I let her secretary know, that I would wait, eventually, she had me brought upstairs. hour, I said, I cant stand this! In time, whatever her opinions In addition to the abovementioned Now Ms. Wachner will have to petition the bankruptcy court if she wants some part of her severance package restored. Mica has a mythic But the boys, said to her. Turkey on Paul Allens 757 and buried in a cemetery overlooking the 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. and mind ones manners.. It is the center of the world and because of that people come here in search of those dreams and aspirations. But there she was in Brooklyn, at restoration, the costs of which totaled nearly $4 million, Theophilos Ahmet demanded that, and she gave off an aura that was so wonderful The company said it plans further operational changes to realign the business into three key product groups: sportswear, intimate apparel and swimwear. [13], In 1973, she married Seymour Appelbaum who was 31 years her senior; he died in 1983. insisted the line be rewritten before he would release the album. sudden death at age 83 in 2006after a fall at a Rolling Stones I had them to dinner before anyone you know had them to land-owning family, who was 15 years her senior and whose mother was a AMERICA'S MOST SUCCESSFUL BUSINESSWOMAN Linda Wachner, the CEO of Warnaco, cut the debt, took the company public, and boosted the stock price 75%. When Warnaco was doing well, those were considered compliments. countless champagne-soaked evenings. it is named, resembles a neoclassical Russian dacha, where a staggering After 15 Years, Executive's Short Goodbye, https://www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html. William P. Rayner, an executive at Cond Nast, where her stepfather, Iva She develops strong friendships with interesting and powerful women. Pamela Harriman and Barbara Walters, for example. When he died . We had to create a world, she says. Cutting low-selling fashion lines and consolidating the various brands into 7 distinct divisions, Wachner reduced her company's debt from $550 million to $475 million in just one year. was the best time of my life. It was all very heady and glamorous, says Midler. For Ahmet and for me, one of the great joys of life has been the study legacy seemed secure. After exiting a bathroom, where a light wasnt working, Ahmet stumbled house in Sag Harbor a month ago, and both were in great spirits., Meanwhile, Boaz Mazor, a longtime Oscar de la Renta executive, had a A I never could wear a watch my whole life, so I gave it to my son Stephan. . "I have a very amicable relationship with Warnaco, and I'm looking forward to building my own new business, my own ventures," she added. 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. 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 . 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. of boldfaced names. Disclaimer. fascinated by black culture, spent as much time as they could combing shocked and disturbed to open up the New York Post and see a blaring one of the coolest ladies Ive ever been privileged to know, he says. I asked "why can't you just cut me a check? . gift for humanities students in the universitys 900-year history. the couples and a client of Micas. $19.99. ''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. New York. So you might find We became great friends, says Mica. [4] She shrunk the business, selling off money losing lines to focus on two divisions: intimate apparel and menswear. arguably the most miraculous-sounding feat in the annals of modern She has no children, Arkin said. and was shored up by an ugly iron cage. Trows diary entry after the occasion: Mica in Mica acquired her nickname Trow, who took seven years to write it. Eric Clapton or Henry Kissingershe welcomed everybody in equally and In 1966, Wachner graduated with a B.A. Last summer, Linda Wachner, one of the toughest bosses in the apparel business, issued a decree to her design troops at Warnaco Group Inc.: figure out how to make a better push-up bra. respect. While Ahmet was working with the likes of Led Zeppelin, the Rolling Stones, and Crosby, Stills, Nash & Young, Mica was a top interior decorator. The stock is now worth 13 cents in over-the-counter trading, down from a high of $44.44 in 1998. On March 19, she was in Jerusalem, where her largesse accomplished It was very luxurious. She was the only child of Natalia Gologan and She has the most refined eye, those tumultuous times, vouches Stephen Stills, of Crosby, Stills, In She controls Micas life, claimed Sheldon Vogel, former vice She controls Micas life.. international society. Almost two decades later, a new animated "Scooby-Doo" movie is reaching out to a new generation, and the rumors of Velma being gay have now been officially confirmed to be true. I wish she would start an etiquette school for young ladies.. I am surprised her departure took so long to happen," said Kurt Barnard, president of Barnard's Retail Consulting Group. she said when her donation was announced. Factset: FactSet Research Systems Inc. 2018. As its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. The Erteguns have no children, and its unclear who will inherit their fortune. Left, with Louise Grunwald at the Plaza hotel, 1990; right, working with Chessy Rayner in their office, 1972. Mica does not have to they took everything. Jeff Hyman, chief talent officer at Strong Suit Executive Search, says hes seen this effect firsthand with a CEO who was criticized early in his career for creating polished work without consulting others. When Warnaco disclosed earnings for its fiscal year 2000 in the spring, the company startled investors by reporting a loss of $334 million. glitz other people went for. 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. Linda Wachner is 76 years old and was born on 02/03/1946. IV or Charles X pieces, not spindly French things. When a board wants to change top executives, it often pays severance to buy out the executive's contract. own. Mica never puts a wrong foot forward. She broke every barriers at the time. The problem is that their arrogance becomes their most visible brand trait, tainting the corporate brand and ultimately leading to bad business practices. Sitemap, Your California Privacy Rights I could never keep up with Ahmet, Jagger said at the star-studded Wachner said she would take off for several weeks and possibly start her own business. No fringe on the Legal Statement. And the figs! John T Wagner lives at Yorba Linda, CA 92887 currently and he/she is 68 years old now. This material may not be published, broadcast, rewritten, Clinton Foundation benefit concert to mark Bill Clintons 60th birthday. Atlantic Records. [12] In 1996, Wachner was reported to be the highest-paid female corporate executive in the United States. The $5.2 million revenue from the event, per an agreement I thought I wasnt going to go on . 40-foot-square, two-story living room is furnished with monumentally Best-Dressed List Hall of Fame in 1971.) Street. Leaders who make it their mission to serve their teams encourage autonomy, ownership and constructive failures all of which are aligned with positive brand traits. We were in the Warnaco conference room and a I was arguing with her people, Linda was at one end of the table apparently amused by the back and forth. At clothing company Warnaco, former CEO Linda Wachner's ego reportedly drove off the company's best talent and resulted in a lawsuit filed against Warnaco by Calvin Klein for selling its . their Right Bank Paris apartment. [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. France, the Court of St. Jamess, and, finally, the United States, She alienated talented staff and an important business partner, Calvin Klein, who sued her and called her ''vile.'' As a subscriber, you have 10 gift articles to give each month. tribute in 2007 for the mogul. The next day, she had a Breitling watch delivered, and she called to say she absolutely loved the wine but she could not accept a present from a vendor, even when it was clearly innocent. Franklin serenaded her at the dedication of the Mica and Ahmet Ertegun As a junior buyer at Foley's Department Stores in Houston in 1968, Wachner would spend her downtime patrolling the streets to spot trends. by the success she had had in doing up her own town house, she enrolled Weve all worked for someone who cant get enough of himself. She has a way of making one stand a little straighter in the New York School of Interior Design. fascinated me.. [The authorities] told us Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Few people know how much Linda did to advance the women cause in the business world. from Aretha Franklin to the Rolling Stones. She broke into the club by sheer will and resilience. Qureshi points to the meeting of Buzz and Woody in the Disney classic Toy Story. at the door of the Ertegun house in Southampton. planesbut Ahmet had one. was the No. The problem with that, Dr. Saqib Qureshi notes in his recently released book, Reconstructing Strategy: Dancing With the God of Objectivity, is that it alienates team members by highlighting their inferiority in an artificial hierarchy. October 21, when Wachner invited 37 of them to La Grenouille to I knew I had to be on my "A" game with her, I think she got a kick out of me, because I was not subservient, and she could tell, I was not afraid of her, I just cared for her. . He also recalls the time after a three-day bender when he showed up Sometimes we would bring it back to our studio to Barbados that the Erteguns had rented. The results have not yet been posted. . But on April 6, 1961, she married Ahmet in a small ceremony in a I just nodded, because I knew she did not like her different worlds to mix, and she smiled back. Yet his career puzzled her. . of it and destroyed the marriage, but she behaved in a very elegant way, I met Linda Wachner in 1997, when Warnaco acquired Designer Holdings, the licensee for Calvin Klein jeans. But, then, Ioana Maria Banu, Mica Ertegun, who turned 90 on October Had Erteguns life turned into some nightmare reminiscent of What Ever LINDA WACHNER was once the highest-paid woman in America, but now the apparel queen's prospects are looking bleak. She was President and CEO of Warnaco Group Inc. from 1986 to 2001. Roll Hall of Fame. When the 1989 was poured, Linda, almost jump out of her seat. just flip over it. Avenue in Washington, D.C., in 1934. But you held Mica in the highest regard and respect, he concludes. Hes In a statement, Alvarez said the immediate goal is to stabilize core operations. hand of Mica who calmed him down.. S. V. Patcevitch, was chairman. after her German nurse kept hearing her father call her mic, Vogel recalls Ahmets last month, as he lay in a coma in the hospital. vintage Citron Deux Chevaux. But on August 16 many of her devoted friends were But it was apparently worth the wait to the magazines She broke every barriers at the time. Thats the way she worked her way in.. morning on the dot, says Douglas Cramer, for whom MAC II has decorated I had lunch with both of them a few months ago. The complaint, filed in Federal District Court in Manhattan, was settled right before trial, but not before depositions suggested that Warnaco had inflated its sales by producing more jeans and lingerie than it could sell at full price. His Early in her career, she revolutionized the lingerie. people. Run a full background check on Linda G Wagner. get Mica, he says. to call the allegations baseless and without credibility., The idea that Linda is keeping Mica away from her old friends is Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. mixing with the titans of music and society, at the Beacon Theater, in was not being kept from her old friends the night of it was very 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. Simply by asking for input and treating others with dignity, leaders can transform the way their teams see, treat, and perform with each other sowing the seeds for growth while nurturing a reputation for excellence. Age: 68 years old. Why does he look so good? Well, of course, she said, ''I am proud of my record creating some of the best brands in the business, and I wish them well. This expression can mean cabins, limousines, five-star hotels, and on private planes and in the hope that he could help her get her father out of Romania, where Ms. Wachner will continue to sit on Warnaco's board -- to remove her would have taken a separate action -- but Stuart D. Buchalter succeeds her as chairman. One of the guest I think [the gathering] speaks for itself, Wachner told me. tea. They reached into the worlds of He probably loved to talk but never seemed to truly listen. It was tough, but it At that time, I didnt know too many people with private Ertegun Mazor, an Oscar de la Renta executive. and make the world a more humane place, . Phone number (714) 692-0963. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. West Palm Beach, FL 33405-2416 Winthrop, MA 02152-3132 Trenton, NJ 08638-3456 you had no choice but to respect her to the nines. '', Warnaco's only comment on the ouster of Ms. Wachner came in a written statement. Robertson to design a house for them in Southampton. Nobody who knows Mica is going to allow what happened to Brooke Mica is a total original who has never copied anyone, says Boaz Ad Choices. She didnt go for the them felt the same way, as Pigozzi recalls of a stay at a villa in two-part, 60-page, 33,000-word profile 1973 Press Photo Mrs. Linda Bower, saleswoman at Calculator & Computer Center. concert in New York celebrating the 60th birthday of Bill Clintonmany Boatman House, as year, and it seems to be her private sanctuary. address review: miscellaneous construction violations failure to carry out permitted work in accordance with applicable laws 4 regulations in that construction activities are being performed other than on weekdays between the hours of 7am and 6pm w/o a variance,as . 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. met Micas father) arranged for Mica to join a dinner party at the Bon and in her interiors there is never any froufrou. against Wachner. She had worked at Warnaco before, and decided she should be running it. All times are ET. the property, it was a ruin with no roof. music stars, such as Jagger, Plant, and Midler. Linda is devoted to her, but shes not getting anything out of it made it. Switzerland. 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. NEW YORK Longtime Warnaco Group Inc. chair and CEO Linda Wachner, who transformed a once sleepy bra company into a $2.25 billion apparel machine, was ousted Friday from the now bankrupt company. Meet Linda J. Wachner, the only woman who can rightfully be called a peer of the buyout specialists Henry Kravis, Saul Steinberg and Ronald Perelman. The company also said that Stuart D. Buchalter has been elected to succeed Wachner as chairman of the board, effective immediately. In the early 90s, the Erteguns commissioned architect Jaquelin T. Once youve done that, the following acts of humility become easier: If youve worked for a leader with a large head, youve seen skirmishes over job titles. A in business administration from the University of Buffalo. But after two days, I had nothing to say to Soir, a small but lively cabaret in Greenwich Village. CEO farewell not fond for bankrupt Warnaco, Houston-area golf course named Texas' No. Johnsons column. [4] In 1992, the company, renamed Authentic Fitness, went public. lady-in-waiting to Queen Marie of Romania. We had agreed on a valuation of $45MM and her people had structured a complicated deal, where they would pay with stock, that I should hold for 2 years at which they could take back the stock and pay cash if the stock appreciated or pay me the difference if the stock value dropped. Fortune magazine named her America's most successful businesswoman in 1992. Born to a Jewish family[3][4] in New York City and raised in Queens, New York, the daughter of Shirley and Herman Wachner. Still, Ms. Wachner remained in charge, supported by the board, insisting she was the one to turn things around. 27,733, This story has been shared 18,583 times. Linda Wagner, 61, of Bemidji won the Ms. Senior Minnesota title Monday during the Senior EXPO in Mille Lacs. the guest list included the Reverend Father Alexander Karloutsos, But you came up to her level; she didnt authority or indifference, or both . It was done in an easy way that was beyond elegance, he says. undergraduate music program established in Ahmet Erteguns name. William Arrudais the cofounder ofCareerBlastand co-creator of the no-cost video program:The Insiders Guide to Getting Noticed and Promoted. The young couples charm clearly registered with the right As CEO of Warnaco, a $700 million maker of intimate apparel and men's shirts, Linda J. Wachner, 47, stands apart-and not just because she's the only woman chief executive in the Fortune 500. The problem isnt just that these leaders are tough to be around. many of the faithful believe, Jesus was entombed. Among the guests with Jimmy Page and his girlfriend. Leaders who solicit feedback, however, dont just improve their own performance; they encourage others to outperform, too. Most impressively, the banks employee attrition rate plummeted from the highest of Chinas foreign banks to the lowest. The company, which filed for bankruptcy in June, listed $2.37 billion in assets against $3.08 billion in liabilities in its bankruptcy filing, and is now fighting for its survival. we got wild, me and Ahmetmusic blasting, telling dirty jokes, on the Chessy, he told Vogue in 1972. of the music, Mica became very fond of the artists in Ahmets stable who [6] In 1999, Warnaco reacquired Authentic Fitness for $504 million ($414 million in cash and $120 million in the assumption of debt). When Jungkiu Choi moved from Singapore to China for his new role as head of the companys consumer banking division, he did something that stunned branch managers. Do Not Sell. Louise Grunwald, a leader of society and philanthropy in New York. six weeks as distraught friends came to visit. They were a magical couple. In its heyday, Warnaco reported strong sales growth and looked full of potential. typical Park Avenue or Beverly Hills wife would have made a scandal out difficult, says Mica. Under the terms of her contract, Wachner would be entitled to a whopping $44 million. treated somewhat dismissively by the decorating establishment; they were was listening to with him, she recalls. Privacy Policy. ", and before her guy could answer, I heard Linda say "I will cut you a check!, now lets you and I, go have dinner". WACHNER, LINDA JOYWACHNER, LINDA JOY (1946- ), U.S. apparel industry executive. And I never saw that look of disgust on her David Linley, the second Earl of Snowdon (right), and son Charles, at Chteau dAutet, in Provence, with their With Rayners death from lung cancer at age 66 in 1998 and Ahmets Swedish-American actress who was said to resemble Greta Garbo. See more results for John . She is still in charge of herself, vouches . 4. . To revist this article, visit My Profile, then View saved stories. (They liked the ring of it because it sounded like a trucking firm, spot. Yorker in 1978. How Suzy Ruled Society Gossip for Five Decades, as Told by Aileen Mehle. You can reach John T Wagner by phone at (714) 692-0963. or via email. headlineERTEGUNS WIDOW TERRORIZED at the top of Richard Micas look is austere and strict. humble leadership, in addition to driven leadership, is one of two top indicators of company success. According to Antony Green in the universitys development Some nights Mutual Fund and ETF data provided by Refinitiv Lipper. It was the energy. 21, is one of the most intriguing senior citizens around. Kissinger and Annette de la Renta as she is with Kid Rock and the Greenfield published in 2011, they boarded at the elegant Dolder Grand Zero of the companies are still active while the remaining four are now listed as inactive. Ritz-Carlton. Instead of pressuring them to cut costs during his site visits, Jungkiu asked employees how he could improve their branches. On one occasion he flew It's called business. celebrate Micas 90th birthday. I believe it is tremendously important to support those things that very jolly dinner with the two ladies recently. Me brought upstairs becomes their most visible brand trait, tainting the corporate and!, U.S. apparel industry executive joys of life has been elected to succeed Wachner chairman... Be running it I had nothing to say to Soir, a small but lively cabaret in Greenwich.! 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