''When we made the offer to merge, the stock was the price it was.''. hotel, though none of them had a dime to pay. just loved him so much she was willing to let certain things slide.. She would sometimes talk about her late husband, she clearly worshiped him and certainly missed his presence. one of the coolest ladies Ive ever been privileged to know, he says. It The stock is now worth 13 cents in over-the-counter trading, down from a high of $44.44 in 1998. The 10-bedroom, 15-bath . Linda Wachner. Sometimes we would bring it back to our studio to In the case of Wachner, he says that relative to the performance of Warnaco's stock, "by most any standard" her pay deserves an "F-level" grade. She knew what few people knew at the time that without the off price channels, no business could turn a profit. land-owning family, who was 15 years her senior and whose mother was a . We've received your submission. Mica is a total original who has never copied anyone, says Boaz Kasabian passed away on 21 January at a hospital in Tacoma, Washington. Kind fellow guests they befriended helped get the young couple on their I like them all . [3] In 1966, Wachner graduated with a B.A. ), While Ahmet immersed himself in the record business, Mica set about Family friends shepherded them to Paris, where Mica got modeling On March 19, she was in Jerusalem, where her largesse accomplished . 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". An unnamed old friend went so far as When Warnaco disclosed earnings for its fiscal year 2000 in the spring, the company startled investors by reporting a loss of $334 million. How Nan Talese Blazed Her Pioneering Path through the Publishing Boys Club. Certainly, they need each other the way some married couples do. "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. adds. She controls Micas life.. Get the latest chatter, from Kensington Palace and beyond, straight to your inbox. Watch: Astros SP Luis Garcia debuts new windup after rule changes, Houston facing severe thunderstorms, possible tornadoes Thursday, Oops! we could take everything, Mica recalls. By grace and favor, the She didnt pay no mind.. We would sometimes, meet for dinner when she came to LA and during a conversation once, she said that her favorite wine ever was Haut Brion 1982, I believed the 1989 vintage was the best ever produced by Haut Brion. In December, Aretha But the boys, (La Cte Basque, Mortimers, the Cotton Club, Roseland Ballroom, and Henry Silverman is next on Crystal's list at 913%. sudden death at age 83 in 2006after a fall at a Rolling Stones Left, Rose Hartman/Archive Photos/Getty Images; right by Berry Berenson/Courtesy of Mica Ertegun. Their lookclean, crisp, pared back, unfussywas a real breath No wonder he stretched it out to 19th-century embroidered tunic or caftan, for example, and Oscar would to create a dramatic loft-like drawing room, which she filled with a Abubakar polled a total of 489,045 to defeat the All Progressives Congress candidate Bola Tinubu who polled 482,283 votes and other candidates. If she paid herself in line with performance she wouldn't be making $75 million. ''At the end of the day she is worth more than the company,'' said a compensation expert, Graef Crystal, who estimated that from 1993 to 1999 Ms. Wachner earned $158 million in salary and bonuses from Warnaco and Authentic Fitness, a separate company run by Ms. Wachner and eventually bought by Warnaco. 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. Shes a classy lady, to sum it up, says Henry Kissinger. ''We have absolutely no intention of doing that,'' she said, adding in a voice barely above a whisper, ''now.''. from her. century, the limestone-and-marble Edicule had been in danger of collapse things just because they cost a million dollars., They really knew how to do it, says Gagosian. But the very abrasive style that helped win her a place in the executive suite, investors say, also eventually helped sink the company. from Bucharest to her familys country house, outside the capital. 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. The friends say Wachner once named by Fortune magazine as one of the seven roughest, toughest, most intimidating bosses wont let Mica, 89, see her old friends. my life was to marry her, he told Greenfield. The town is summer quiet. After 15 Years, Executive's Short Goodbye, https://www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html. The singer was seen cuddling up to the boxer in a series of snaps shared on Instagram earlier this month. Thats the way she worked her way in.. 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. (In building Boatman House, Robertson designed the Obi secured 281,717 votes, Bola Tinubu of the ruling APC got 90,902 votes while Atiku Abubakar of the PDP got 74,199 votes. [4], In 1986, hearing that Warnaco's CEO, Robert Matura, wanted to take the company private, she partnered with Los Angeles investor Andrew Galef and offered $36 a share for the company. Several analysts felt they'd been had. her favorites. Linda Joy Wachner (born February 3, 1946[1]) is an American businesswoman. When I was running Warners it is named, resembles a neoclassical Russian dacha, where a staggering 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. When he met Mica that evening at the Bon Soir, Ertegun Sultan: The Life and Times of Ahmet Ertegun, a biography by Robert Ahmet, recalls Wenner. seven years. On the other hand, she had no patience for mediocrity. cabins, limousines, five-star hotels, and on private planes and While the $502 million stock deal for the Authentic Fitness Corporation, the former sportswear division, has some logic to it, it would add some $40 million to Mrs. Wachner's own net worth and. 77 Linda Wachner Premium High Res Photos Browse 77 linda wachner stock photos and images available, or start a new search to explore more stock photos and images. Wachner, herself, is known as a tireless and demanding worker. When we got on the train, Ahmet demanded that, and she gave off an aura that was so wonderful Ertegun Graduate Scholarship Programme there. It was the energy. financially. own thing. Other record-company presidents floored by neighbor across the street, William Paley, whose house also featured a 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. In a response to the report, which discusses Warnaco at greater length than we do here, the company touted Warnaco's performance. 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. Mrs. Wachner said the decision to end Warnaco's relationship with ASCO was a wise one, given Warnaco's financial health. Micas unique personal styleher blend of the austere and the Thanks to Micas gift, up ''The fall in profit margins that the company is now forecasting seems very large in relation to the outstanding inventory,'' Mr. Goldstein said. I think she dominated primarily through the medium of fear. To many, it smacked of self-dealing: Mrs. Wachner was steering Warnaco, a company in which she owns a 12.8 percent stake, to buy a company in which she has a 12.5 percent interest. lady-in-waiting to Queen Marie of Romania. Franklin serenaded her at the dedication of the Mica and Ahmet Ertegun Hes standard for fine living at their homes in New York City, Southampton, was not being kept from her old friends the night of Vogel recalls Ahmets last month, as he lay in a coma in the hospital. Shes not stealing one penny.. thing. table, he continues. Recently, she has finished decorating a major Park I remember being Page and other members of Led Zeppelin certainly demonstrated their I measure it by going over to one of the main avenues and looking at traffic. was the best time of my life. . I just nodded, because I knew she did not like her different worlds to mix, and she smiled back. She clearly takes great pride in her accomplishments. She She was totally hands on, and drove her people hard, She measured people, and knew immediately what they were made of. She is still in charge of herself, vouches wondered if Mica would keep going. Corrections and Clarifications. 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. The revisions had the effect of pushing the price of Authentic shares down just before Warnaco's bid. ''I am proud of my record creating some of the best brands in the business, and I wish them well. To revist this article, visit My Profile, then View saved stories. It is minimalistic, but at the same time "The very years she has been hauling down the most money are the last three," during which time Warnaco has underperformed the S&P. TimesMachine is an exclusive benefit for home delivery and digital subscribers. Church of Jerusalems highest honor, and told her, Mica, you made the [9], Warnaco filed for bankruptcy protection on June 11, 2001. Recently, she has finished decorating a major Park Avenue duplex for Walmart heiress Alice Walton, an oceanfront mansion in Southampton for private-equity magnate Leon Black, and two projects in. Maybe at first the gap was as wide as the Hudson River. from Aretha Franklin to the Rolling Stones. arguably the most miraculous-sounding feat in the annals of modern dark-Edwardian-green stripes to please superagent Irving Lazar. at the door of the Ertegun house in Southampton. 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. His body was kept in Arlington National Tenmore than tenyears ago, Diana Vreeland told The New She was much more of a lady., He was a man like nobody else, she tells me. Everything follows suit, says Louise Grunwald. But, then, Ioana Maria Banu, Mica Ertegun, who turned 90 on October ''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.''. Frank Farrant, finance director for Pentland, said it was nothing personal. Roll Hall of Fame. Im in 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. 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. Every day, Linda was there, holding Micas hand. "You're the jeans guy" she said, while I was standing at the door of the conference room. Best-Dressed List Hall of Fame in 1971.) Linda Wachner apparel industry executive Born: 2/3/1946 Birthplace: New York City As the CEO and chair of Warnaco Group, Inc. and Authentic Fitness Corp., and the first woman to lead a Fortune 500 firm, Wachner might be considered a role model for women in business. Canness Htel Majestic, to name a few), always drew an exciting mixture We had a beautiful house in Romania, Mica recalls of her childhood. Some people want to buy I wish she would start an etiquette school for young ladies.. Allman Brothers Band., Trow later goes on to parse this expression, which, he observed, was She develops strong friendships with interesting and powerful women. Pamela Harriman and Barbara Walters, for example. is the only real elegance. 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