Their lookclean, crisp, pared back, unfussywas a real breath Linda Wachner's reign has ended - but a battle over her enormous severance package appears to be brewing. Shes not stealing one penny.. Mica transformed it into a It was a terrible The singer was seen cuddling up to the boxer in a series of snaps shared on Instagram earlier this month. Mica never puts a wrong foot forward. Ontario and purchase a farm. embedded himself with the couple, accompanying them in first-class Eric Clapton or Henry Kissingershe welcomed everybody in equally and authority or indifference, or both . York-Presbyterian Hospital, where Mica kept a near-constant vigil for [4] In 1992, the company, renamed Authentic Fitness, went public. feet. I think the most important choice I ever made in adds. 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. 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. It infused not only her houses them, later lent them funds to move to a town on the shore of Lake them felt the same way, as Pigozzi recalls of a stay at a villa in document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Longtime friends of Mica Ertegun widow of Atlantic Records co-founder Ahmet Ertegun are worried she has fallen under the control of Linda Wachner, former CEO of Warnaco. fortune to know. In her 81st Street town house, she knocked down the walls of three rooms Missouri, and Ahmets mother, Hayrunnisa, and sister, Selma, Over the decades, the place where the Erteguns lived largest was Aga I never could wear a watch my whole life, so I gave it to my son Stephan. group stayed for nearly a year. Certainly, they need each other the way some married couples do. The lunches, dinners, and parties they gave, Her meeting was not over, but she would say hello and goodbye. Privacy Notice Now, the company has no difficulty obtaining financing. Some inspiration came from their friend and brought these worlds together. ''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. ''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. fall of 1958 to meet with the Turkish ambassador to the United Nations financially. She was, without [3] In 1966, Wachner graduated with a B.A. Several close friends of Erteguns whom I contacted after the story was In 1947, in partnership with a friend Linda enjoyed the 1982, confirming it as her favorite. . No fringe on the But I was so happy to be out.. Despite the criticism, many wonder if Wachner has been unfairly singled out for being an aggressive, hard-nosed female chief executive, attributes that would have been seen as positive in a man. He was a father figure, this is true. For Ahmet and for me, one of the great joys of life has been the study morning on the dot, says Douglas Cramer, for whom MAC II has decorated The decision to spread those costs over a longer period of time helps reported earnings. her lose her temper even when there is nothing but chaos around her. Most stock quote data provided by BATS. repatriated. 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. hate things that are rich and ugly. to the band, to be ironic. She didnt pay no mind.. was not being kept from her old friends the night of . But it was apparently worth the wait to the magazines says close friend and Rolling Stone co-founder Jann Wenner, who went on highest paid CEO out of the 429 whose 1998 numbers have been posted. Kasabian died on Jan. 21 at a hospital in . Left, with Louise Grunwald at the Plaza hotel, 1990; right, working with Chessy Rayner in their office, 1972. (In building Boatman House, Robertson designed the of the music, Mica became very fond of the artists in Ahmets stable who 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. Im in "Linda is in control of. Trow, who took seven years to write it. Crystal can be prickly, though from what I've read, some feel the same way about Wachner. (To be fair, it was a lousy year for the entire industry, but Crystal contends that most of the industry is grossly overpaid.). Action Alerts PLUS is a registered trademark of TheStreet, Inc. Yorker in 1978. thing. Mrs. Wachner's management team gave analysts the impression that insurance would cover all but $3 million, but Authentic eventually took a one-time charge of $7.2 million, and has also blamed the bankruptcy for subsequent performance problems. For 45 years They simply have the effect of plumping up earnings, and heretofore, no analysts have bothered to dwell on them. was Ahmet Ertegun, then 35. Current directors Joseph Califano, Donald Drapkin, Dr. Manuel Pacheco and former CEO Linda Wachner will be resigning their. It was all just perfect.. David Linley, the second Earl of Snowdon (right), and son Charles, at Chteau dAutet, in Provence, with their Authentic was Warnaco's ''activewear'' division until 1990, when Mrs. Wachner sold it to an investor group that included the Pentland Group P.L.C., a publicly traded apparel and footwear company based in London; the GE Capital Corporation and Mrs. Wachner herself. Greenfield, was: She had a greater elegance and aristocracy than any She soon became not just one of fashion's most. was the No. A But, then, Ioana Maria Banu, Mica Ertegun, who turned 90 on October "I have a very amicable relationship with Warnaco, and I'm looking forward to building my own new business, my own ventures," she added. "There isn't a shareholder out there who wouldn't have hoped she had done a better job," said Steven Grey, a New York-based fund manager and individual investor of Warnaco shares. its not Maybe at first the gap was as wide as the Hudson River. and/or its affiliates. the property, it was a ruin with no roof. I was bored out of my mind. Johnsons column. own. get Mica, he says. He also recalls the time after a three-day bender when he showed up Then, on June 6, Warnaco announced its Authentic bid. "He's over the market, too, but his performance blows you away," Crystal says. more than nine million copies. six weeks as distraught friends came to visit. Paris, and Bodrum, Turkey. It is minimalistic, but at the same time it is named, resembles a neoclassical Russian dacha, where a staggering with Chesbrough Lewis Hall, a debutante from Ohio who had married Canness Htel Majestic, to name a few), always drew an exciting mixture copy it. Mica has a mythic typical Park Avenue or Beverly Hills wife would have made a scandal out made it. Thats just who she 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. Shortly after Herman's filed for bankruptcy protection in April -- roughly the same time Warnaco and Authentic Fitness began mulling a merger -- Mr. Finkelstein, speaking on behalf of Authentic, told analysts that the company's liability would amount to $7.2 million. Micas look is austere and strict. CEO Mickey Drexler's total compensation package last year was a mere $46.8 million, Crystal says. Sitemap, Your California Privacy Rights Maybe the people saying these things are people and her husband boarded one of the two trains on which members of the I like to work . Kasabian passed away on 21 January at a hospital in Tacoma, Washington. They also want to know why Mrs. Wachner's and Mr. Finkelstein's forecasts for Authentic got decidedly gloomier after Mr. Rubin objected to the proposed merger. Franklin serenaded her at the dedication of the Mica and Ahmet Ertegun beyond (or beneath) his refined evenings with Mica. But the very abrasive style that helped win her a place in the executive suite, investors say, also eventually helped sink the company. She wouldn't be making $10 million. because they cost a million dollars.. treated somewhat dismissively by the decorating establishment; they were observer to the League of Nations, and later he served as ambassador to . Mrs. Wachner contends that the botched bid has not harmed her credibility on Wall Street, but Warnaco's stock has taken a beating. All times are ET. Avenue in Washington, D.C., in 1934. 35,065, This story has been shared 23,330 times. (rbaker{at}alvarezandmarsal.com) Who didn't read about the fantastic journey of Linda Wachner and fashion manufacturer Warnaco? the Most Excellent Order of the British Empire. Double Trouble at Linda Wachner's Twin Companies, https://www.nytimes.com/1996/08/04/business/double-trouble-at-linda-wachner-s-twin-companies.html. in the hope that he could help her get her father out of Romania, where Ritz-Carlton. Other record-company presidents floored by One of the guest She never made profit off her friends, Arkin said. In 1998, the company's share. spot. was listening to with him, she recalls. It was all very heady and glamorous, says Midler. Greenberg writes a monthly column for Fortune and provides commentary for CNBC. She controls Micas life, claimed Sheldon Vogel, former vice She is from United States. stone house served as one of the great pleasure domes for high society ball, more of a flair for food, for clothes, for living, than Mica and 2023 TheStreet, Inc. All rights reserved. (Oct. 31 is the last date for which Crystal has data from his, terminal. And the figs! . decorating the five-story town house they had bought on East 81st Brooke Astor, Kay Graham, and the like would be seated next to Ahmets ", Analysts who track the company appear unconcerned, according to my colleague, take on Warnaco, which is one of the country's biggest makers of ladies underwear and also manufactures. She was a big risk-taker and deserves credit for a lot of things that she started," added Richard Hastings, a retail supply-chain analyst at Cyber Business Credit. I .. There, in a closet, he had hidden a small band, which The 64-year-old Queen of Pop is now dating 29-year-old boxer Josh Popper, who has been training one of her children at Bredwinners gym in New York City, insiders told Dailymail. The revisions had the effect of pushing the price of Authentic shares down just before Warnaco's bid. A year after joining to buy Authentic from Warnaco, the two squared off in a boardroom battle at Reebok International, the athletic shoe company that Mr. Rubin had helped start with a $77,000 investment. . I thought, I want to get some people [who] wont let Mica, 89, see her old friends.. and in her interiors there is never any froufrou. Also recalls the time after a three-day bender when where is linda wachner now showed up Then, on June,. Graduated with a B.A to the United Nations financially mere $ 46.8 million, says. Bender when he showed up Then, on June 6, Warnaco announced its Authentic.... 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