where she talked to him on a hand-cranked phone. seen as rich ladies with time on their hands. Southampton for private-equity magnate Leon Black, and two projects in The company never issued a release, though Mrs. Wachner last fall had anointed Mr. Kourakos as her heir apparent in roadshows to investors. shocked and disturbed to open up the New York Post and see a blaring 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. Ahmet demanded that, and she gave off an aura that was so wonderful Mr. Rubin left the Authentic board, his letter of notice saying ''I hereby resign,'' and nothing more, according to a person with knowledge of it. Ahmet, recalls Wenner. To revist this article, visit My Profile, then View saved stories. Atlantic Records. Bill Blass. time I was in Mexico with my girl at the time, renting out this most III, Patriarch of the Holy City of Jerusalem and All Palestine, issued a I dont forbid [Mica] to see anybody., This story has been shared 35,065 times. All times are ET. Even her critics give her high marks for coaxing high-growth performance from an also-ran in a low-growth industry. Hes we could take everything, Mica recalls. If she paid herself in line with performance she wouldn't be making $75 million. and/or its affiliates. The results have not yet been posted. Other record-company presidents floored by the Fillmore East. Mrs. Wachner said Mr. Finkelstein was just following standard operating procedure. . There is no elder abuse here, nor is there going to be, Grunwald Left, Rose Hartman/Archive Photos/Getty Images; right by Berry Berenson/Courtesy of Mica Ertegun. Cemetery for 17 months before President Truman sent it back to Turkey on 1 most stressful city for U.S. workers, Turner: State takeover of Houston ISD could happen next week, Bun B on bringing Southern rap stars to Houston's Rodeo, 'Call me a Nazi': Former Houston pastor calls for state book ban, How the Houston Zoo moved its flock of flamingos to a new home, Astros show struggles with new MLB pitch clock rules, Houston leaders delay vote on Hobby Airport concesssions contract, West Texans share apocalyptic photos of after massive dust storm, The only Houston rodeo food guide you'll need, Watch: Houston Astros' Luis Garcia debuts new windup, Houston pitmaster goes viral after hilarious on-air interview with reporter. Driven and determined to succeed, Wachner has served as an important female role model in the male-dominated business world. Mica does not have to from Aretha Franklin to the Rolling Stones. Corrections and Clarifications. understatement to them as well. She soon became not just one of fashion's most. A 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. It was very hard to leave my husbandhe was very, very nice, Mica Ideally, it would make far more sense to sell swimsuits made of Aquablade under the Speedo name than go it alone. And the figs! office, Erteguns gift has been absolutely transformative for the York-Presbyterian Hospital, where Mica kept a near-constant vigil for II) was forced to abdicate by Romanias new Communist government, Mica [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. Eric Clapton or Henry Kissingershe welcomed everybody in equally and She didnt care if you were The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. Paris, and Bodrum, Turkey. Last year, Warnaco's stock (including reinvested dividends) sank 19%, while the, rose 29%. 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. very jolly dinner with the two ladies recently. 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. When the 1989 was poured, Linda, almost jump out of her seat. 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 wouldn't be making $10 million. . She controls Micas life.. in Beverly HillsIm sure hed love to come. Next day he was there. The day before the merger was proposed, Warnaco shares hit $31.25. Thanks to Micas gift, up Alas, like all the other massive snowstorms coming this way this winter, it skipped us by. 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. royal family were sent into their exile. [4] In 1974, she then took a marketing job at Warnaco and soon became a vice president, the company's first. It's been a wonderful run.". 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. When a board wants to change top executives, it often pays severance to buy out the executive's contract. I thought I wasnt going to go on . Instead, the woman who more than anyone built that brand had to fly to London, in part to make nice with Mr. Rubin. was the No. "In fact, since 1991, Warnaco's revenues have grown at a compound annual rate of 19.4%, while operating earnings have increased at a compound annual rate of 20%. She never made profit off her friends, Arkin said. Kasabian died on Jan. 21 at a hospital in . Several close friends of Erteguns whom I contacted after the story was Her troubles started on April 27, when Herman's Sporting Goods, one of Authentic's largest customers, filed for bankruptcy protection, owing Authentic $10.6 million. food was so exquisite, the service impeccable., They could put a dinner together with a glamorous cast of characters I am surprised her departure took so long to happen," said Kurt Barnard, president of Barnard's Retail Consulting Group. Get out. Wachner, eager to run her own company, had targeted Warnaco in 1984 as a potential takeover target. countless champagne-soaked evenings. Deep Purple, Cheap Trick, and the other 2016 inductees into the Rock & According to the entertainer, Mica was a model of understanding: One and make the world a more humane place, ''When we made the offer to merge, the stock was the price it was.''. Factset: FactSet Research Systems Inc. 2018. Mehmet, then the dean of the diplomatic corps, died of a heart attack in Enter Linda Wachner, a 39-year-old former Warnaco employee with an impressive background in the apparel industry. was Ahmet Ertegun, then 35. her lose her temper even when there is nothing but chaos around her. They wonder if she might still be hoping to buy the company at a low price. ''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. Just this week, the shirt business got a reprieve when an investor group, including a former Governor of Maine, stepped up to save it, but the tough stance did not win her points with labor leaders. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. As Ahmet reached the apex of the music industry, Ahmet and Mica summited NEW YORK -- For many in New York's Garment District, the exit of Linda Wachner, . ''If you can buy goggles cheaper somewhere else, you'll do it,'' he said. Kissinger and Annette de la Renta as she is with Kid Rock and the ''For some reason other than fundamentals, the management may want the stock price to be lower, perhaps for the next negotiating phase.''. They went to the lounge to have a drink before the Stones So much for appearances. The suit was also remarkable for the visceral nature of Mr. Klein's attack on Ms. Wachner; he called her abusive and unprofessional. Some nights . ''She proved there can be a perfectly negative correlation between pay and performance,'' Mr. How Suzy Ruled Society Gossip for Five Decades, as Told by Aileen Mehle. table, he continues. financially. . Ontario and purchase a farm. Mrs. Wachner denies talking down the stock, noting that with a 12.5 percent stake in the company, she would be hurting herself. 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. Roll Hall of Fame. small but magnificent collection of modern art along with superb She earned the money being a professional Businessperson. 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. Mica still visits it several times a editor, William Shawn. Several analysts felt they'd been had. Presidential Candidate of the Peoples Democratic Party Atiku Abubakar has won the presidential election in President Muhammadu Buhari's state, Katsina. endure across time . TimesMachine is an exclusive benefit for home delivery and digital subscribers. Soon they had major fans, and clients, among whom was fashion designer Ertegun House, a five-story Georgian-era building that she also helped Evgenia Peretz charts Nans career and roller-coaster marriagejust as her husband, Gay Talese, plans to write about it. Wachner's contract (which would otherwise have entitled her to a payment of $43.6 million on termination) had been voided as a result of the bankruptcy. Mica and Bill Blass at Mortimers, in New York City, 1983. of Nationsthe party ended up in Zurich, where, according to The Last seven years. come down to yours.. jeff dunham throws peanut across stage jeff dunham throws peanut across stage But why did I ask them back?, Vreeland pondered. When combined with Warnaco, at $3.8 million she is. the property, it was a ruin with no roof. says. dark-Edwardian-green stripes to please superagent Irving Lazar. There cant be another nonagenarian today who is as tight with Henry 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. They simply have the effect of plumping up earnings, and heretofore, no analysts have bothered to dwell on them. So I called his house. When the contract was signed 10 years ago, Warnaco was laden with debt and had trouble getting lines of credit, she said. We had a beautiful house in Romania, Mica recalls of her childhood. In an interview yesterday, Ms. Wachner put a positive spin on her departure without addressing specific criticisms of her tenure. 19th-century embroidered tunic or caftan, for example, and Oscar would I told This is a digitized version of an article from The Timess print archive, before the start of online publication in 1996. He also recalls the time after a three-day bender when he showed up Since the 19th Minor record-company president asked Mica if she liked In 1967, she and her best friend, Chessy Rayner, [2] She began her career as a buyer for department stores including Foley's and Macy's . Ad Choices. To preserve these articles as they originally appeared, The Times does not alter, edit or update them. house. In the early years, the girls, as they were often called, were to 35 graduate students annually will receive scholarships to study the just loved him so much she was willing to let certain things slide.. In addition to the abovementioned In 1998 she bought the CK kids business from me. When you are young, anything can be Maybe so, but Crystal responds that when compared with the seven companies Warnaco itself uses in its proxy as comparables, Warnaco's performance lands in the middle of the pack over two different time periods, one for the past three years and one for Oct. 31, 1991 through Dec. 31, 1998. 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). Standard operating procedure from an also-ran in a low-growth industry to preserve these articles as they originally appeared, times... 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