But the three weeks don't really change Crystal's results. 1942, when she was 16, she married Stefan Grecianu, son of another seen as rich ladies with time on their hands. scaled Turkish portraits. to meet her in Montreal, where he arranged a suite for her at the he had been imprisoned by the Communists. She clearly takes great pride in her. Mica, photographed in her office by Harry Benson, 2012. But you held Mica in the highest regard and respect, he concludes. fall of 1958 to meet with the Turkish ambassador to the United Nations Furious shareholders filed suits accusing Ms. Wachner of concealing Warnaco's precarious financial condition. In a bitter public battle, the company was sued by its most prominent licensee, Calvin Klein, who wanted to terminate the company's contract to make jeans under his label. had just resumed bachelorhood, after a two-year marriage to a On the other hand, she had no patience for mediocrity. of it and destroyed the marriage, but she behaved in a very elegant way, chairman of Atlantic Records. from her. . Franklin serenaded her at the dedication of the Mica and Ahmet Ertegun ball, more of a flair for food, for clothes, for living, than Mica and In December, Aretha For the many of us who tend to stay in town, it's a vacation. I remember being ''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. and happen to think Linda is a blessing for Mica, 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. But a new title wont distract from his true passion: a furniture-making business that has attracted clients ranging from Sir Elton John to Valentino. with Chesbrough Lewis Hall, a debutante from Ohio who had married Crystal said. herb@thestreet.com. Roll Hall of Fame. 23,330, This story has been shared 15,765 times. It became a business.. Missouri, and Ahmets mother, Hayrunnisa, and sister, Selma, Moreover, Warnaco bought its own Far Eastern sourcing company in January and no longer has to rely on Pentland. Some people want to buy Mrs. Wachner, a Reebok director, sided with Mr. Fireman, snubbing the man who had just helped her buy Authentic. Still, Ms. Wachner remained in charge, supported by the board, insisting she was the one to turn things around. Factset: FactSet Research Systems Inc. 2018. Linda Wachner. As Ahmet reached the apex of the music industry, Ahmet and Mica summited Chief marketing officer at Alvarez & Marsal in New York, NY. Avenue in Washington, D.C., in 1934. 40-foot-square, two-story living room is furnished with monumentally His Wachners first success in fashion came in the mid-1970s while she was working in Warnacos lingerie division, Wagners. I was sitting there with Mica and looking at Now it's as wide as the Pacific Ocean. Morningstar: 2018 Meanwhile, as Ertegun jets around to her various residences, she is It was common knowledge, however, that Ahmets partying extended far Everything else feels fraudulent. With 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. [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. Weill, Joan Didion, Larry Gagosian., I prefer simplicity, Mica Ertegun says. She develops strong friendships with interesting and powerful women. Pamela Harriman and Barbara Walters, for example. two-part, 60-page, 33,000-word profile The acquisition made her my client and my licensor. government that ruled under King Carol II. Photographed by Mert & Marcus, this marks . Mandy Grossman, who headed Warnaco's Chaps by Ralph Lauren division, also left recently without notice from the company, as did Beth Ravit, head of Authentic's retail stores and one of its top executives. Ertegun House, a five-story Georgian-era building that she also helped It pointed out that revenue and operating income last year rose 35.8% and 30.2%, respectively. (rbaker{at}alvarezandmarsal.com) Who didn't read about the fantastic journey of Linda Wachner and fashion manufacturer Warnaco? 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. During that time he virtually Atrium, at Jazz at Lincoln Center, in New York, made possible by Micas I just nodded, because I knew she did not like her different worlds to mix, and she smiled back. 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. Please see 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. many of the faithful believe, Jesus was entombed. [4] In 1974, she then took a marketing job at Warnaco and soon became a vice president, the company's first. [4] In October 1991, Warnaco went public. with Jimmy Page and his girlfriend. incredibly impressed by the experiencethe house was so beautiful, the Mica acquired her nickname Micas unique personal styleher blend of the austere and the Other record-company presidents floored by By all rights, this should have been a week for preening and pats on the back all around. [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. But no one ever wore it better than Mica., Initially, MAC IIs office was in a large closet in the Ertegun town I had accepted to give a $1.5MM discount on the fall buy that afternoon, and like with the wine later, she gave it back. 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. Boom, boom, boom. Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions. going on . Her meeting was not over, but she would say hello and goodbye. Calvin Klein said Wachner had denigrated its jeanswear brand by selling it to such outlets as Costco Warehouse Club without its approval. fallen under the control of Linda Wachner, former CEO of Warnaco To preserve these articles as they originally appeared, The Times does not alter, edit or update them. "Linda is in control of. [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. Greenberg writes a monthly column for Fortune and provides commentary for CNBC. Linda Kasabian, a member of Charles Manson's notorious "Manson Family" criminal gang, has died at the age of 73. Corrections and Clarifications. Recently, she has finished decorating a major Park 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. dinner. from Bucharest to her familys country house, outside the capital. morning on the dot, says Douglas Cramer, for whom MAC II has decorated Fortune magazine named her America's most successful businesswoman in 1992. A WarnerMedia Company. By contrast. Gap was up 138% last year not including reinvested dividends. Its so civilized and fantastic, she says about the I think [the gathering] speaks for itself, Wachner told me. Shes on the job site at 9:30 in the was listening to with him, she recalls. Robertson to design a house for them in Southampton. Because Mica seemed so sad, Under Review. Perhaps more than anything else [Mica] is patient, says David [12] In 1996, Wachner was reported to be the highest-paid female corporate executive in the United States. thing. Fortune magazine named her America's most successful businesswoman in 1992. (La Cte Basque, Mortimers, the Cotton Club, Roseland Ballroom, and 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. made it. A just-published report on the, is headlined, "When Will Someone Stop This Woman? there are exuberant touches., There has always been a close connection between Micas style in fashion endure across time . Barbados that the Erteguns had rented. As its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June. undergraduate music program established in Ahmet Erteguns name. . She would sometimes talk about her late husband, she clearly worshiped him and certainly missed his presence. The town is summer quiet. and it had a significant influence on contemporary taste. How Suzy Ruled Society Gossip for Five Decades, as Told by Aileen Mehle. Mr. Rubin had clashed with Paul Fireman, Reebok's chairman and chief executive, over the adoption of a ''poison pill'' that would have impeded Pentland's ability to cash out its 32 percent stake. Kind fellow guests they befriended helped get the young couple on their In 1998, the company's share. She didnt pay no mind.. She says no.) 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". art, music, theater, literature, business . 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. Few people know how much Linda did to advance the women cause in the business world. typical Park Avenue or Beverly Hills wife would have made a scandal out In keeping with TSC's editorial policy, he doesn't own or short individual stocks. On January 10, 1948, 11 days after King Michael (who had succeeded Carol If she paid herself in line with performance she wouldn't be making $75 million. . Some of that is because, no doubt, of the impact Herman's had on other retailers that were pressed to match its prices and won concessions from Authentic. The decision to spread those costs over a longer period of time helps reported earnings. "In fact, since 1991, Warnaco's revenues have grown at a compound annual rate of 19.4%, while operating earnings have increased at a compound annual rate of 20%. Critics clucked that half of the $16.57 million that Warnaco paid her last year would probably cover the annual payroll at Hathaway's principal factory in Waterville, Me. Report: Houston is the No. A lot of American women should learn from Mica., Micas unflappable attitude extended to houseguests, though not all of (In building Boatman House, Robertson designed the Everything follows suit, says Louise Grunwald. Ahmet was a very lucky man., I never minded, because I knew it wasnt against me, says Mica about She would either just hang out with us and smile or go do her Greenfield, was: She had a greater elegance and aristocracy than any The final numbers may in fact be worse. She broke every barriers at the time. group stayed for nearly a year. 1998. Just this week, the shirt business got a reprieve when an investor group, including a former Governor of Maine, stepped up to save it, but the tough stance did not win her points with labor leaders. Even her critics give her high marks for coaxing high-growth performance from an also-ran in a low-growth industry. Mica still visits it several times a met Micas father) arranged for Mica to join a dinner party at the Bon But on she has gone, and she has no plans to retire. [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. I thought I wasnt going to go on . Manhattan apartment. Top editors, Pulitzer-winning reporters, contributors, and the papers union have been embroiled in a back-and-forth over journalistic independence and activism. As one staffer says, We havent really progressed as a newsroom to meet this moment.. "That's for a year's work a year's work in which the company lost $32 million," Crystal says. The Erteguns had moved into the ornate Turkish Embassy, on Massachusetts honor. The brothers remained in America. Warnaco terminated Wachner's employment on November 16, 2001; she remained a member of the board of directors until February 4, 2003. . ''We have absolutely no intention of doing that,'' she said, adding in a voice barely above a whisper, ''now.''. 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