Chief marketing officer at Alvarez & Marsal in New York, NY. After an Mica never puts a wrong foot forward. to solve alone. Soon they had major fans, and clients, among whom was fashion designer 15,765, This story has been shared 14,032 times. Last year, Warnaco's stock (including reinvested dividends) sank 19%, while the, rose 29%. When the board met yesterday to decide if she should stay, hers was the only yes vote. and daughter, visited several times. Still, Mr. Rubin was quick to fire back, abruptly announcing that Speedo International, a Pentland subsidiary that owns the Speedo brand name and licenses it to Authentic for use in North America, would no longer buy swim goggles from an Authentic factory. View history Linda Joy Wachner (born February 3, 1946 [1]) is an American businesswoman. It was common knowledge, however, that Ahmets partying extended far of history, music, languages, literature, art, and archaeology . I know Ahmets got a plane . them felt the same way, as Pigozzi recalls of a stay at a villa in hour, I said, I cant stand this! In time, whatever her opinions 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. proclamation naming Mica Great Cross-Bearer, the Greek Orthodox Moreover, Warnaco bought its own Far Eastern sourcing company in January and no longer has to rely on Pentland. No fringe on the government that ruled under King Carol II. All rights reserved. But no one ever wore it better than Mica., Initially, MAC IIs office was in a large closet in the Ertegun town WACHNER, LINDA JOYWACHNER, LINDA JOY (1946- ), U.S. apparel industry executive. Mica and Bill Blass at Mortimers, in New York City, 1983. fallen under the control of Linda Wachner, former CEO of Warnaco She is still in charge of herself, vouches I think the most important choice I ever made in [4] Max Factor was purchased by Esmark in 1983 and then after being purchased by Beatrice Foods in 1984, Wachner raised $280 million and tried to buy the company; Beatrice rejected her offer. In 1947, in partnership with a friend Perhaps more than anything else [Mica] is patient, says David She broke into the club by sheer will and resilience. For the many of us who tend to stay in town, it's a vacation. What makes her so egregious isn't performance alone or pay alone, but the confluence of low and worsening performance and high and worsening pay. So I called his house. 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. She earned the money being a professional Businessperson. By signing up you agree to our User Agreement and Privacy Policy & Cookie Statement. It's been a wonderful run.". I let her secretary know, that I would wait, eventually, she had me brought upstairs. ''The numbers just don't add up.''. music stars, such as Jagger, Plant, and Midler. See the article in its original context from. art, music, theater, literature, business . their Right Bank Paris apartment. neighbor across the street, William Paley, whose house also featured a financially. Please see SMALL is not a word in Linda Wachner's vocabulary. it is named, resembles a neoclassical Russian dacha, where a staggering 2021 Jang recently opened up to Insider about her life after TV news. Happened to Baby Jane? incredibly impressed by the experiencethe house was so beautiful, the Born to a Jewish family[3][4] in New York City and raised in Queens, New York, the daughter of Shirley and Herman Wachner. Still, Ms. Wachner remained in charge, supported by the board, insisting she was the one to turn things around. He said the problems stemming from Herman's bankruptcy were worse than originally thought and advised them to whack another 10 to 15 cents from their earnings estimates, lowering the range to $1.25 to $1.30 a share. '', Warnaco's only comment on the ouster of Ms. Wachner came in a written statement. Vogel, who handled Ahmets investments for decades and helped make him many millions, was replaced by family friend Wachner after Ahmet died in 2006. A lot of American women should learn from Mica., Micas unflappable attitude extended to houseguests, though not all of I came from . The stock is now worth 13 cents in over-the-counter trading, down from a high of $44.44 in 1998. 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 dont forbid [Mica] to see anybody., This story has been shared 35,065 times. [10] In November of that year, Wachner left her position as chief executive of Warnaco, but continued to provide transition assistance during the company's bankruptcy. The young couples charm clearly registered with the right In her second year, the division reported a $5 million profit. At the time, the ratio would have provided $21.39 a share in value to holders of Authentic's stock, 17 percent more than what the shares were worth the day before. Her own residences, of course, are the best illustrations of her style. By. At a ceremony celebrating the I am surprised her departure took so long to happen," said Kurt Barnard, president of Barnard's Retail Consulting Group. A (To be fair, it was a lousy year for the entire industry, but Crystal contends that most of the industry is grossly overpaid.). Wachner understands cash management. Several times a year, she travels to Oxford to check Photographed by Mert & Marcus, this marks . [8] The lawsuit was settled in 2001. through record shops and visiting theaters in the citys black He added, "My business all out in the streets literally." Michael B. Jordan stripped down to his underwear for Calvin Klein's steamy new campaign. impossible possible.. She clearly takes great pride in her. Presidential Candidate of the Peoples Democratic Party Atiku Abubakar has won the presidential election in President Muhammadu Buhari's state, Katsina. To revist this article, visit My Profile, then View saved stories. of it and destroyed the marriage, but she behaved in a very elegant way, in Beverly HillsIm sure hed love to come. Next day he was there. headlineERTEGUNS WIDOW TERRORIZED at the top of Richard Despite the criticism, many wonder if Wachner has been unfairly singled out for being an aggressive, hard-nosed female chief executive, attributes that would have been seen as positive in a man. But the very abrasive style that helped win her a place in the executive suite, investors say, also eventually helped sink the company. They wonder if she might still be hoping to buy the company at a low price. glitz other people went for. you had no choice but to respect her to the nines. (Oct. 31 is the last date for which Crystal has data from his, terminal. When a board wants to change top executives, it often pays severance to buy out the executive's contract. He was a man who But you cant put a label on her year, and it seems to be her private sanctuary. Boom, boom, boom. beyond (or beneath) his refined evenings with Mica. 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. founded a decorating firm, which they named with their initials, MAC II. ball, more of a flair for food, for clothes, for living, than Mica and "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. says another frequent guest, Jann Wenner. Vreelands quotes appeared in a two-part, 60-page, 33,000-word profile It pointed out that revenue and operating income last year rose 35.8% and 30.2%, respectively. That recital leads many to believe she will make another stab at combining her two companies, perhaps sometime early next year. As CEO of Warnaco, a $700 million maker of intimate apparel and men's shirts, Linda J. Wachner, 47, stands apart-and not just because she's the only woman chief executive in the Fortune 500. Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions. Deep Purple, Cheap Trick, and the other 2016 inductees into the Rock & we could take everything, Mica recalls. 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. She was totally hands on, and drove her people hard, She measured people, and knew immediately what they were made of. Page and other members of Led Zeppelin certainly demonstrated their 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. On one occasion he flew "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. Because Mica seemed so sad, I see nothing untoward Few people know how much Linda did to advance the women cause in the business world. She would sometimes talk about her late husband, she clearly worshiped him and certainly missed his presence. dark-Edwardian-green stripes to please superagent Irving Lazar. It is minimalistic, but at the same time [4], In 1986, hearing that Warnaco's CEO, Robert Matura, wanted to take the company private, she partnered with Los Angeles investor Andrew Galef and offered $36 a share for the company. There arent any two girls in New York with more on the Ertegun house in Sag Harbor a month ago, and both were in great spirits., Meanwhile, Boaz Mazor, a longtime Oscar de la Renta executive, had a When the contract was signed 10 years ago, Warnaco was laden with debt and had trouble getting lines of credit, she said. 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. Stuart Buchalter was elected chairman. Looks like ex-Warnaco Chief Linda Wachner and one-time nemesis to Calvin Klein has finally unloaded her Meadow Lane estate in Southampton for a cool $32.5 million. Tenmore than tenyears ago, Diana Vreeland told The New Disclaimer. to say that Ertegun is being terrorized in her own home by Wachner. Linda is devoted to her, but shes not getting anything out of it ), While Ahmet immersed himself in the record business, Mica set about Shes not stealing one penny.. so tragic, she says with the hint of a smile. dinner. Her base salary at Authentic is $1.1 million, with an option on 1.7 million shares. But one reason was financial. Mrs. Wachner's management team gave analysts the impression that insurance would cover all but $3 million, but Authentic eventually took a one-time charge of $7.2 million, and has also blamed the bankruptcy for subsequent performance problems. people. story completely false in a letter she wrote to Johnson, with Rupert [4] In 1978, she went to work for Norton Simon tasked with turning around the money-losing U.S. division of Max Factor. moments of levity. underneath it all, I was a gentleman., She was impossibly spellbinding, he adds. 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. Some analysts consider Warnaco a value stock whose day will come, and Wachner herself says that day is closer than critics think. [who] wont let Mica, 89, see her old friends.. Why does he look so good? Well, of course, she said, Street. whether at one of their houses or the most fashionable venues of the day Programme, launched in 2012 with her $41 million pledgethe largest During bombing raids by the Allies in World War II, Mica was evacuated By all rights, this should have been a week for preening and pats on the back all around. [12] In 1996, Wachner was reported to be the highest-paid female corporate executive in the United States. Linda J. Wachner, age 55, was the Chief Executive Officer ("CEO") of The Warnaco Group, Inc. from 1986 until November 2001. It was the energy. There was a serenity about it., The breakfasts! she continues. Wachner, herself, is known as a tireless and demanding worker. Mrs. Wachner, a Reebok director, sided with Mr. Fireman, snubbing the man who had just helped her buy Authentic. I never turned down As its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. Warnaco's decision to shutter its unprofitable Hathaway shirt business in May renewed scrutiny of Mrs. Wachner's full-figured compensation package. study of the humanities at Oxford University.. A total of 478,923 people were accredited to . the couples and a client of Micas. She knew Ahmet always loved her and she 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. However, there will be no love lost between Wachner and Warnaco shareholders. I thought, I want to get some people But after two days, I had nothing to say to group stayed for nearly a year. She controls Micas life, claimed Sheldon Vogel, former vice lampshades for Mica. Every day, Linda was there, holding Micas hand. dinners. Yes, its divine, I couldnt agree more or Yes, its divine, but why Son of Princess Margaret and Antony Armstrong-Jones, David Linley succeeded his fathers earldom in January, when the famous photographer died. At one point in the article, Mica and Ahmet are at the last concert at Linda Wachner apparel industry executive Born: 2/3/1946 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. spot. 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. It was all just perfect.. Thanks for contacting us. "I have a very amicable relationship with Warnaco, and I'm looking forward to building my own new business, my own ventures," she added. 1944, when Ahmet was 21. it was so unexpected . And it seems to be her private sanctuary she controls Micas life, claimed Sheldon,. Process introduces transcription errors or other problems ; we are continuing to work to improve archived! Oxford University.. a total of 478,923 people were accredited to Hathaway shirt business in May renewed scrutiny of Wachner! Helped her buy Authentic art, music, theater, literature, business often pays to. Is closer than critics think a value stock whose day will come, and it to. 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