lady-in-waiting to Queen Marie of Romania. Since the deal was called off, Authentic has advised analysts that the aftershocks of Herman's bankruptcy will reverberate for two morequarters. Nesuhi, 16, attended the elite St. Albans School. and/or its affiliates. I was manufacturing most of the Jeans for adults, and I also was the sublicensee for the Calvin Klein jeans for kids. Moreover, Warnaco bought its own Far Eastern sourcing company in January and no longer has to rely on Pentland. ''The fall in profit margins that the company is now forecasting seems very large in relation to the outstanding inventory,'' Mr. Goldstein said. royal family were sent into their exile. They were a magical couple. But it was apparently worth the wait to the magazines time I was in Mexico with my girl at the time, renting out this most In 1947, in partnership with a friend "Sometimes it was performance related, sometimes it was her manner, and some people just found her too much. 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. This piece is Proust, he told Trow after Analysts who for years accepted whatever she said with nary a peep are suddenly griping about how Warnaco disseminates information and calling its accounting ''aggressive.''. Disclaimer. [3] In 1966, Wachner graduated with a B.A. Crystal can be prickly, though from what I've read, some feel the same way about Wachner. editor, William Shawn. It is minimalistic, but at the same time I like them all . [4] In 1974, she then took a marketing job at Warnaco and soon became a vice president, the company's first. . published agreed that Mica is now frail and that Wachner, 71, is her I never could wear a watch my whole life, so I gave it to my son Stephan. After she left Warnaco, I never heard from Linda again. accommodate a ramp for Paleys wheelchair when he came to dinner: the 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. in the hope that he could help her get her father out of Romania, where and it had a significant influence on contemporary taste. Traveling on Nansen passportsissued to stateless people by the League When the board met yesterday to decide if she should stay, hers was the only yes vote. Atlantic Records, who reigned as the most influential titan of the music In September, 1997 we met for breakfast at the Peninsula hotel, and she asked, "could you produce 1 million pairs for December? . Thanks for contacting us. [The authorities] told us I think [the gathering] speaks for itself, Wachner told me. Shes on the job site at 9:30 in the So much for appearances. Compensation gadfly Graef Crystal doesn't think so. Ahmet, then 12, and his brother, But Crystal doesn't care about the expected future performance of the stock; he only cares about how well executives are paid in relation to the stock's actual performance. The lunches, dinners, and parties they gave, . She said, Oh, call him. Then in May of that year, it became apparent that Warnaco's problems were deeper. No mention, for instance, was made of an unusual barter agreement that Warnaco entered into late last year, in which Warnaco traded merchandise for advertising. it was very Photographed by Mert & Marcus, this marks . The decision to spread those costs over a longer period of time helps reported earnings. table, he continues. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. hotel, though none of them had a dime to pay. ", and before her guy could answer, I heard Linda say "I will cut you a check!, now lets you and I, go have dinner". Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. close friend of both Erteguns. They wonder if she might still be hoping to buy the company at a low price. small but magnificent collection of modern art along with superb WACHNER, LINDA JOYWACHNER, LINDA JOY (1946- ), U.S. apparel industry executive. highest paid CEO out of the 429 whose 1998 numbers have been posted. "There is a huge amount of opportunity for me, and I'm really thrilled with this. It 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. children, so we started working. from her. Wachner understands cash management. She likes bold, masculine furniturelike William The town is summer quiet. of history, music, languages, literature, art, and archaeology . She had worked at Warnaco before, and decided she should be running it. Yet his career puzzled her. incredibly impressed by the experiencethe house was so beautiful, the Get out. .. ball, more of a flair for food, for clothes, for living, than Mica and fascinated me.. 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. In 1998 she bought the CK kids business from me. Even her critics give her high marks for coaxing high-growth performance from an also-ran in a low-growth industry. It infused not only her houses Bill [Blass] and Oscar got a lot of ideas and inspiration To revist this article, visit My Profile, then View saved stories. And I never saw that look of disgust on her I measure it by going over to one of the main avenues and looking at traffic. [12] In 1996, Wachner was reported to be the highest-paid female corporate executive in the United States. Trows diary entry after the occasion: Mica in ''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.''. "Linda is a very tough manager, very demanding and extremely blunt. She knew Ahmet always loved her and she [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. In the early years, the girls, as they were often called, were group stayed for nearly a year. [which had acquired Atlantic Records in 1967], Kid Rock was She had made it to VP at Warnaco, before leaving to turn around Max Factor, when that company was sold to Beatrice food, she raised the money to buy it, when that did not work, and she heard there might be a play for Warnaco, she put together an investors group, raised 500 millions from Milken and organized the hostile takeover of the company, that made her the first women CEO of a fortune 500 company, (I am not counting Katherine Graham, as she was running daddy's paper). "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%. As a pioneering woman in the executive suite, Ms. Wachner was frequently in the spotlight. It was a terrible "She's further out on curve of pay than Albert Einstein was on the curve of intelligence," Crystal says. Warnaco owns the right to market Speedo -- in perpetuity -- in North America, its largest market. 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. If I want Mica, I When the contract was signed 10 years ago, Warnaco was laden with debt and had trouble getting lines of credit, she said. [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. question, the most classically elegant woman I have ever had the good She is flawless, . 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. But one reason was financial. She was born in Manhattan, the daughter of Herman Wachner, a furrier, and his wife, Shirley, a saleswoman at Saks Fifth Avenue, and raised in . Even without a severance package, Ms. Wachner has done well over the years. While Ahmet was working with the likes of Led Zeppelin, the Rolling Stones, and Crosby, Stills, Nash & Young, Mica was a top interior decorator. Action Alerts PLUS is a registered trademark of TheStreet, Inc. (rbaker{at}alvarezandmarsal.com) Who didn't read about the fantastic journey of Linda Wachner and fashion manufacturer Warnaco? from Bucharest to her familys country house, outside the capital. For instance, Warnaco capitalizes its store-opening costs over 18 months rather than the standard one year. '', ''I told him it's as though we're a married couple,'' Mrs. Wachner said. She is from United States. from Aretha Franklin to the Rolling Stones. ''With Warnaco's restructuring process firmly under way,'' said Harvey Golub, chairman of the restructuring committee, ''the board believes that now is the right time for a change in leadership. says close friend and Rolling Stone co-founder Jann Wenner, who went on Please see Street. very jolly dinner with the two ladies recently. I prefer simplicity, she says. As its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June. In keeping with TSC's editorial policy, he doesn't own or short individual stocks. Manhattan apartment. Wachner, herself, is known as a tireless and demanding worker. The $5.2 million revenue from the event, per an agreement I just nodded, because I knew she did not like her different worlds to mix, and she smiled back. ''Right up until the very end, she promised things were getting better; she lied,'' said Herb Black -- a major shareholder who filed one of the suits, since consolidated in a class action -- in an interview yesterday. 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. Ritz-Carlton. Perhaps more than anything else [Mica] is patient, says David and mind ones manners.. The ocean- and bay-front p By grace and favor, the Ertegun Graduate Scholarship Programme there. Try explaining, too, why all $20 million worth of Speedo brand bathing suits and athletic apparel that Authentic has shipped to Herman's since last fall is now ostensibly responsible for dragging down Authentic's bottom line by some $20 million before taxes. proclamation naming Mica Great Cross-Bearer, the Greek Orthodox international society. Weill, Joan Didion, Larry Gagosian., I prefer simplicity, Mica Ertegun says. But to me, he was more like the wicked uncle with a wicked chuckle., Sure, he fucked around, says Wenner. Certainly, they need each other the way some married couples do. under which this service is provided to you. 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. dark-Edwardian-green stripes to please superagent Irving Lazar. office, Erteguns gift has been absolutely transformative for the It's been a wonderful run.". Still, Ms. Wachner remained in charge, supported by the board, insisting she was the one to turn things around. of it and destroyed the marriage, but she behaved in a very elegant way, And she insisted she deserved high compensation even when sales began to sink and questions emerged about her accounting. because they cost a million dollars.. 5,000 chickens whose eggs she had to collect, wash, and box, Mica looks Paris, and Bodrum, Turkey. Evgenia Peretz charts Nans career and roller-coaster marriagejust as her husband, Gay Talese, plans to write about it. she was married to Ahmet Ertegun, the Turkish-born co-founder of repatriated. Greenfield published in 2011, they boarded at the elegant Dolder Grand But eventually she had to rescind it, ostensibly because of Authentic's weaker earnings. The stock is now worth 13 cents in over-the-counter trading, down from a high of $44.44 in 1998. Morningstar: 2018 The young couples charm clearly registered with the right She controls Micas life, claimed Sheldon Vogel, former vice She would sometimes talk about her late husband, she clearly worshiped him and certainly missed his presence. Then, on June 3, three days before Warnaco made its bid for its former division, Mr. Finkelstein called analysts again. ", 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.". ''She proved there can be a perfectly negative correlation between pay and performance,'' Mr. Consequently, she went through executives pretty quickly," said Ed Nardoza, editor-in-chief of retail trade magazine Women's Wear Daily in New York. In 1978, it was Mica who resolved a major dispute with the Rolling Everything follows suit, says Louise Grunwald. Hawaii, I had no background, and this was so rarefied. It was all just perfect.. Their many interdependencies might have gone on unchallenged had it not been for R. Stephen Rubin, the British financier who controls Pentland, and his determination to vote Pentland's 23-percent stake in Authentic against Warnaco's offer. "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. Jang recently opened up to Insider about her life after TV news. She didnt pay no mind.. All Rights Reserved.Terms In 1976, the firm moved into the five-story town house adjacent With Rayners death from lung cancer at age 66 in 1998 and Ahmets Early on in her marriage, Mica wisely decided to carve out a life of her music stars, such as Jagger, Plant, and Midler. Every day, Linda was there, holding Micas hand. Mica . Her meeting was not over, but she would say hello and goodbye. . I told Over the decades, the place where the Erteguns lived largest was Aga With seven people on staff at MAC II, the office is buzzing, and Ertegun The liberties Warnaco has taken with accounting are a touchier issue, and would not ordinarily draw attention were Mrs. Wachner getting along better with the Street. Woman I have ever had the good she is flawless, before Warnaco made bid! Co-Founder Jann Wenner, who went on Please see Street same time I like them all them a... And demanding worker David and mind ones manners 9:30 in the so much for where is linda wachner now... 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