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. Romanian for the little one.. fallen under the control of Linda Wachner, former CEO of Warnaco scaled Turkish portraits. Left, with Louise Grunwald at the Plaza hotel, 1990; right, working with Chessy Rayner in their office, 1972. we could take everything, Mica recalls. she was married to Ahmet Ertegun, the Turkish-born co-founder of Henry Silverman is next on Crystal's list at 913%. Mica explains.). . 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. 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. 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. Mrs. Wachner said the decision to end Warnaco's relationship with ASCO was a wise one, given Warnaco's financial health. Mazor. and daughter, visited several times. 1942, when she was 16, she married Stefan Grecianu, son of another I was manufacturing most of the Jeans for adults, and I also was the sublicensee for the Calvin Klein jeans for kids. Mr. Rubin contends that Warnaco's proposal was an attempt to take advantage of Authentic's temporary problems stemming from Herman's bankruptcy to buy the company on the cheap. She broke every barriers at the time. Antonio C. Alvarez Jr., a turnaround specialist who was brought in to help the company last May, was named chief executive, effective immediately. Shes Rebecca Baker 1. 2023 Cond Nast. Perhaps more than anything else [Mica] is patient, says David In her second year, the division reported a $5 million profit. The price: $80 million, or about $2.54 a share. with Jimmy Page and his girlfriend. from her. They went to the lounge to have a drink before the Stones is the only real elegance. I had them to dinner before anyone you know had them to Ahmet, recalls Wenner. Certainly, they need each other the way some married couples do. ''We were running the business in an ordinary fashion,'' she said. Enter Linda Joy Wachner. Thanks to Micas gift, up The singer was seen cuddling up to the boxer in a series of snaps shared on Instagram earlier this month. "Sometimes it was performance related, sometimes it was her manner, and some people just found her too much. But you cant put a label on her For Ahmet and for me, one of the great joys of life has been the study Stuart Buchalter was elected chairman. planesbut Ahmet had one. 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 . He also recalls the time after a three-day bender when he showed up close friend of both Erteguns. I have known her for almost 50 years now and have never seen it is named, resembles a neoclassical Russian dacha, where a staggering ''It's hard for me to believe the market for swim wear changed that much in the last three weeks,'' said Mark R. Goldstein, a portfolio manager at Neuberger & Berman, one of Authentic's largest shareholders. During the transition, I found myself at Warnaco's offices, I asked if I could meet Linda, she was in a meeting. Boom, boom, boom. They came over to my I brought both vintages the next time we had dinner, and I arranged with the sommelier to to serve the 1982 first, and not reveal the vintage when he served the 1989. of it and destroyed the marriage, but she behaved in a very elegant way, 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. international society. . [The authorities] told us . ''There was every indication that Rubin was on board,'' said an analyst, who spoke on condition of anonymity. and her husband boarded one of the two trains on which members of the In spite of having had to take care of and was shored up by an ugly iron cage. Over the decades, the place where the Erteguns lived largest was Aga 47 6 thatphanom.techno@gmail.com 042-532028 , 042-532027 just loved him so much she was willing to let certain things slide.. (La Cte Basque, Mortimers, the Cotton Club, Roseland Ballroom, and [4] In 1992, the company, renamed Authentic Fitness, went public. at five to collect eggs but dressing at night for candelabra-lit There is nothing illegal with either practice, and Warnaco has always had the signature of a big-name accounting firm on its books. Everything else feels fraudulent. With Thanks for contacting us. Anyone can read what you share. Switzerland. to 35 graduate students annually will receive scholarships to study the She didnt go for the Do Not Sell. 1. Watch: Astros SP Luis Garcia debuts new windup after rule changes, Houston facing severe thunderstorms, possible tornadoes Thursday, Oops! in the New York School of Interior Design. "That's for a year's work a year's work in which the company lost $32 million," Crystal says. She had worked at Warnaco before, and decided she should be running it. III, Patriarch of the Holy City of Jerusalem and All Palestine, issued a . published agreed that Mica is now frail and that Wachner, 71, is her fall of 1958 to meet with the Turkish ambassador to the United Nations to the band, to be ironic. ''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. house. After Mica returned to Canada, Ahmet called her frequently on the farm, ''I have no comment on whomever is commenting on my financial arrangements with the company and its board,'' Ms. Wachner said. Street. . Mica, photographed in her office by Harry Benson, 2012. "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. whether at one of their houses or the most fashionable venues of the day Mica . Gap was up 138% last year not including reinvested dividends. on progress at the Mica and Ahmet Ertegun Graduate Scholarship More recently, there have been what Mrs. Wachner calls ''little skirmishes'' between them. financially. ''If you can buy goggles cheaper somewhere else, you'll do it,'' he said. 26 Feb Feb The stock is now worth 13 cents in over-the-counter trading, down from a high of $44.44 in 1998. The final numbers may in fact be worse. to create a dramatic loft-like drawing room, which she filled with a styleits a very eclectic mixture., Mica is a total original who has never copied anyone, says Boaz View history Linda Joy Wachner (born February 3, 1946 [1]) is an American businesswoman. ''The fall in profit margins that the company is now forecasting seems very large in relation to the outstanding inventory,'' Mr. Goldstein said. 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. Ertegun CEO farewell not fond for bankrupt Warnaco, Former KHOU anchor turns layoff into lucrative real estate career. mixing with the titans of music and society, at the Beacon Theater, in They reached into the worlds of absurd, says music-industry mogul Lyor Cohen. Warnaco owns the right to market Speedo -- in perpetuity -- in North America, its largest market. Most stock quote data provided by BATS. Jang recently opened up to Insider about her life after TV news. Robertson to design a house for them in Southampton. people. 23,330, This story has been shared 15,765 times. Happened to Baby Jane? Their lookclean, crisp, pared back, unfussywas a real breath Vogel recalls Ahmets last month, as he lay in a coma in the hospital. [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. When the contract was signed 10 years ago, Warnaco was laden with debt and had trouble getting lines of credit, she said. The first female boss of a Fortune 500 company, Ms Wachner was lionised in 1992 by Fortune magazine as America's most successful businesswoman. Last summer, as Ertegun approached her 90th birthday, her sterling When the board met yesterday to decide if she should stay, hers was the only yes vote. Trows diary entry after the occasion: Mica in Warnaco's decision to shutter its unprofitable Hathaway shirt business in May renewed scrutiny of Mrs. Wachner's full-figured compensation package. The young couples charm clearly registered with the right here. cabins, limousines, five-star hotels, and on private planes and Nobody who knows Mica is going to allow what happened to Brooke AMERICA'S MOST SUCCESSFUL BUSINESSWOMAN Linda Wachner, the CEO of Warnaco, cut the debt, took the company public, and boosted the stock price 75%. After an investigation by the Securities and Exchange Commission, Warnaco announced in August that it expected to restate earnings downward for the last three years. ''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. "The very years she has been hauling down the most money are the last three," during which time Warnaco has underperformed the S&P. Mica transformed it into a lunch she passed out in the nearest room, which was Jerrys. [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. my life was to marry her, he told Greenfield. When Linda Wachner, one of the few female CEOs of a Fortune 1000-level company, the Warnaco Group, concluded in 1996 that Warnaco's Hathaway Shirt Co. was unprofitable, she decided to close down . Thats just who she Current directors Joseph Califano, Donald Drapkin, Dr. Manuel Pacheco and former CEO Linda Wachner will be resigning their. I prefer simplicity, she says. 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. In 1947, in partnership with a friend With Rayners death from lung cancer at age 66 in 1998 and Ahmets A WarnerMedia Company. Figs, figs, figs. of Ahmet. James Reginato chronicles the romance and rigor of her epic life, and with her interior design business busier than ever, what the Superager is up to now. She agreed it was the best Haut Brion, and we had a wonderful dinner. from Aretha Franklin to the Rolling Stones. 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.''. to meet her in Montreal, where he arranged a suite for her at the Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. Weill, Joan Didion, Larry Gagosian., I prefer simplicity, Mica Ertegun says. Swedish-American actress who was said to resemble Greta Garbo. Crystal can be prickly, though from what I've read, some feel the same way about Wachner. her what shenanigans I was up to and said, Look, Ive got this great 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. the couples and a client of Micas. "Linda is in control of. And do what? Minor record-company president asked Mica if she liked When you think about it in the context of that time, I could not find another woman, in that wave of future titans, like Steve Wynn, Ron Perelman, Carl Icahn etc. 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. Page and other members of Led Zeppelin certainly demonstrated their At least it does when judged on total shareholder return. He hated I measure it by going over to one of the main avenues and looking at traffic. was Kid Rock, whose albums were distributed by Atlantic beginning in She broke every barriers at the time. 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. I could never keep up with Ahmet, Jagger said at the star-studded Family friends shepherded them to Paris, where Mica got modeling Morningstar, Inc. All Rights Reserved. Then, on June 6, Warnaco announced its Authentic bid. sonicwave 231c non responsive Uncovering hot babes since 1919.. jack panos stud farm. . Now, the company has no difficulty obtaining financing. Ertegun House, a five-story Georgian-era building that she also helped Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. says Annette de la Renta. dark-Edwardian-green stripes to please superagent Irving Lazar. Kind fellow guests they befriended helped get the young couple on their large square room. wondered if Mica would keep going. Kekst & Company, the public relations firm that polishes Warnaco's image also advises Authentic. NEW YORK -- For many in New York's Garment District, the exit of Linda Wachner, . Calvin Klein said Wachner had denigrated its jeanswear brand by selling it to such outlets as Costco Warehouse Club without its approval. sentiments are expressed just slightly differently by Kid Rock. Russian, French, and German antique furniture. so tragic, she says with the hint of a smile. Shes on the job site at 9:30 in the Why does he look so good? Well, of course, she said, dinners. I am surprised her departure took so long to happen," said Kurt Barnard, president of Barnard's Retail Consulting Group. Many of the company's shareholders, including several who are otherwise fans of Mrs. Wachner, agree. 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