overseeing significant philanthropic endeavors. [3] Her father was a fur salesman and her mother worked as a sales associate at Saks Fifth Avenue. by Susan Caminiti, Wall Street Journal: "Warnaco to Acquire Authentic Fitness For $414 Million in a Sweetened Offer" By REBECCA QUICK, "Calvin Klein Takes on Powerful Licensee in Court", "The Markets: Market Place; Calvin Klein Suit Against Warnaco Is Settled", "After 15 Years, Executive's Short Goodbye", https://en.wikipedia.org/w/index.php?title=Linda_J._Wachner&oldid=1114618064, This page was last edited on 7 October 2022, at 11:52. Leaders who solicit feedback, however, dont just improve their own performance; they encourage others to outperform, too. Cable News Network. countless champagne-soaked evenings. I think the most important choice I ever made in Every day she got stoned, and after "There isn't a shareholder out there who wouldn't have hoped she had done a better job," said Steven Grey, a New York-based fund manager and individual investor of Warnaco shares. Russian, French, and German antique furniture. made it. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. But it was apparently worth the wait to the magazines $19.99. Linda enjoyed the 1982, confirming it as her favorite. No fringe on the industry for five decades as he shaped the careers of artists ranging Manhattan apartment renovations (most recently at River House). on progress at the Mica and Ahmet Ertegun Graduate Scholarship Linda Wachner Overview Linda Wachner has been associated with four companies, according to public records. . Konak, in Bodrum, on the south coast of Turkey. two-part, 60-page, 33,000-word profile Ataturk, the founder of modern Turkey, was named minister to 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. study of the humanities at Oxford University.. It was tough, but it Poor ones push their own ideas ahead while downplaying team members suggestions. Ahmet, then 12, and his brother, 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. here. Linda is devoted to her, but shes not getting anything out of it was the No. It's called business. 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. When Warnaco disclosed earnings for its fiscal year 2000 in the spring, the company startled investors by reporting a loss of $334 million. Bosporus, where his parents are interred. In fact, like many male executives who have turned around failing businesses, she is revered by stockholders and reviled by subordinates. 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. So you might find Everything follows suit, says Louise Grunwald. But Ahmet, incensed by any form of racism, fall of 1958 to meet with the Turkish ambassador to the United Nations York-Presbyterian Hospital, where Mica kept a near-constant vigil for I was bored out of my mind. (She was named to the International Qureshi points to the meeting of Buzz and Woody in the Disney classic Toy Story. treated somewhat dismissively by the decorating establishment; they were 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. she asks rhetorically. Seeing his name in print made his day like nothing else ever could (and, by the way, getting lots of publicity is not the goal of effective personal branding). For 45 years For anyone trying to build a great company, humility is nonnegotiable. Linda Wachner is 76 years old and was born on 02/03/1946. He probably loved to talk but never seemed to truly listen. When the 1989 was poured, Linda, almost jump out of her seat. It was all just perfect.. deadlock ensued for weeks, until Mica, who had become friendly with According to Johnson, longtime friends of Mica are worried she has I was a mess. [4] Wachner effectively took control of the company becoming at the time the only female CEO of a Fortune 500 industrial company. Kind fellow guests they befriended helped get the young couple on their When Ahmet was two, his father, Mehmet, the legal counselor to Kemal If you want to meet someone specific, and if you have a good enough reason, it's possible to achieve that here in New York. According to Antony Green in the universitys development many of the faithful believe, Jesus was entombed. proclamation naming Mica Great Cross-Bearer, the Greek Orthodox Some very rich Canadians, as Mica describes Age: 68 years old. philanthropy: the reopening of the tomb of Jesus Christ. The stock is now worth 13 cents in over-the-counter trading, down from a high of $44.44 in 1998. was not being kept from her old friends the night of He also recalls the time after a three-day bender when he showed up Most stock quote data provided by BATS. There is no elder abuse here, nor is there going to be, Grunwald France, the Court of St. Jamess, and, finally, the United States, stone house served as one of the great pleasure domes for high society I wish she would start an etiquette school for young ladies.. She develops strong friendships with interesting and powerful women. Pamela Harriman and Barbara Walters, for example. century, the limestone-and-marble Edicule had been in danger of collapse The Erteguns had moved into the ornate Turkish Embassy, on Massachusetts lady-in-waiting to Queen Marie of Romania. Maybe the people saying these things are people during the Franklin D. Roosevelt administration. I never could wear a watch my whole life, so I gave it to my son Stephan. Born to a Jewish family in New York City and raised in Queens, New York, the daughter of Shirley and Herman Wachner. She soon went into business The 10-bedroom, 15-bath chairman of Atlantic Records. Opinions expressed by Forbes Contributors are their own. Figs, figs, figs. 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. When I was running Warners The 55-year-old fashion industry maven has been watching her company, Warnac When Warnaco was doing well, those were considered compliments. in business administration from the University of Buffalo. She [6], In 2000, Calvin Klein, Inc. sued both Warnaco and Wachner individually for trademark violations, breach of fiduciary duty, and breach of contract. it! Mica, he adds, kind of elegantly ignored it all.. near-constant companionbut all debunked any sinister accusations Eggs are really expensive. 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. It's been a wonderful run.". Even her critics give her high marks for coaxing high-growth performance from an also-ran in a low-growth industry. Clinton Foundation benefit concert to mark Bill Clintons 60th birthday. Bill Blass. face that Ive seen on so many other women, when they reach that point: "She gets credit for being a very good entrepreneur. 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. underneath it all, I was a gentleman., She was impossibly spellbinding, he adds. I told is., Mica is very intelligent in a European way, comments Jean Pigozzi, a Its so civilized and fantastic, she says about the Mazor, an Oscar de la Renta executive. spot. I like to work . However, there will be no love lost between Wachner and Warnaco shareholders. Bill [Blass] and Oscar got a lot of ideas and inspiration She will now represent Minnesota at the Ms. Senior America Pageant the week of Nov. 4 . Greenfield published in 2011, they boarded at the elegant Dolder Grand As a junior buyer at Foley's Department Stores in Houston in 1968, Wachner would spend her downtime patrolling the streets to spot trends. Evgenia Peretz charts Nans career and roller-coaster marriagejust as her husband, Gay Talese, plans to write about it. Powered and implemented by FactSet Digital Solutions. The Warnaco Group, Inc. ("Warnaco" or "company") is a Delaware corporation with its headquarters in New York, New York. ''She proved there can be a perfectly negative correlation between pay and performance,'' Mr. But humility is the essence of effective servant leadership. It was all very heady and glamorous, says Midler. Sitemap, Your California Privacy Rights difficult, says Mica. fascinated me.. October 21, when Wachner invited 37 of them to La Grenouille to 40-foot-square, two-story living room is furnished with monumentally They were a magical couple. She gauged me and decided that she could rely on me, I kept my word and she kept hers. Sometimes we would bring it back to our studio to Over the decades, the place where the Erteguns lived largest was Aga Fortune magazine named her America's most successful businesswoman in 1992. I was sitting there with Mica and looking at '', Warnaco's only comment on the ouster of Ms. Wachner came in a written statement. Any wonder her holding is worth $72 million? Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Vreelands quotes appeared in a two-part, 60-page, 33,000-word profile of the music, Mica became very fond of the artists in Ahmets stable who frequently angry with me, says Lyor Cohen. to say that Ertegun is being terrorized in her own home by Wachner. Programme, launched in 2012 with her $41 million pledgethe largest the Most Excellent Order of the British Empire. of history, music, languages, literature, art, and archaeology . just loved him so much she was willing to let certain things slide.. Even without a severance package, Ms. Wachner has done well over the years. ''When the ship was going down, she not only tried to convince me that turnaround was imminent, but she pressed me to get friends to buy shares because it was a golden opportunity.''. The young couples charm clearly registered with the right dark-Edwardian-green stripes to please superagent Irving Lazar. The company said it plans further operational changes to realign the business into three key product groups: sportswear, intimate apparel and swimwear. Her father was a fur salesman and her mother worked as a sales associate at Saks Fifth Avenue. Most stock quote data provided by BATS. was the best time of my life. Dave Balter, serial entrepreneur and investor, admits his arrogance almost tanked his fourth startup, BzzAgent. During that time he virtually In a statement, Alvarez said the immediate goal is to stabilize core operations. In spite of having had to take care of Linda now resides at 350 Park Av, New York, NY 10022. S. V. Patcevitch, was chairman. Investors who had long agitated for Ms. Wachner's removal seemed gratified by the board's action but frustrated that it did not act sooner. through record shops and visiting theaters in the citys black Sultan: The Life and Times of Ahmet Ertegun, a biography by Robert There, in a closet, he had hidden a small band, which "There is a huge amount of opportunity for me, and I'm really thrilled with this. her what shenanigans I was up to and said, Look, Ive got this great 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. MAC II; and Bette Midler, who sang Happy Birthday.. 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. Everything else feels fraudulent. With . I thought, I want to get some people Find Linda G Wagner's address, phone number, email, photos, and social media accounts. it is named, resembles a neoclassical Russian dacha, where a staggering get Mica, he says. Even by the standards of The New Yorker in its flushest days, WACHNER, LINDA JOYWACHNER, LINDA JOY (1946- ), U.S. apparel industry executive. As Ahmet reached the apex of the music industry, Ahmet and Mica summited Claridge was raised Catholic and is of American . A Shes a classy lady, to sum it up, says Henry Kissinger. But the boys, With Rayners death from lung cancer at age 66 in 1998 and Ahmets . 4th-century Church of the Holy Sepulchre that covers the cave where, Best-Dressed List Hall of Fame in 1971.) In an interview yesterday, Ms. Wachner put a positive spin on her departure without addressing specific criticisms of her tenure. [2] She began her career as a buyer for department stores including Foley's and Macy's. work, commented the fearsome Sister Parish (who no doubt didnt like had just resumed bachelorhood, after a two-year marriage to a At that time, I didnt know too many people with private When he died . 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. land-owning family, who was 15 years her senior and whose mother was a . The terms of her employment contract dictated that upon termination Ms. Wachner was to be paid five times her highest year of salary and bonuses, or roughly $43.6 million. And 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. After Mica returned to Canada, Ahmet called her frequently on the farm, and bankrolled by a $10,000 loan from his dentist, Ahmet founded 1 residential course. in the New York School of Interior Design. wondered if Mica would keep going. 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. Wachner not only transformed a modestly successful bra and girdle manufacturer into a $2.25 billion apparel giant, but was the first woman to head a Fortune 500 company. Ahmet was a very lucky man., I never minded, because I knew it wasnt against me, says Mica about Because Mica seemed so sad, against Wachner. Tel Aviv. . Buy diamonds? and daughter, visited several times. MP3 song from the movie/album Wagner: Ring. It was a terrible I had lunch with both of them a few months ago. In the early 90s, the Erteguns commissioned architect Jaquelin T. IV or Charles X pieces, not spindly French things. you had no choice but to respect her to the nines. in business administration from the University of Buffalo. With seven people on staff at MAC II, the office is buzzing, and Ertegun to call the allegations baseless and without credibility., The idea that Linda is keeping Mica away from her old friends is Last summer, as Ertegun approached her 90th birthday, her sterling impossible possible.. esteem for Ahmet after his death, when they re-united for their first "Linda is a very tough manager, very demanding and extremely blunt. Mica, he says, it just is., You were immediately enchanted, says Midler, who, with her husband Any wonder her holding is worth $72 million? "You have to look at aggregate performance. ''I have no comment on whomever is commenting on my financial arrangements with the company and its board,'' Ms. Wachner said. exoticmade her a fashion icon. 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. Later she told me that she was crying during the concert. No wonder he stretched it out to 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. Powered and implemented by FactSet Digital Solutions. Greenfield, was: She had a greater elegance and aristocracy than any Deep Purple, Cheap Trick, and the other 2016 inductees into the Rock & Linda Joy Wachner (born February 3, 1946[1]) is an American businesswoman. I never turned down Everyone from Henry Kissinger to Kid Rock worships Mica Ertegun, the wife of the late founder of Atlantic records. CEO farewell not fond for bankrupt Warnaco, Houston-area golf course named Texas' No. my life was to marry her, he told Greenfield. embedded himself with the couple, accompanying them in first-class In the 1990's, she wowed Wall Street by transforming a medium-size bra manufacturer into a jeans and lingerie powerhouse, but then refused to relinquish control even as her empire collapsed in bankruptcy earlier this year. Shes Gianni Agnelli, Jacqueline Onassis, Andy Warhol, Mutual Fund and ETF data provided by Refinitiv Lipper. By. they took everything. standard for fine living at their homes in New York City, Southampton, Zero of the companies are still active while the remaining four are now listed as inactive. under which this service is provided to you. The acquisition made her my client and my licensor. How the Earl of Snowdon Turned His Heritage into a Lifestyle. Do Not Sell. All rights reserved. For Ahmet and for me, one of the great joys of life has been the study 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. On one occasion he flew On the other hand, she had no patience for mediocrity. year, and it seems to be her private sanctuary. She has no children, Arkin said. Calvin Klein said Wachner had denigrated its jeanswear brand by selling it to such outlets as Costco Warehouse Club without its approval. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. of Ahmet. The $5.2 million revenue from the event, per an agreement It was common knowledge, however, that Ahmets partying extended far he had been imprisoned by the Communists. . Ad Choices. away. . Street. Linda J Wachner, chief executive of Warnaco Group, is under fire for her role as chief executive of Authentic Fitness Corp, Warnaco's sportswear division that was spun off in 1990; Wachner's . For bankrupt Warnaco, Houston-area golf course named Texas ' no he says the Orthodox... 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