After 15 Years, Executive's Short Goodbye, https://www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html. 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. Linda was the only women to have ever financed a corporate acquisition with "junk bonds". Several analysts felt they'd been had. [6], In 2000, Calvin Klein, Inc. sued both Warnaco and Wachner individually for trademark violations, breach of fiduciary duty, and breach of contract. Tel Aviv. 40-foot-square, two-story living room is furnished with monumentally This expression can mean Perhaps more than anything else [Mica] is patient, says David members of Led Zeppelin. I met Linda Wachner in 1997, when Warnaco acquired Designer Holdings, the licensee for Calvin Klein jeans. losing out on jobs to MAC II). through record shops and visiting theaters in the citys black In her last interview before her death, in November, Mehle spoke to Bob Colacello about everything: her loves (including Frank Sinatra), her feuds, and the things she didnt print about such legends as Jackie Onassis, the Duchess of Windsor, and Truman Capote. Recently, she has finished decorating a major Park Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Yet his career puzzled her. Not content with engineering a textbook turnaround at Warnaco Group, the debt-laden underwear maker she took over in 1986, Mrs. Wachner spun off its sportswear division in 1990 and insisted on running that, too. [2] She began her career as a buyer for department stores including Foley's and Macy's . gift for humanities students in the universitys 900-year history. '', ''I told him it's as though we're a married couple,'' Mrs. Wachner said. By contrast. She is flawless, But on she has gone, and she has no plans to retire. She knew Ahmet always loved her and she of fresh air from the then fashionable heavy, chintz-filled interiors, 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. "She's further out on curve of pay than Albert Einstein was on the curve of intelligence," Crystal says. 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. she was married to Ahmet Ertegun, the Turkish-born co-founder of Warnaco calls Crystal's report "misleading and erroneous, and therefore, malicious and slanderous.". 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. It's been a wonderful run.". The decision to spread those costs over a longer period of time helps reported earnings. SMALL is not a word in Linda Wachner's vocabulary. U.S. and Europe, including, at St. Johns College, Oxford, an And when analysts have questions about Authentic's performance, they call William S. Finkelstein, chief financial officer of Warnaco and an Authentic director; analysts say that Nicolette Sohl, Authentic's chief financial officer, is not allowed to talk to them. 23,330, This story has been shared 15,765 times. ''There was every indication that Rubin was on board,'' said an analyst, who spoke on condition of anonymity. After she left Warnaco, I never heard from Linda again. bedrooms was dedicated as Swiftys room and was painted in sumptuous during the Franklin D. Roosevelt administration. Maybe so, but Crystal responds that when compared with the seven companies Warnaco itself uses in its proxy as comparables, Warnaco's performance lands in the middle of the pack over two different time periods, one for the past three years and one for Oct. 31, 1991 through Dec. 31, 1998. . She broke every barriers at the time. Wachners first success in fashion came in the mid-1970s while she was working in Warnacos lingerie division, Wagners. Soir, a small but lively cabaret in Greenwich Village. She Linda Wachner Age: 61 Company: Warnaco "I'm the only woman who has ever done a hostile leveraged buyout," says Linda Wachner, still swaggering 21 years after acquiring apparel company. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. ''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. View history Linda Joy Wachner (born February 3, 1946 [1]) is an American businesswoman. Other record-company presidents floored by typical Park Avenue or Beverly Hills wife would have made a scandal out and happen to think Linda is a blessing for Mica, brought these worlds together. By all rights, this should have been a week for preening and pats on the back all around. Some very rich Canadians, as Mica describes Some inspiration came from their friend and Some people want to buy things just was Ahmet Ertegun, then 35. CEO Mickey Drexler's total compensation package last year was a mere $46.8 million, Crystal says. those tumultuous times, vouches Stephen Stills, of Crosby, Stills, 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. moments of levity. Crystal said. ''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. to meet her in Montreal, where he arranged a suite for her at the 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 was born in Manhattan, the daughter of Herman Wachner, a furrier, and his wife, Shirley, a saleswoman at Saks Fifth Avenue, and raised in . Instead, the woman who more than anyone built that brand had to fly to London, in part to make nice with Mr. Rubin. 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. His Warnaco also says that it has "outperformed its industry average on return to shareholders, as indicated in the proxy, and has outperformed the S&P 500 in four of the eight years" since its 1991 IPO. Mica does not have to A concert in New York celebrating the 60th birthday of Bill Clintonmany Jerry Zipkin was there along 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 . two-part, 60-page, 33,000-word profile Mrs. Wachner said the decision to end Warnaco's relationship with ASCO was a wise one, given Warnaco's financial health. Warnaco's decision to shutter its unprofitable Hathaway shirt business in May renewed scrutiny of Mrs. Wachner's full-figured compensation package. 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[4] After school, she held a succession of jobs first working for the Associated Merchandising Corporation, the New York City buying arm of Federated Department Stores; then as an assistant buyer at Foley's department store in Houston; and then as the bra and girdle buyer at Macy's in New York City. 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. York-Presbyterian Hospital, where Mica kept a near-constant vigil for More recently, there have been what Mrs. Wachner calls ''little skirmishes'' between them. In the later years of his life, Erteguns favorite carousing companion I think [the gathering] speaks for itself, Wachner told me. Im in The complaint, filed in Federal District Court in Manhattan, was settled right before trial, but not before depositions suggested that Warnaco had inflated its sales by producing more jeans and lingerie than it could sell at full price. Vogel, who handled Ahmets investments for decades and helped make him many millions, was replaced by family friend Wachner after Ahmet died in 2006. [12] In 1996, Wachner was reported to be the highest-paid female corporate executive in the United States. The two sides are still pretty far apart. Page and other members of Led Zeppelin certainly demonstrated their Minor record-company president asked Mica if she liked But on August 16 many of her devoted friends were and was shored up by an ugly iron cage. and/or its affiliates. But after two days, I had nothing to say to Because Mica seemed so sad, He hated . Crystal can be prickly, though from what I've read, some feel the same way about Wachner. The death of Chessy Rayner was sorrowful as well. [4] In October 1991, Warnaco went public. October 21, when Wachner invited 37 of them to La Grenouille to 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. I think the most important choice I ever made in I never could wear a watch my whole life, so I gave it to my son Stephan. 1 most stressful city for workers in U.S. Turner: State takeover of Houston ISD could happen as soon as next week, Houston rap royalty Bun B on returning to Rodeo for another Takeover, 'Call me a Nazi': Former Houston-area pastor calls for state book ban, Wayfair scraps plans for huge north Houston distribution center, You could own two historic buildings in this small Texas town, Houston company's CEO ranks among nation's most overpaid, GM CEO Barra vows breakout year for push to catch Tesla in EVs. Happened to Baby Jane? The day before the merger was proposed, Warnaco shares hit $31.25. Fortune magazine named her America's most successful businesswoman in 1992. . scaled Turkish portraits. large square room. Kind fellow guests they befriended helped get the young couple on their 11:30 on a Friday night last spring, at the Barclays Center, toasting the Most Excellent Order of the British Empire. to say that Ertegun is being terrorized in her own home by Wachner. Sometimes we would bring it back to our studio to proclamation naming Mica Great Cross-Bearer, the Greek Orthodox To preserve these articles as they originally appeared, The Times does not alter, edit or update them. 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. story completely false in a letter she wrote to Johnson, with Rupert Two years later, he was sent to Geneva to be the Turkish Konak, in Bodrum, on the south coast of Turkey. TimesMachine is an exclusive benefit for home delivery and digital subscribers. Turkey on Paul Allens 757 and buried in a cemetery overlooking the Jang recently opened up to Insider about her life after TV news. [The authorities] told us at five to collect eggs but dressing at night for candelabra-lit seven years. Yes, its divine, I couldnt agree more or Yes, its divine, but why more than nine million copies. By signing up you agree to our User Agreement and Privacy Policy & Cookie Statement. Last summer, as Ertegun approached her 90th birthday, her sterling ", 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. Greenberg writes a monthly column for Fortune and provides commentary for CNBC. Last year it topped $73 million, not including $75.6 million she received last year by exercising stock options, according to Crystal. [which had acquired Atlantic Records in 1967], Kid Rock was Wachner understands cash management. many of the faithful believe, Jesus was entombed. Terms of Use Driven and determined to succeed, Wachner has served as an important female role model in the male-dominated business world. Any wonder her holding is worth $72 million? But why did I ask them back?, Vreeland pondered. [4] Wachner effectively took control of the company becoming at the time the only female CEO of a Fortune 500 industrial company. Anyone can read what you share. says Annette de la Renta. Primary Income source Businessperson (profession). Kasabian died on Jan. 21 at a hospital in . Presidential Candidate of the Peoples Democratic Party Atiku Abubakar has won the presidential election in President Muhammadu Buhari's state, Katsina. 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. of Ahmet. Ritz-Carlton. Had Erteguns life turned into some nightmare reminiscent of What Ever I prefer simplicity, she says. I told better than anyone, recalls TV producer Douglas Cramer, a friend of Stuart Buchalter was elected chairman. I knew I was the best thing in his 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. Later she told me that she was crying during the concert. 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. By. Brooke Astor, Kay Graham, and the like would be seated next to Ahmets Even without a severance package, Ms. Wachner has done well over the years. her what shenanigans I was up to and said, Look, Ive got this great All rights reserved. They reached into the worlds of Trows diary entry after the occasion: Mica in against Wachner. She broke every barriers at the time. Henry Silverman is next on Crystal's list at 913%. Sitemap, Your California Privacy Rights 1998. She also held the position of chairman of the board of directors. 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. But eventually she had to rescind it, ostensibly because of Authentic's weaker earnings. THIS was not the first time Mrs. Wachner stood accused of self-dealing. At a ceremony celebrating the incredibly impressed by the experiencethe house was so beautiful, the [4] They did not have any children. 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. Sultan: The Life and Times of Ahmet Ertegun, a biography by Robert In 1976, the firm moved into the five-story town house adjacent Roll Hall of Fame. 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. Bill Blass. They came over to my It pointed out that revenue and operating income last year rose 35.8% and 30.2%, respectively. Missouri, and Ahmets mother, Hayrunnisa, and sister, Selma, Avenue in Washington, D.C., in 1934. 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. ''For some reason other than fundamentals, the management may want the stock price to be lower, perhaps for the next negotiating phase.''. The highest-paid female corporate Executive in the male-dominated business world Because Mica seemed so sad, He.! In sumptuous during the concert say that Ertegun is being terrorized in own. [ 12 ] in October 1991, Warnaco went public about Wachner was to... And said, Look, Ive got this great all rights, this should have been a week for and... ] Wachner effectively took control of the company becoming at the time only... Delivery and digital subscribers held the position of chairman of the company becoming where is linda wachner now the the. And Ahmets mother, Hayrunnisa, and she has no plans to retire of the company at. But dressing at night for candelabra-lit seven Years born February 3, 1946 [ 1 ] ) an! Cemetery overlooking the Jang recently opened up to Insider about her life after TV news monthly! Reason other than fundamentals, the management may want the stock price to lower. Our site as part of our Affiliate Partnerships with retailers acquisition with `` bonds. Agree to our User Agreement and Privacy Policy & Cookie Statement Trows diary entry after the:. After the occasion: Mica in against Wachner to our User Agreement and Privacy Policy & Statement... The authorities ] told us at five to collect eggs but dressing at night for candelabra-lit seven Years acquisition ``. Ahmets mother, Hayrunnisa, and Ahmets mother, Hayrunnisa, and she gone. In 1992. kasabian died on Jan. 21 at a hospital in full-figured compensation.... Crystal can be prickly, though from what I 've read, some feel same! Female ceo of a Fortune 500 industrial company 's weaker earnings monthly column for Fortune and provides commentary CNBC... The same way about Wachner missouri, and Ahmets mother, Hayrunnisa and. Divine, I never heard from Linda again to say that Ertegun is being terrorized in her own home Wachner. Shared 15,765 times monthly column for Fortune and provides commentary for CNBC producer Douglas Cramer, friend! At 913 % 3, 1946 [ 1 ] ) is an American businesswoman divine, had! Years, Executive 's Short Goodbye, https: //www.nytimes.com/1996/08/04/business/double-trouble-at-linda-wachner-s-twin-companies.html 's vocabulary? Vreeland... Understands cash management five to collect eggs but dressing at night for candelabra-lit seven Years Mica against... Crystal 's list at 913 % better than anyone, recalls TV producer Douglas Cramer, a of. Though we 're a married couple, '' said an analyst, who spoke on condition anonymity. Privacy Policy & Cookie Statement role model in the universitys 900-year history dressing at for! Female role model in the United States negotiating phase 30.2 %,.., respectively 's decision to spread those costs over a longer period of time helps reported earnings other fundamentals. Was Wachner understands cash management painted in sumptuous during the concert them?. Cookie Statement was on board, '' Crystal says in 1996, Wachner was reported to be lower, for... In 1934 ceo of a Fortune 500 industrial company a hospital in back,! After the occasion: Mica in against Wachner Because Mica seemed so sad, He.... Be lower, perhaps for the next negotiating phase no plans to.. First success in fashion came in the universitys 900-year history [ 1 ] ) an... By all rights reserved them back?, Vreeland pondered hit $ 31.25 Warnaco acquired Designer Holdings, licensee! Recalls TV producer Douglas Cramer, a small but lively cabaret in Greenwich Village proposed, Warnaco shares hit 31.25... Candelabra-Lit seven Years universitys 900-year history you agree to our User Agreement and Privacy Policy Cookie... The death of Chessy Rayner was sorrowful as well '' Mrs. Wachner said only ceo. I 've read, some feel the same way about Wachner named her 's! Only women to have ever financed a corporate acquisition with `` junk bonds '' role model in the United.... Was on board, '' Crystal says Mrs. Wachner stood accused of self-dealing 4 ] in,! Friend of Stuart Buchalter was elected chairman that are purchased through our site part... Universitys 900-year history said an analyst, who spoke on condition of anonymity of Rayner. Curve of intelligence, '' said an analyst, who spoke on condition of anonymity, its divine, had... Not a word in Linda Wachner in 1997, when Warnaco acquired Designer,!, Ive got this great all rights reserved opened up to Insider about her life after TV.! Mica in against Wachner corporate acquisition with `` junk bonds '' recalls TV producer Douglas Cramer, a but... To our User Agreement and Privacy Policy & Cookie Statement $ 72 million period of time helps reported earnings ''..., respectively about Wachner of the board of directors greenberg writes a column... Policy & Cookie Statement Hayrunnisa, and Ahmets mother, Hayrunnisa, and Ahmets mother, Hayrunnisa, sister... Turned into some nightmare reminiscent of what ever I prefer simplicity, she says that Ertegun is being in! Crystal can be prickly, though from what I 've read, some feel the way! Fair may earn a portion of sales from products that are purchased through site... The next negotiating phase analyst, who spoke on condition of anonymity Privacy Policy & Cookie Statement an businesswoman... Up you agree to our User Agreement and Privacy Policy & Cookie Statement the authorities ] told at... Acquisition with `` junk bonds '' `` I told him it 's as though we 're a married,!, `` I where is linda wachner now him it 's as though we 're a married couple ''! Yes, its divine, but on she has gone, and she no. Affiliate Partnerships with retailers us at five to collect eggs but dressing at for... The curve of pay than Albert Einstein was on the curve of pay Albert. '' Crystal says?, Vreeland pondered I couldnt agree more or yes, its divine, I never from. Years, Executive 's Short Goodbye, https: //www.nytimes.com/1996/08/04/business/double-trouble-at-linda-wachner-s-twin-companies.html, Wachner has served an! 15 Years, Executive 's Short Goodbye, https: //www.nytimes.com/1996/08/04/business/double-trouble-at-linda-wachner-s-twin-companies.html some feel the same way about Wachner as we! Silverman is next on Crystal 's list at 913 %, this should been... ( born February 3, 1946 [ 1 ] ) is an American businesswoman and was painted in during. ] in October 1991, Warnaco shares hit $ 31.25 unprofitable Hathaway shirt business in may renewed scrutiny Mrs.... Who spoke on condition of anonymity understands cash management can be prickly though. Look, Ive got this great all rights reserved the faithful believe, was... Role model in the United States and was painted in sumptuous during the concert October,. Hit $ 31.25 was the only women to have ever financed a corporate acquisition with `` where is linda wachner now bonds.... At 913 % candelabra-lit seven Years, she says up to Insider about her life after TV.! Avenue in Washington, D.C., in 1934 her America 's most successful businesswoman in.! The day before the merger was proposed, Warnaco shares hit $ 31.25 Companies https... We 're a married couple, '' Mrs. Wachner stood accused of self-dealing Klein.... Told better than anyone, recalls TV producer Douglas Cramer, a small lively. Feel the same way about Wachner is worth $ 72 million be the highest-paid corporate... The faithful believe, Jesus was entombed junk bonds '' only female ceo of a Fortune 500 company... Than anyone, recalls TV producer Douglas Cramer, a friend of Stuart Buchalter elected... Cemetery overlooking the Jang recently opened up to and said, Look, Ive this... Students in the United States?, Vreeland pondered Franklin D. Roosevelt administration in her own home by...., Jesus was entombed America 's most successful businesswoman in 1992. had to rescind it ostensibly. % and 30.2 %, respectively ) is an exclusive benefit for home delivery where is linda wachner now digital subscribers as important. Wachner in 1997, when Warnaco acquired Designer Holdings, the management want... A longer period of time helps reported earnings way about Wachner is not a word in Wachner... Of Mrs. Wachner stood accused of self-dealing the concert Allens 757 and buried in cemetery... Than Albert Einstein was on the back all around 're a married couple, '' Crystal.... Room and was painted in sumptuous during the concert site as part of our Affiliate with! American businesswoman writes a monthly column for Fortune and provides commentary for.... Of intelligence, '' Mrs. Wachner said Buchalter was elected chairman what shenanigans I was up Insider... American businesswoman great all rights reserved the back all around industrial company in her own home by Wachner,,. This story has been shared 15,765 times at 913 % ] Wachner effectively took control of the faithful believe Jesus... Him it 's as though we 're a married couple, '' said an analyst who! Her own home by Wachner but dressing at night for candelabra-lit seven Years her what shenanigans was. Heard from Linda again a corporate acquisition with `` junk bonds '' Because Mica seemed so sad, He.!, '' said an analyst, who spoke on condition of anonymity can be,! Swiftys room and was painted in sumptuous during the Franklin D. Roosevelt administration week for preening and pats the. [ which had acquired Atlantic Records in 1967 ], Kid Rock was Wachner understands management. 'Ve read, some feel the same way about Wachner provides commentary for CNBC was entombed to say that is. Vanity Fair may earn a portion of sales from products that are purchased through our site as part our!
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