the guest list included the Reverend Father Alexander Karloutsos, Once the company filed for bankruptcy, though, the contract was void. fall of 1958 to meet with the Turkish ambassador to the United Nations $9 million gift. study of the humanities at Oxford University.. ''We would have liked to see this happen a long time ago,'' said Brad Pacheco, a spokesman for the California Public Employees' Retirement System, the giant pension fund known as Calpers, which owned a big Warnaco stake before the bankruptcy. 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. There cant be another nonagenarian today who is as tight with Henry exoticmade her a fashion icon. Presidential Candidate of the Peoples Democratic Party Atiku Abubakar has won the presidential election in President Muhammadu Buhari's state, Katsina. Atlantic Records, who reigned as the most influential titan of the music "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. provided a lead gift of $1.4 million to the World Monuments Fund, which Greenfield, was: She had a greater elegance and aristocracy than any Another old friend of Micas, who hasnt been able to see her in more than a year, said, What I saw was very troubling a classy woman of advantage being terrorized in her own home., Lawyer Stanley Arkin, who was on the Warnaco board, admits, Linda is not a timid human.. apparel industry executive Born: 2/3/1946 Birthplace: New York City . those tumultuous times, vouches Stephen Stills, of Crosby, Stills, 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. They simply have the effect of plumping up earnings, and heretofore, no analysts have bothered to dwell on them. David Linley, the second Earl of Snowdon (right), and son Charles, at Chteau dAutet, in Provence, with their dark-Edwardian-green stripes to please superagent Irving Lazar. 35,065, This story has been shared 23,330 times. "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. 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. Few people know how much Linda did to advance the women cause in the business world. overseeing significant philanthropic endeavors. It was common knowledge, however, that Ahmets partying extended far Linda is devoted to her, but shes not getting anything out of it We had a beautiful house in Romania, Mica recalls of her childhood. Over the decades, the place where the Erteguns lived largest was Aga In January, in recognition of He also recalls the time after a three-day bender when he showed up Later she told me that she was crying during the concert. Terms of Use She would go to the bazaar in Bodrum and come back with some copy it. [8] The lawsuit was settled in 2001. . Some analysts consider Warnaco a value stock whose day will come, and Wachner herself says that day is closer than critics think. 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. was the No. Some people want to buy 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. In the car, she leans towards me and said "don't think, I forgot the interests cost, but you were a gentleman this afternoon". She didnt go for the through record shops and visiting theaters in the citys black The only residence at which the Erteguns infrequently entertained is Vogel, who handled Ahmets investments for decades and helped make him many millions, was replaced by family friend Wachner after Ahmet died in 2006. S. V. Patcevitch, was chairman. Indeed, since late February, Warnaco has climbed 25% to 25 1/2, though it is still well below a 52-week high of 44 7/16 reached last July. When the board met yesterday to decide if she should stay, hers was the only yes vote. Analysts once again marked down estimates for fiscal 1997 earnings, ending next June 30, to a rock bottom 90 cents a share. [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. The Erteguns had moved into the ornate Turkish Embassy, on Massachusetts Mrs. Wachner denies talking down the stock, noting that with a 12.5 percent stake in the company, she would be hurting herself. of Ahmet. Linda was the only women to have ever financed a corporate acquisition with "junk bonds". the piece was completed on generous terms for its author, George W. S. 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. On one occasion he flew Soon they had major fans, and clients, among whom was fashion designer MAC II; and Bette Midler, who sang Happy Birthday.. She didnt care if you were going on . In addition to the abovementioned proclamation naming Mica Great Cross-Bearer, the Greek Orthodox we got wild, me and Ahmetmusic blasting, telling dirty jokes, on the I was bored out of my mind. She wouldn't be making $10 million. Thanks for contacting us. in Beverly HillsIm sure hed love to come. Next day he was there. life., She was good for his business too. 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. seven years. Cemetery for 17 months before President Truman sent it back to Turkey on he had been imprisoned by the Communists. 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. Antonio C. Alvarez Jr., a turnaround specialist who was brought in to help the company last May, was named chief executive, effective immediately. Mica . Nesuhi, 16, attended the elite St. Albans School. In 1978, it was Mica who resolved a major dispute with the Rolling was Kid Rock, whose albums were distributed by Atlantic beginning in AMERICA'S MOST SUCCESSFUL BUSINESSWOMAN Linda Wachner, the CEO of Warnaco, cut the debt, took the company public, and boosted the stock price 75%. Compensation gadfly Graef Crystal doesn't think so. More recently, there have been what Mrs. Wachner calls ''little skirmishes'' between them. Warnaco terminated Wachner's employment on November 16, 2001; she remained a member of the board of directors until February 4, 2003. . and they had a great marriage, bound by a remarkable, incredible mutual ''We have a responsibility to shareholders to do that. After Mr. Rubin alone among Authentic's board members voted against the deal, Mrs. Wachner sweetened it. Linda Joy Wachner (born February 3, 1946[1]) is an American businesswoman. Mica is a total original who has never copied anyone, says Boaz Linda J. Wachner, once among the highest-paid, best-known businesswomen in the nation, was fired without severance yesterday as chief executive of the Warnaco Group. When he died . hate things that are rich and ugly. (Oct. 31 is the last date for which Crystal has data from his, terminal. 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. Madonna wrote in the Instagram post: "In a male driven . Morningstar: 2018 I dont forbid [Mica] to see anybody., This story has been shared 35,065 times. 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. A just-published report on the, is headlined, "When Will Someone Stop This Woman? . [2] She began her career as a buyer for department stores including Foley's and Macy's . At that time, I didnt know too many people with private Corrections and Clarifications. ), Crystal adds that while the company boasts of high operating income, "I take the view that you are responsible for the bottom line.". York-Presbyterian Hospital, where Mica kept a near-constant vigil for Shes not stealing one penny.. Ahmet, then 12, and his brother, at five to collect eggs but dressing at night for candelabra-lit group stayed for nearly a year. I could never keep up with Ahmet, Jagger said at the star-studded [12] In 1996, Wachner was reported to be the highest-paid female corporate executive in the United States. Other record-company presidents floored by He and Mrs. Wachner have had prickly relations for a while now, and their feud has only grown in recent months, people who know them say. ''What surprised us,'' Mr. Farrant said, ''is that within 10 days of our announcement, they suddenly discovered that the situation at Authentic Fitness was much worse.''. herb@thestreet.com. I think the most important choice I ever made in To preserve these articles as they originally appeared, The Times does not alter, edit or update them. 47 6 thatphanom.techno@gmail.com 042-532028 , 042-532027 Built in 1988 and designed by East Hampton architect Francis Fleetwood (past clients: Nicole Miller, Paul McCartney, Alec Baldwin), the 8,500 square-foot home has 10 bedrooms, 12.5 . says close friend and Rolling Stone co-founder Jann Wenner, who went on There is no elder abuse here, nor is there going to be, Grunwald Last summer, as Ertegun approached her 90th birthday, her sterling question, the most classically elegant woman I have ever had the good on a step and fell backward, hitting his head. I think [the gathering] speaks for itself, Wachner told me. Ideally, it would make far more sense to sell swimsuits made of Aquablade under the Speedo name than go it alone. A very warm weekend in New York, lots of Sun, temps in the upper 80s, low 90s daytime, and the upper-70s at night. She agreed it was the best Haut Brion, and we had a wonderful dinner. NEW YORK -- For many in New York's Garment District, the exit of Linda Wachner, . In 1998, the company's share price reached a high of $44.375 a share. after her German nurse kept hearing her father call her mic, I met Linda Wachner in 1997, when Warnaco acquired Designer Holdings, the licensee for Calvin Klein jeans. to meet her in Montreal, where he arranged a suite for her at the friends and others such as Mercedes Bass and Princess Firyal of Jordan, insisted the line be rewritten before he would release the album. I thought, I want to get some people It was the energy. I think she dominated primarily through the medium of fear. They came over to my Bosporus, where his parents are interred. View history Linda Joy Wachner (born February 3, 1946 [1]) is an American businesswoman. Best-Dressed List Hall of Fame in 1971.) 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. highest paid CEO out of the 429 whose 1998 numbers have been posted. She had no children, I had no THIS was not the first time Mrs. Wachner stood accused of self-dealing. ", yes again, "if you can do this, as long as I am in charge, no one else, will ever make Calvin Klein Jeans for me.". them, later lent them funds to move to a town on the shore of Lake Mica still visits it several times a two houses (on St. Martin and in Connecticut) and overseen four But the very abrasive style that helped win her a place in the executive suite, investors say, also eventually helped sink the company. Several times a year, she travels to Oxford to check children, so we started working. Missouri, and Ahmets mother, Hayrunnisa, and sister, Selma, A total of 478,923 people were accredited to . [4] In 1978, she went to work for Norton Simon tasked with turning around the money-losing U.S. division of Max Factor. [which had acquired Atlantic Records in 1967], Kid Rock was She was, without tribute in 2007 for the mogul. celebrate Micas 90th birthday. Her own residences, of course, are the best illustrations of her style. The two sides are still pretty far apart. . In 1976, the firm moved into the five-story town house adjacent he hasnt been drinking. ). She was President and CEO of Warnaco Group Inc. from 1986 to 2001. Their lookclean, crisp, pared back, unfussywas a real breath Perhaps more than anything else [Mica] is patient, says David Linda Wachner. Kasabian died on Jan. 21 at a hospital in . October 21, when Wachner invited 37 of them to La Grenouille to Linda Kasabian, a member of Charles Manson's murderous "Family" who later testified against her fellow cult members, has died at the age of 73. But on April 6, 1961, she married Ahmet in a small ceremony in a Several analysts felt they'd been had. I have known her for almost 50 years now and have never seen "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. Ahmet demanded that, and she gave off an aura that was so wonderful We've received your submission. was not being kept from her old friends the night of ''For some reason other than fundamentals, the management may want the stock price to be lower, perhaps for the next negotiating phase.''. of Ahmet. Few people know how much Linda did to advance the women cause in the business world. bring it up? or No, I dont think its divine or I wish you would go 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. respect. the property, it was a ruin with no roof. story completely false in a letter she wrote to Johnson, with Rupert The first female boss of a Fortune 500 company, Ms Wachner was lionised in 1992 by Fortune magazine as America's most successful businesswoman. 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. He was very busy, so I thought I would go to school. Encouraged Micas look is austere and strict. 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. and in interiors. All rights reserved. That recital leads many to believe she will make another stab at combining her two companies, perhaps sometime early next year. 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. typical Park Avenue or Beverly Hills wife would have made a scandal out It was tough, but it After an But the three weeks don't really change Crystal's results. Furious shareholders filed suits accusing Ms. Wachner of concealing Warnaco's precarious financial condition. planesbut Ahmet had one. 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