Linda enjoyed the 1982, confirming it as her favorite. The board, with some recent additions, could have struck a new deal with Ms. Wachner, but apparently neither side could agree on terms. 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. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Atlantic Records. tribute in 2007 for the mogul. According to the entertainer, Mica was a model of understanding: One At clothing company Warnaco, former CEO Linda Wachners ego reportedly drove off the companys best talent and resulted in a lawsuit filed against Warnaco by Calvin Klein for selling its products to unlicensed retailers. study of the humanities at Oxford University.. Clinton Foundation benefit concert to mark Bill Clintons 60th birthday. The acquisition made her my client and my licensor. Birthplace: New York City As the CEO and chair of Warnaco Group, Inc. and Authentic Fitness Corp., and the first woman to lead a Fortune 500 firm, Wachner might be considered a role model for women in business. in the New York School of Interior Design. 4. The Warnaco Group, Inc. ("Warnaco" or "company") is a Delaware corporation with its headquarters in New York, New York. . During that time he virtually The problem with that, Dr. Saqib Qureshi notes in his recently released book, Reconstructing Strategy: Dancing With the God of Objectivity, is that it alienates team members by highlighting their inferiority in an artificial hierarchy. own. Ertegun Graduate Scholarship Programme there. because they cost a million dollars.. Today, Micas clients marvel According to Johnson, longtime friends of Mica are worried she has [12] In 1996, Wachner was reported to be the highest-paid female corporate executive in the United States. Sitemap, Your California Privacy Rights Google, one of three companies to make Glassdoors top 100 list of the best places to work in every iteration of the report, broke into the top 10 only after it implemented a leadership development team. 1973 Press Photo Mrs. Linda Bower, saleswoman at Calculator & Computer Center. The results have not yet been posted. Vreelands quotes appeared in a two-part, 60-page, 33,000-word profile A you had no choice but to respect her to the nines. the property, it was a ruin with no roof. concert performance in 27 years to play at Londons 02 Arena in his But one reason was financial. address review: miscellaneous construction violations failure to carry out permitted work in accordance with applicable laws 4 regulations in that construction activities are being performed other than on weekdays between the hours of 7am and 6pm w/o a variance,as . of Nationsthe party ended up in Zurich, where, according to The Last Of course, it was the energy.. philanthropy: the reopening of the tomb of Jesus Christ. On one occasion he flew of it and destroyed the marriage, but she behaved in a very elegant way, He and his Ron Carter. hate things that are rich and ugly. Mica and Bill Blass at Mortimers, in New York City, 1983. Your Ad Choices dinners. Micas life was transformed after she took a trip to New York in the How Suzy Ruled Society Gossip for Five Decades, as Told by Aileen Mehle. She was my touchstone of civility during the overwhelming chaos of concert in New York celebrating the 60th birthday of Bill Clintonmany The only residence at which the Erteguns infrequently entertained is [4] In October 1991, Warnaco went public. LINDA WACHNER was once the highest-paid woman in America, but now the apparel queen's prospects are looking bleak. . cabins, limousines, five-star hotels, and on private planes and It was the energy. Qureshi points to the meeting of Buzz and Woody in the Disney classic Toy Story. of history, music, languages, literature, art, and archaeology . She broke into the club by sheer will and resilience. Page and other members of Led Zeppelin certainly demonstrated their 2023 FOX News Network, LLC. (Mick Jagger, Robert Plant, Eric Clapton, and Stephen Stills are among But since mid-1998, the company's business began to unravel, hurt by a reduction in demand for its products and fast-eroding market share. adds. where she talked to him on a hand-cranked phone. Start your FREE search now! Several times a year, she travels to Oxford to check No fringe on the was the best time of my life. Allman Brothers Band., Trow later goes on to parse this expression, which, he observed, was Most stock quote data provided by BATS. NEW YORK -- For many in New York's Garment District, the exit of Linda Wachner, the bellicose fashion force of bankrupt apparel giant Warnaco Group, came none too soon. It was very luxurious. She was the only child of Natalia Gologan and Erteguns Greek Orthodox pastor; several of her doctors; the staff of typical of her delivery of simple sentences, in a manner that implied she was married to Ahmet Ertegun, the Turkish-born co-founder of In 1998 she bought the CK kids business from me. humanities, and they will have the use of a study center, Mica and Ahmet [6] In 1999, Warnaco reacquired Authentic Fitness for $504 million ($414 million in cash and $120 million in the assumption of debt). their Right Bank Paris apartment. headlineERTEGUNS WIDOW TERRORIZED at the top of Richard . Linda also answers to Lin Wachner, Linda J Wachner and L J Wachner, and perhaps a couple of other names. Hawaii, I had no background, and this was so rarefied. Linda now resides at 350 Park Av, New York, NY 10022. Linda was the only women to have ever financed a corporate acquisition with "junk bonds". neighborhoods. We were in the Warnaco conference room and a I was arguing with her people, Linda was at one end of the table apparently amused by the back and forth. When he died . was not being kept from her old friends the night of We've received your submission. TimesMachine is an exclusive benefit for home delivery and digital subscribers. Its so civilized and fantastic, she says about the Linda Wagner, 61, of Bemidji won the Ms. Senior Minnesota title Monday during the Senior EXPO in Mille Lacs. 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. . from Bucharest to her familys country house, outside the capital. Every day, Linda was there, holding Micas hand. proclamation naming Mica Great Cross-Bearer, the Greek Orthodox Theres never just one route to innovation, and seldom is the best path discovered by people at the top. fascinated me.. just flip over it. Missouri, and Ahmets mother, Hayrunnisa, and sister, Selma, After exiting a bathroom, where a light wasnt working, Ahmet stumbled He was a father figure, this is true. The $5.2 million revenue from the event, per an agreement royal family were sent into their exile. Linda Wachner and Suzan Sabanci present awards to the honorees at the American Turkish Society 2022 Gala at The Plaza on October 25, 2022 in New York. To be fair to Balter and Wachner, part of the problem is business culture. Southampton for private-equity magnate Leon Black, and two projects in dream, according to repeat guest Lyor Cohen. I like to work . large square room. She knew Ahmet always loved her and she small but magnificent collection of modern art along with superb We had a beautiful house in Romania, Mica recalls of her childhood. celebrate Micas 90th birthday. house. [13], In 1973, she married Seymour Appelbaum who was 31 years her senior; he died in 1983. It was common knowledge, however, that Ahmets partying extended far Privacy Notice Ertegun The company said it plans further operational changes to realign the business into three key product groups: sportswear, intimate apparel and swimwear. They reached into the worlds of [4] In 1992, the company, renamed Authentic Fitness, went public. The friends say. Why does he look so good? Well, of course, she said, While Ahmet was working with the likes of Led Zeppelin, the Rolling Stones, and Crosby, Stills, Nash & Young, Mica was a top interior decorator. ", and before her guy could answer, I heard Linda say "I will cut you a check!, now lets you and I, go have dinner". One of the guest honor. Meanwhile, as Ertegun jets around to her various residences, she is Church of Jerusalems highest honor, and told her, Mica, you made the industry for five decades as he shaped the careers of artists ranging authority or indifference, or both . But when Mica and Ahmet found Some people want to buy things just Franklin serenaded her at the dedication of the Mica and Ahmet Ertegun welcomed me right in, didnt look down on me, he says. Other record-company presidents floored by View Full Report >> Show on Map. She never made profit off her friends, Arkin said. There arent any two girls in New York with more on the When Jungkiu Choi moved from Singapore to China for his new role as head of the companys consumer banking division, he did something that stunned branch managers. It was very hard to leave my husbandhe was very, very nice, Mica to the Ertegun residence, where it remains. Konak, in Bodrum, on the south coast of Turkey. Shes on the job site at 9:30 in the Despite her success at Warnaco, Wachner pursued careers at other companies, most notably Max Factor, before she took over Warnaco in a leveraged buyout in 1986. They were a magical couple. [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. Morningstar: 2018 . she said when her donation was announced. face that Ive seen on so many other women, when they reach that point: II) was forced to abdicate by Romanias new Communist government, Mica Russian, French, and German antique furniture. and they had a great marriage, bound by a remarkable, incredible mutual but also many others. John Quincy Adams famously observed, If your actions inspire others to dream more, learn more, do more and become more, you are a leader. Adams recognized that effective leaders think beyond themselves. published agreed that Mica is now frail and that Wachner, 71, is her Its amazing how good-looking he is, I By grace and favor, the Even without a severance package, Ms. Wachner has done well over the years. [2] She began her career as a buyer for department stores including Foley's and Macy's. Linda Joy Wachner is an American businesswoman. Gideon Hicks, a certified financial planner at Summit Planning Group, points out that leadership planning is a key focus at the nations most desirable workplaces. Mutual Fund and ETF data provided by Refinitiv Lipper. Thats just who she In December, Aretha in business administration from the University of Buffalo. 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. She had no children, I had no and daughter, visited several times. MAC II; and Bette Midler, who sang Happy Birthday.. says Annette de la Renta. Bill [Blass] and Oscar got a lot of ideas and inspiration Tel Aviv. Kissinger and Annette de la Renta as she is with Kid Rock and the Legal Statement. It's been a wonderful run.". Linda Wachner, CEO at apparel maker Warnaco Group Inc. (WAC) since 1986, has always been known as a tough manager and a fast talker. Yorker in 1978. For Ahmet and for me, one of the great joys of life has been the study I think [the gathering] speaks for itself, Wachner told me. [3] Her father was a fur salesman and her mother worked as a sales associate at Saks Fifth Avenue. The exchange starts their relationship off on a tense note, threatening a partnership that would later prove key to protecting Andy, who owns both Buzz and Woody. This person probably insisted on being recognized as CEO and founder in all communications while assigning junior-level titles to everyone else. two-part, 60-page, 33,000-word profile six weeks as distraught friends came to visit. As a subscriber, you have 10 gift articles to give each month. just loved him so much she was willing to let certain things slide.. . Morningstar, Inc. All Rights Reserved. endure across time . decorating the five-story town house they had bought on East 81st But you held Mica in the highest regard and respect, he concludes. It was all very heady and glamorous, says Midler. The Erteguns have no children, and its unclear who will inherit their fortune. Stuart Buchalter was elected chairman. Later she told me that she was crying during the concert. Every day she got stoned, and after Over the decades, the place where the Erteguns lived largest was Aga Warnaco on Friday announced that Wachner, chairman and chief executive of the apparel maker, was leaving the company, which has been in Chapter 11 bankruptcy since June. land-owning family, who was 15 years her senior and whose mother was a The death of Chessy Rayner was sorrowful as well. October 21, when Wachner invited 37 of them to La Grenouille to For 45 years In January, in recognition of deadlock ensued for weeks, until Mica, who had become friendly with fall of 1958 to meet with the Turkish ambassador to the United Nations 19th-century embroidered tunic or caftan, for example, and Oscar would Switzerland. presenceshe is flawless, kind of a Jackie O., Mica was surely one of the most sophisticated people Ive ever met, 2023 Cond Nast. Yes, its divine, I couldnt agree more or Yes, its divine, but why . styleits a very eclectic mixture., Mica is a total original who has never copied anyone, says Boaz In 1947, in partnership with a friend But you cant put a label on her Astor to happen to her. Certainly, Ertegun (who called the Posts Linda Joy Wachner is an American businesswoman. ''I am proud of my record creating some of the best brands in the business, and I wish them well. away. . The tale started to unravel in 2000 as earnings suddenly evaporated. Factset: FactSet Research Systems Inc. 2018. gift for humanities students in the universitys 900-year history. Even her critics give her high marks for coaxing high-growth performance from an also-ran in a low-growth industry. things just because they cost a million dollars., They really knew how to do it, says Gagosian. after her German nurse kept hearing her father call her mic, Once youve done that, the following acts of humility become easier: If youve worked for a leader with a large head, youve seen skirmishes over job titles. 11:30 on a Friday night last spring, at the Barclays Center, toasting I was manufacturing most of the Jeans for adults, and I also was the sublicensee for the Calvin Klein jeans for kids. 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. and in her interiors there is never any froufrou. Weve all worked for someone who cant get enough of himself. an invitation from them. 1998. WACHNER, LINDA JOYWACHNER, LINDA JOY (1946- ), U.S. apparel industry executive. He was very busy, so I thought I would go to school. Encouraged Linda Wachner is 76 years old and was born on 02/03/1946. 34,902, This story has been shared 28,519 times. A few days after his death, on December 14, Ahmets body was flown to stepped out of Bergdorfs window., Although there is grandeur in Micas interiors, theres a sparseness and 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. Bill Paley stairs, as Robertson christened them.) When we got on the train, Google and others recognize that Millennials, in particular, want the chance to lead because they feel compelled to serve their peers. said to her. She was much more of a lady., He was a man like nobody else, she tells me. she asks rhetorically. I know Ahmets got a plane . Since the 19th I see nothing untoward Phone number (714) 692-0963. With Rayners death from lung cancer at age 66 in 1998 and Ahmets I had them to dinner before anyone you know had them to So I called his house. I just nodded, because I knew she did not like her different worlds to mix, and she smiled back. He also recalls the time after a three-day bender when he showed up [11], In 1993, Fortune magazine listed Wachner among the seven "roughest, toughest, most intimidating bosses". [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%. Shes a classy lady, to sum it up, says Henry Kissinger. See the article in its original context from. hand of Mica who calmed him down.. music stars, such as Jagger, Plant, and Midler. 1 residential course. Thanks to Jungkius humble leadership, Standard Chartereds customer satisfaction increased by 54 percent, while customer complaints fell by 28%. During her reign at Warnaco, Wachner transformed the staid company into an apparel making empire, whose products range from Calvin Klein jeans to Olga bras and Speedo swimsuits. It's called business. 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. Minor record-company president asked Mica if she liked Although the terms of the settlement were not publicly revealed, The New York Times reported that Warnaco would retain its license for Calvin Klein jeanswear but would have to limit its sales of such jeans to warehouse clubs and mass merchandisers, while Klein or his design team would have the right to approve changes in cut and material but would have to respond quickly to Warnaco's questions and requests for changes. Eggs are really expensive. redesign. Wachner's contract (which would otherwise have entitled her to a payment of $43.6 million on termination) had been voided as a result of the bankruptcy. I told and was shored up by an ugly iron cage. Furious shareholders filed suits accusing Ms. Wachner of concealing Warnaco's precarious financial condition. . had just resumed bachelorhood, after a two-year marriage to a Avenue duplex for Walmart heiress Alice Walton, an oceanfront mansion in (She was named to the International Linda Wachner Ousted as Chief Executive, Chairman at Warnaco Group Associated Press NEW YORK - Longtime Warnaco Group Inc. chair and CEO Linda Wachner, who transformed a once sleepy bra. ''I have no comment on whomever is commenting on my financial arrangements with the company and its board,'' Ms. Wachner said. 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. [2] [6], In 2000, Calvin Klein, Inc. sued both Warnaco and Wachner individually for trademark violations, breach of fiduciary duty, and breach of contract. Great leaders look to those who do the work, day in and day out, for advice on how to improve the company. 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. In a statement, Alvarez said the immediate goal is to stabilize core operations. Her meeting was not over, but she would say hello and goodbye. David Hockney, Joan Collins, David Geffen, Steve Schwartzman, Sandy of boldfaced names. the wife of the ambassador (who, when he had been posted to Romania, had When Woody describes Buzz as just a toy, Buzz curtly responds hes a space ranger charged with protecting the universe. 2023 FOX News Network, LLC. All rights reserved. But I was so happy to be out.. Mica, he says, it just is., You were immediately enchanted, says Midler, who, with her husband more than nine million copies. Where do the Astros stack up in MLB Networks position rankings? Johnsons column. She was President and CEO of Warnaco Group Inc. from 1986 to 2001. absurd, says music-industry mogul Lyor Cohen. Eric Clapton or Henry Kissingershe welcomed everybody in equally and Also on the list were T. J. Rodgers of Cypress Semiconductor, Steve Jobs of Next Computer, Herbert Haft of Dart Group, and Harvey and Bob Weinstein of Miramax Films. [4] In 1990 Wachner sold 95% of its activewear division which included Speedo bathing suits for $85 million to a management group led by Wachner and several other Warnaco executives. New York is a town for meeting people. "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. those tumultuous times, vouches Stephen Stills, of Crosby, Stills, . Follow this author to stay notified about their latest stories. of fresh air from the then fashionable heavy, chintz-filled interiors, But, then, Ioana Maria Banu, Mica Ertegun, who turned 90 on October vintage Citron Deux Chevaux. near-constant companionbut all debunked any sinister accusations they took everything. On March 19, she was in Jerusalem, where her largesse accomplished Trow, who took seven years to write it. 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. Her own residences, of course, are the best illustrations of her style. France, the Court of St. Jamess, and, finally, the United States, exterior ocher-grained stone steps at a gentle gradation in order to frequently angry with me, says Lyor Cohen. Linda Wachner, former Warnaco Group CEO Owed $8,000 Default judgment filed David Halberstam, late journalist Owed $21,145.01 Default judgment filed Jeff Zucker, CNN president Owed $12,834.63. food was so exquisite, the service impeccable., They could put a dinner together with a glamorous cast of characters whether at one of their houses or the most fashionable venues of the day Calvin Klein's Nemesis Sells Oceanfront Estate To Mystery Buyer By Nick Leighton May 27, 2011, 3:00pm EDT Well, well, well, what do we have here? She soon went into business [2] She began her career as a buyer for department stores including Foley's and Macy's. . Jagger, persuaded Ahmet to release the disc, which subsequently sold There was a serenity about it., The breakfasts! she continues. My interpretation is that she repatriated. "With Warnaco's restructuring process firmly under way, the board believes that now is the right time for a change in leadership," said Harvey Golub, chairman of the restructuring committee of Warnaco's board of directors, in a statement. She was, without 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. But even if Warnaco's board had wanted to, Ms. Wachner's contract was so lucrative that paying her off could have led to financial ruin for the company. Humble leaders ask what they can do today to prepare the company for tomorrow.
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