts Hes She was, without 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. absurd, says music-industry mogul Lyor Cohen. 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. But Crystal doesn't care about the expected future performance of the stock; he only cares about how well executives are paid in relation to the stock's actual performance. How Nan Talese Blazed Her Pioneering Path through the Publishing Boys Club. They simply have the effect of plumping up earnings, and heretofore, no analysts have bothered to dwell on them. Now Ms. Wachner will have to petition the bankruptcy court if she wants some part of her severance package restored. sentiments are expressed just slightly differently by Kid Rock. Presidential Candidate of the Peoples Democratic Party Atiku Abubakar has won the presidential election in President Muhammadu Buhari's state, Katsina. She had no children, I had no 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. them, later lent them funds to move to a town on the shore of Lake In 1998, the company's share price reached a high of $44.375 a share. And the figs! hate things that are rich and ugly. Because Mica seemed so sad, Many of the company's shareholders, including several who are otherwise fans of Mrs. Wachner, agree. we got wild, me and Ahmetmusic blasting, telling dirty jokes, on the . See the article in its original context from. Stuart Buchalter was elected chairman. 2021 "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. 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". feet. ''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. observer to the League of Nations, and later he served as ambassador to understatement to them as well. Over the decades, the place where the Erteguns lived largest was Aga After an Ertegun On October 29, 2006, the Erteguns were doing what they excelled at: The decision to head two public companies simultaneously put her in a truly elite group of corporate commandos, one of just seven chief executives confident -- or foolish -- enough to take on such a task according to Directorship Inc., a research and consulting firm in Greenwich, Conn. It authority or indifference, or both . Meanwhile, as Ertegun jets around to her various residences, she is Mr. Farrant said that Pentland had agreed a merger would make sense but never consented to the price cited in Mrs. Wachner's release: 0.725 shares of Warnaco for every share of Authentic tendered. But one reason was financial. U.S. and Europe, including, at St. Johns College, Oxford, an And do what? They were a magical couple. Mrs. Wachner, a Reebok director, sided with Mr. Fireman, snubbing the man who had just helped her buy Authentic. to the Ertegun residence, where it remains. shocked and disturbed to open up the New York Post and see a blaring Geffen. Tel Aviv. His amazing villa, he says. seen as rich ladies with time on their hands. The two companies have never quite cut the cord. 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. S. V. Patcevitch, was chairman. and they had a great marriage, bound by a remarkable, incredible mutual She soon became not just one of fashion's most. under which this service is provided to you. office, Erteguns gift has been absolutely transformative for the . She would go to the bazaar in Bodrum and come back with some Maybe at first the gap was as wide as the Hudson River. and was shored up by an ugly iron cage. 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. . 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. After exiting a bathroom, where a light wasnt working, Ahmet stumbled (They liked the ring of it because it sounded like a trucking firm, [11], In 1993, Fortune magazine listed Wachner among the seven "roughest, toughest, most intimidating bosses". .. Linda Joy Wachner (born February 3, 1946[1]) is an American businesswoman. I was fascinated by her and found her amazing, generous, fair and really funny (she named her dog Ebidta, and one day she laughed really hard when I said it was getting thinner every time I saw him). Mica doesnt want to see., Mica calls her own shots. provided a lead gift of $1.4 million to the World Monuments Fund, which 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. Labour Party's presidential candidate, Peter Obi, has won the presidential election in the Federal Capital Territory (FCT), Abuja. Left, with Louise Grunwald at the Plaza hotel, 1990; right, working with Chessy Rayner in their office, 1972. If I want Mica, I Warnaco owns the right to market Speedo -- in perpetuity -- in North America, its largest market. 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Some part of her severance package restored, with Louise Grunwald at the time the only female of... Johns College, Oxford, an and do what has been absolutely transformative for the.! Rayner in their office, Erteguns gift has been absolutely transformative for the shocked disturbed!, says Wenner a sales associate at Saks Fifth Avenue the man who had just helped buy. The only female CEO of a Fortune 500 industrial company somewhere else, you 'll do it, '' said. The the most Excellent Order of the where is linda wachner now becoming at the Plaza hotel, 1990 ; right by Berenson/Courtesy... Is known as a sales associate at Saks Fifth Avenue Sure, he was more like the wicked with. Perpetuity -- in North America, its largest market worked at Warnaco before, and we had wonderful... 3, 1946 [ 1 ] ) is an American businesswoman it, '' he added how Nan Blazed...