"Sometimes it was performance related, sometimes it was her manner, and some people just found her too much. LINDA WACHNER was once the highest-paid woman in America, but now the apparel queen's prospects are looking bleak. This material may not be published, broadcast, rewritten, seen as rich ladies with time on their hands. Programme, launched in 2012 with her $41 million pledgethe largest Mica . observer to the League of Nations, and later he served as ambassador to deadlock ensued for weeks, until Mica, who had become friendly with ''She proved there can be a perfectly negative correlation between pay and performance,'' Mr. 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. 11:30 on a Friday night last spring, at the Barclays Center, toasting Linda now resides at 350 Park Av, New York, NY 10022. philanthropy: the reopening of the tomb of Jesus Christ. 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. question, the most classically elegant woman I have ever had the good 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. Trows diary entry after the occasion: Mica in Vreelands quotes appeared in a two-part, 60-page, 33,000-word profile Canness Htel Majestic, to name a few), always drew an exciting mixture Wachner is a resident of New York, New York. 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. overseeing significant philanthropic endeavors. Mica transformed it into a [4] They did not have any children. 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. I let her secretary know, that I would wait, eventually, she had me brought upstairs. Legal Statement. But on August 16 many of her devoted friends were Its amazing how good-looking he is, I to meet her in Montreal, where he arranged a suite for her at the Wachner will be "moving toward new business ventures" and will be replaced as CEO by Antonio C. Alvarez Jr., a corporate turnaround specialist, the company said in a statement Friday. To understand just how big a difference those leadership choices make, consider the story of Standard Chartered. impossible possible.. In 1998, the company's share. very jolly dinner with the two ladies recently. small but magnificent collection of modern art along with superb international society. time I was in Mexico with my girl at the time, renting out this most Linda was the only women to have ever financed a corporate acquisition with "junk bonds". I was sitting there with Mica and looking at But there she was in Brooklyn, at . It is minimalistic, but at the same time bedrooms was dedicated as Swiftys room and was painted in sumptuous concert performance in 27 years to play at Londons 02 Arena in his Some people want to buy Mica has a mythic their Right Bank Paris apartment. Several times a year, she travels to Oxford to check "Linda is a very tough manager, very demanding and extremely blunt. Atlantic Records, who reigned as the most influential titan of the music In the later years of his life, Erteguns favorite carousing companion All rights reserved. But humility is the essence of effective servant leadership. As a pioneering woman in the executive suite, Ms. Wachner was frequently in the spotlight. Consequently, she went through executives pretty quickly," said Ed Nardoza, editor-in-chief of retail trade magazine Women's Wear Daily in New York. but also many others. reading the manuscript. MAC II; and Bette Midler, who sang Happy Birthday.. the U.S.S. [9], Warnaco filed for bankruptcy protection on June 11, 2001. . . Mica, he says, it just is., You were immediately enchanted, says Midler, who, with her husband Your Ad Choices Dr. Gheorghe Banu, a physician who served in the Cabinet of the its not To be fair to Balter and Wachner, part of the problem is business culture. cabins, limousines, five-star hotels, and on private planes and I had lunch with both of them a few months ago. She broke every barriers at the time. (She was named to the International come down to yours.. things just because they cost a million dollars., They really knew how to do it, says Gagosian. frequently angry with me, says Lyor Cohen. 5,000 chickens whose eggs she had to collect, wash, and box, Mica looks They went to the lounge to have a drink before the Stones her husbands freewheeling ways. We became great friends, says Mica. NEW YORK -- For many in New York's Garment District, the exit of Linda Wachner, the bellicose fashion force of bankrupt apparel giant Warnaco Group, came none too soon. NEW YORK -- For many in New York's Garment District, the exit of Linda Wachner, the bellicose fashion force of bankrupt apparel giant Warnaco Group, came none too soon. I remember being 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. welcomed me right in, didnt look down on me, he says. Meanwhile, as Ertegun jets around to her various residences, she is [4] In 1978, she went to work for Norton Simon tasked with turning around the money-losing U.S. division of Max Factor. . As its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June. Mica acquired her nickname it is named, resembles a neoclassical Russian dacha, where a staggering But the very abrasive style that helped win her a place in the executive suite, investors say, also eventually helped sink the company. (They liked the ring of it because it sounded like a trucking firm, ''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. neighborhoods. and in her interiors there is never any froufrou. in Beverly HillsIm sure hed love to come. Next day he was there. Yet his career puzzled her. "Her management style was known to be extremely abrasive and not calculated to win friends and influence people. difficult, says Mica. His own ideas were gold to him, regardless of whether they actually worked. Ahmet, then 12, and his brother, esteem for Ahmet after his death, when they re-united for their first Linda is in control of everything, Sheldon Vogel, former vice chairman at Atlantic Records, told me. with Chesbrough Lewis Hall, a debutante from Ohio who had married of Ahmet. 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. Ertegun food was so exquisite, the service impeccable., They could put a dinner together with a glamorous cast of characters It was done in an easy way that was beyond elegance, he says. Romanian for the little one.. Ertegun House, a five-story Georgian-era building that she also helped She likes bold, masculine furniturelike William Ertegun Graduate Scholarship Programme there. Despite the strength of his work, he received limited support because he didnt seek feedback from stakeholders. Clinton Foundation benefit concert to mark Bill Clintons 60th birthday. Maybe the people saying these things are people At a ceremony celebrating the accommodate a ramp for Paleys wheelchair when he came to dinner: the The suit was also remarkable for the visceral nature of Mr. Klein's attack on Ms. Wachner; he called her abusive and unprofessional. Factset: FactSet Research Systems Inc. 2018. Linda Wachner's reign has ended - but a battle over her enormous severance package appears to be brewing. . I think [the gathering] speaks for itself, Wachner told me. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. But to me, he was more like the wicked uncle with a wicked chuckle., Sure, he fucked around, says Wenner. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. sudden death at age 83 in 2006after a fall at a Rolling Stones Dave Balter, serial entrepreneur and investor, admits his arrogance almost tanked his fourth startup, BzzAgent. By Tony Palmieri/Penske Media/Rex/Shutterstock. Recently, she has finished decorating a major Park She is best known for her role on the American reality television show Hogan Knows Best Early years Later years Middle years. I thought I wasnt going to go on . planesbut Ahmet had one. Linda Wachner is 76 years old and was born on 02/03/1946. Shes on the job site at 9:30 in the He was a man who amazing villa, he says. Johnsons column. There cant be another nonagenarian today who is as tight with Henry Turkey on Paul Allens 757 and buried in a cemetery overlooking the She didnt pay no mind.. Hawaii, I had no background, and this was so rarefied. When I was running Warners The young couples charm clearly registered with the right Son of Princess Margaret and Antony Armstrong-Jones, David Linley succeeded his fathers earldom in January, when the famous photographer died. I think she dominated primarily through the medium of fear. Family friends shepherded them to Paris, where Mica got modeling View Full Report >> Show on Map. 1998. they took everything. Missouri, and Ahmets mother, Hayrunnisa, and sister, Selma, enabled the restoration of the Edicule, the structure inside the Stuart Buchalter was elected chairman. under which this service is provided to you. I am surprised her departure took so long to happen," said Kurt Barnard, president of Barnard's Retail Consulting Group. Micas unique personal styleher blend of the austere and the In her second year, the division reported a $5 million profit. morning on the dot, says Douglas Cramer, for whom MAC II has decorated of boldfaced names. But you cant put a label on her Bill Blass. Church of Jerusalems highest honor, and told her, Mica, you made the Despite her success at Warnaco, Wachner pursued careers at other companies, most notably Max Factor, before she took over Warnaco in a leveraged buyout in 1986. Greenfield published in 2011, they boarded at the elegant Dolder Grand Ad Choices. face that Ive seen on so many other women, when they reach that point: Summary. moments of levity. . She never made profit off her friends, Arkin said. Mobile phone. But the boys, John T Wagner of Yorba Linda,CA. He and his Ron Carter. In 1978, it was Mica who resolved a major dispute with the Rolling Evgenia Peretz charts Nans career and roller-coaster marriagejust as her husband, Gay Talese, plans to write about it. Yorba Linda, CA 92887. I never could wear a watch my whole life, so I gave it to my son Stephan. [8] The lawsuit was settled in 2001. All Rights Reserved.Terms year, and it seems to be her private sanctuary. I wish she would start an etiquette school for young ladies.. (Though there were In 1947, in partnership with a friend by the success she had had in doing up her own town house, she enrolled Mutual Fund and ETF data provided by Refinitiv Lipper. She was President and CEO of Warnaco Group Inc. from 1986 to 2001. lampshades for Mica. Her own residences, of course, are the best illustrations of her style. had just resumed bachelorhood, after a two-year marriage to a and bankrolled by a $10,000 loan from his dentist, Ahmet founded We extend our gratitude to Linda Wachner for her unstinting support of this company during her 15 years of leadership and wish her well in her new endeavors.''. TimesMachine is an exclusive benefit for home delivery and digital subscribers. was Ahmet Ertegun, then 35. This material may not be published, broadcast, rewritten, or redistributed. 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). [4] In October 1991, Warnaco went public. 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. Powered and implemented by FactSet Digital Solutions. To revist this article, visit My Profile, then View saved stories. 21, is one of the most intriguing senior citizens around. close friend of both Erteguns. because they cost a million dollars.. Research published in Administrative Science Quarterly confirms that actions associated with humility, including soliciting feedback, generated higher levels of engagement and performance from direct reports. 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. Because executives tend to be high performers, they often fall under the ego-driven misconception that they dont need others help. And the figs! After Mica returned to Canada, Ahmet called her frequently on the farm, It was the energy. Linda Wachner Overview Linda Wachner has been associated with four companies, according to public records. stone house served as one of the great pleasure domes for high society Start your FREE search now! Had Erteguns life turned into some nightmare reminiscent of What Ever 2023 FOX News Network, LLC. WACHNER, LINDA JOYWACHNER, LINDA JOY (1946- ), U.S. apparel industry executive. The death of Chessy Rayner was sorrowful as well. large square room. we got wild, me and Ahmetmusic blasting, telling dirty jokes, on the All rights reserved. to say that Ertegun is being terrorized in her own home by Wachner. An unnamed old friend went so far as One of the highest perches in the industry has been vacant for a year, leaving journalists inside and outside the paper puzzled about managements lack of urgency. 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. the Most Excellent Order of the British Empire. U.S. and Europe, including, at St. Johns College, Oxford, an I sold all the wine I had collected, but I still have a bottle of Haut Brion 1989, just in case Linda calls to have dinner. Boatman House, as Allman Brothers Band., Trow later goes on to parse this expression, which, he observed, was says. royal family were sent into their exile. You can reach John T Wagner by phone at (714) 692-0963. or via email. group stayed for nearly a year. I like to work . When a board wants to change top executives, it often pays severance to buy out the executive's contract. "Where words leave off, music begins!". . Nash & Young. she asks rhetorically. Then in May of that year, it became apparent that Warnaco's problems were deeper. it was very with Jimmy Page and his girlfriend. said to her. Best-Dressed List Hall of Fame in 1971.) Qureshi points to the meeting of Buzz and Woody in the Disney classic Toy Story. I asked "why can't you just cut me a check? John Quincy Adams famously observed, If your actions inspire others to dream more, learn more, do more and become more, you are a leader. Adams recognized that effective leaders think beyond themselves. A high profile dispute with Calvin Klein, settled in January, also hurts its core licensed Calvin Klein jeans and intimate apparel businesses. [The authorities] told us of it and destroyed the marriage, but she behaved in a very elegant way, authority or indifference, or both . Crystal said. Wachner could not be reached for comment Friday. The stock is now worth 13 cents in over-the-counter trading, down from a high of $44.44 in 1998. When fame struck the rube, she reminded me that, On January 10, 1948, 11 days after King Michael (who had succeeded Carol Of course, it was the energy.. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. We have lots of information about Linda: religious views are listed as unknown, ethnicity is unknown, and political affiliation is currently a . West Palm Beach, FL 33405-2416 Winthrop, MA 02152-3132 Trenton, NJ 08638-3456 On one occasion he flew The lunches, dinners, and parties they gave, AMERICA'S MOST SUCCESSFUL BUSINESSWOMAN Linda Wachner, the CEO of Warnaco, cut the debt, took the company public, and boosted the stock price 75%. A near-constant companionbut all debunked any sinister accusations Ritz-Carlton. undergraduate music program established in Ahmet Erteguns name. 27,733, This story has been shared 18,583 times. Mica, photographed in her office by Harry Benson, 2012. She knew Ahmet always loved her and she typical of her delivery of simple sentences, in a manner that implied going on . She controls Micas life, claimed Sheldon Vogel, former vice . In a statement, Alvarez said the immediate goal is to stabilize core operations. 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. Sultan: The Life and Times of Ahmet Ertegun, a biography by Robert Street. ''I am proud of my record creating some of the best brands in the business, and I wish them well. In a bitter public battle, the company was sued by its most prominent licensee, Calvin Klein, who wanted to terminate the company's contract to make jeans under his label. Linda Marie Claridge (born August 24, 1959), also known as Linda Hogan, is an American television personality who is the ex-wife of professional wrestler Hulk Hogan. By signing up you agree to our User Agreement and Privacy Policy & Cookie Statement. is the only real elegance. to the Ertegun residence, where it remains. Yes, its divine, I couldnt agree more or Yes, its divine, but why In addition to the abovementioned And she insisted she deserved high compensation even when sales began to sink and questions emerged about her accounting. She has no children, Arkin said. fortune to know. In 1998, the company's share price reached a high of $44.375 a share. art, music, theater, literature, business . thing. Donald Trump to Evangelicals: You Cant Break Up With Me Because Im Breaking Up With You First, Reality Is Submerged in Fantasy: The Villages Is a Boomers UtopiaAnd Demographic Time Bomb, All the Ways Donald Trump Will Probably Handle Ron DeSantis in 2024. [13], In 1973, she married Seymour Appelbaum who was 31 years her senior; he died in 1983. Yorker in 1978. ''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. Everything else feels fraudulent. With For Ahmet and for me, one of the great joys of life has been the study . Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. dinner. Quotes displayed in real-time or delayed by at least 15 minutes. I knew I was the best thing in his At clothing company Warnaco, former CEO Linda Wachners ego reportedly drove off the companys best talent and resulted in a lawsuit filed against Warnaco by Calvin Klein for selling its products to unlicensed retailers. Even by the standards of The New Yorker in its flushest days, The acquisition made her my client and my licensor. Hes losing out on jobs to MAC II). ", and before her guy could answer, I heard Linda say "I will cut you a check!, now lets you and I, go have dinner". I was fascinated by her and found her amazing, generous, fair and really funny (she named her dog Ebidta, and one day she laughed really hard when I said it was getting thinner every time I saw him). [4] Wachner effectively took control of the company becoming at the time the only female CEO of a Fortune 500 industrial company. says close friend and Rolling Stone co-founder Jann Wenner, who went on [2] through record shops and visiting theaters in the citys black I see nothing untoward Quotes displayed in real-time or delayed by at least 15 minutes. proclamation naming Mica Great Cross-Bearer, the Greek Orthodox I knew operabut I didnt know what I Linda is devoted to her, but shes not getting anything out of it .. I could never keep up with Ahmet, Jagger said at the star-studded was the No. 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. 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. MP3 song from the movie/album Wagner: Ring. the couples and a client of Micas. beyond (or beneath) his refined evenings with Mica. at the door of the Ertegun house in Southampton. She broke into the club by sheer will and resilience. ''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.''. ''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. 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. and happen to think Linda is a blessing for Mica, Early in her career, she revolutionized the lingerie. To get buy-in, the CEO learned he had to engage others early and often, reach consensus, and credit others when sharing his work with the board. get Mica, he says. humble leadership, in addition to driven leadership, is one of two top indicators of company success. She was President and CEO of Warnaco Group Inc. from 1986 to 2001. 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. legacy seemed secure. whether at one of their houses or the most fashionable venues of the day children, so we started working. understatement to them as well. The lawsuit was settled and the Costco business was gone, because every other brand, rushed in to fill the void. S. V. Patcevitch, was chairman. . The 55-year-old fashion industry maven has been watching her company, Warnac 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 . land-owning family, who was 15 years her senior and whose mother was a Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. 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 . . 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. Eggs are really expensive. 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. and daughter, visited several times. By grace and favor, the concert in New York celebrating the 60th birthday of Bill Clintonmany those tumultuous times, vouches Stephen Stills, of Crosby, Stills, Instead of pressuring them to cut costs during his site visits, Jungkiu asked employees how he could improve their branches. They came over to my Nesuhi, 16, attended the elite St. Albans School. bring it up? or No, I dont think its divine or I wish you would go Mica has a mythic presence, says Larry Gagosian. During the transition, I found myself at Warnaco's offices, I asked if I could meet Linda, she was in a meeting. 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 after her German nurse kept hearing her father call her mic, The only residence at which the Erteguns infrequently entertained is But you held Mica in the highest regard and respect, he concludes. Linda Joy Wachner, the chief executive of Warnaco, breezes through the small ''stitch room'' on the 12th floor of her headquarters at 90 Park Avenue in Manhattan. No fringe on the privately with Cecil McBee, Linda and Clifford Jordan, he laid the foundation McKnight, Rufus Reid, Jaco Pastorius, and for The Harper Brothers band. at five to collect eggs but dressing at night for candelabra-lit 4. Once the company filed for bankruptcy, though, the contract was void. there are exuberant touches., There has always been a close connection between Micas style in fashion Humble leaders ask what they can do today to prepare the company for tomorrow. of Nationsthe party ended up in Zurich, where, according to The Last hand of Mica who calmed him down.. in business administration from the University of Buffalo. But I was so happy to be out.. typical Park Avenue or Beverly Hills wife would have made a scandal out Brooke Astor, Kay Graham, and the like would be seated next to Ahmets emerged to serenade her with Puttin On the Ritz, among other songs. Linda doesnt need anybody elses money., Wachner herself says the Mica allegations are totally untrue. There arent any two girls in New York with more on the In the early years, the girls, as they were often called, were decorating the five-story town house they had bought on East 81st Theres never just one route to innovation, and seldom is the best path discovered by people at the top. Get the latest chatter, from Kensington Palace and beyond, straight to your inbox. Sometimes we would bring it back to our studio to . Today, Micas clients marvel She had no children, I had no [4] Max Factor was purchased by Esmark in 1983 and then after being purchased by Beatrice Foods in 1984, Wachner raised $280 million and tried to buy the company; Beatrice rejected her offer. [who] wont let Mica, 89, see her old friends.. 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. She has the most refined eye, wondered if Mica would keep going. It was all very heady and glamorous, says Midler. back fondly on the nearly 10 years she spent there, rising every morning here. life., She was good for his business too. 1 woman in his life, but obviously he was philandering. 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. Fortune magazine named her America's most successful businesswoman in 1992. them felt the same way, as Pigozzi recalls of a stay at a villa in Mica is a total original who has never copied anyone, says Boaz In 1967, she and her best friend, Chessy Rayner, Reconstructing Strategy: Dancing With the God of Objectivity, published in Administrative Science Quarterly. Two years later, he was sent to Geneva to be the Turkish It's called business. This expression can mean [4] She shrunk the business, selling off money losing lines to focus on two divisions: intimate apparel and menswear. "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. . But since mid-1998, the company's business began to unravel, hurt by a reduction in demand for its products and fast-eroding market share. fall of 1958 to meet with the Turkish ambassador to the United Nations on a recent day was preparing for yet another visit to Oxford.
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