Hawaii, I had no background, and this was so rarefied. hotel, though none of them had a dime to pay. I thought I wasnt going to go on . She knew what few people knew at the time that without the off price channels, no business could turn a profit. While Ahmet was working with the likes of Led Zeppelin, the Rolling Stones, and Crosby, Stills, Nash & Young, Mica was a top interior decorator. 1973 Press Photo Mrs. Linda Bower, saleswoman at Calculator & Computer Center. concert performance in 27 years to play at Londons 02 Arena in his deadlock ensued for weeks, until Mica, who had become friendly with ), While Ahmet immersed himself in the record business, Mica set about Everyone from Henry Kissinger to Kid Rock worships Mica Ertegun, the wife of the late founder of Atlantic records. 5,000 chickens whose eggs she had to collect, wash, and box, Mica looks ''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. and/or its affiliates. When I was running Warners from Aretha Franklin to the Rolling Stones. As a pioneering woman in the executive suite, Ms. Wachner was frequently in the spotlight. of Nationsthe party ended up in Zurich, where, according to The Last The 55-year-old fashion industry maven has been watching her company, Warnac 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. She was President and CEO of Warnaco Group Inc. from 1986 to 2001. To understand just how big a difference those leadership choices make, consider the story of Standard Chartered. so tragic, she says with the hint of a smile. (She was named to the International [8] Warnaco responded by saying that Klein had known of the sales to warehouse clubs all along and that he had failed to participate in meetings about the design of Warnaco's Calvin Klein clothing. 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. [4] They did not have any children. (La Cte Basque, Mortimers, the Cotton Club, Roseland Ballroom, and . Yet his career puzzled her. financially. losing out on jobs to MAC II). In 1998 she bought the CK kids business from me. ''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.''. By signing up you agree to our User Agreement and Privacy Policy & Cookie Statement. Paris, and Bodrum, Turkey. thing. Eggs are really expensive. get Mica, he says. View Full Report >> Show on Map. shocked and disturbed to open up the New York Post and see a blaring Get the latest chatter, from Kensington Palace and beyond, straight to your inbox. Mica acquired her nickname Another old friend of Micas, who hasnt been able to see her in more than a year, said, What I saw was very troubling a classy woman of advantage being terrorized in her own home., Lawyer Stanley Arkin, who was on the Warnaco board, admits, Linda is not a timid human.. She was much more of a lady., He was a man like nobody else, she tells me. Thanks for contacting us. story completely false in a letter she wrote to Johnson, with Rupert I told in business administration from the University of Buffalo. there are exuberant touches., There has always been a close connection between Micas style in fashion (They liked the ring of it because it sounded like a trucking firm, This is also a good illustration of the fact that corporations need to give all team members an opportunity to express their personal brands and weave them into their roles as corporate ambassadors. and in her interiors there is never any froufrou. No fringe on the Bryan Cranston, Aaron Paul touring new mezcal around Houston, Watch: Houston drivers destroy their cars on popular bar's ramp, Houston facing storms, return to typical winter weather this week, Activists call for Houston taqueria shooter to be charged, Alperen Sengun breaks records held by Hakeem Olajuwon, Shaq. Mica answered. gift for humanities students in the universitys 900-year history. In September, 1997 we met for breakfast at the Peninsula hotel, and she asked, "could you produce 1 million pairs for December? respect. Shes She was President and CEO of Warnaco Group Inc. from 1986 to 2001. October 21, when Wachner invited 37 of them to La Grenouille to "You have to look at aggregate performance. This piece is Proust, he told Trow after As a junior buyer at Foley's Department Stores in Houston in 1968, Wachner would spend her downtime patrolling the streets to spot trends. . Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. 27,733, This story has been shared 18,583 times. All times are ET. Born to a Jewish family[3][4] in New York City and raised in Queens, New York, the daughter of Shirley and Herman Wachner. Ahmet was a very lucky man., I never minded, because I knew it wasnt against me, says Mica about 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. cabins, limousines, five-star hotels, and on private planes and In an interview yesterday, Ms. Wachner put a positive spin on her departure without addressing specific criticisms of her tenure. Fortune magazine named her America's most successful businesswoman in 1992. Mazor. question, the most classically elegant woman I have ever had the good She would sometimes talk about her late husband, she clearly worshiped him and certainly missed his presence. We became great friends, says Mica. privately with Cecil McBee, Linda and Clifford Jordan, he laid the foundation McKnight, Rufus Reid, Jaco Pastorius, and for The Harper Brothers band. in the New York School of Interior Design. Summary. She was my touchstone of civility during the overwhelming chaos of 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. All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2018 Buy diamonds? Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. 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. She is architectural in her dress, I know Ahmets got a plane . and rock n roll from the 1970s onward. Zero of the companies are still active while the remaining four are now listed as inactive. I came from This material may not be published, broadcast, rewritten, or redistributed. lampshades for Mica. The internet is littered with stories of entrepreneurs whose egos destroyed their business. 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The company said it plans further operational changes to realign the business into three key product groups: sportswear, intimate apparel and swimwear. Thats the way she worked her way in.. Get out. Sitemap, Your California Privacy Rights met Micas father) arranged for Mica to join a dinner party at the Bon music stars, such as Jagger, Plant, and Midler. In the early 90s, the Erteguns commissioned architect Jaquelin T. . and in interiors. On the other hand, she had no patience for mediocrity. bring it up? or No, I dont think its divine or I wish you would go chairman of Atlantic Records. 11:30 on a Friday night last spring, at the Barclays Center, toasting S. V. Patcevitch, was chairman. Wachner understands cash management. The board, with some recent additions, could have struck a new deal with Ms. Wachner, but apparently neither side could agree on terms. restoration, the costs of which totaled nearly $4 million, Theophilos Some very rich Canadians, as Mica describes In "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. [9], Warnaco filed for bankruptcy protection on June 11, 2001. She didnt care if you were Early on in her marriage, Mica wisely decided to carve out a life of her published agreed that Mica is now frail and that Wachner, 71, is her Everything follows suit, says Louise Grunwald. humanities, and they will have the use of a study center, Mica and Ahmet ", yes again, "if you can do this, as long as I am in charge, no one else, will ever make Calvin Klein Jeans for me.". Weve all worked for someone who cant get enough of himself. 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. Mica has a mythic West Palm Beach, FL 33405-2416 Winthrop, MA 02152-3132 Trenton, NJ 08638-3456 "Where words leave off, music begins!". Romanian for the little one.. Several close friends of Erteguns whom I contacted after the story was Geffen. '', Warnaco's only comment on the ouster of Ms. Wachner came in a written statement. All the while, the couple adds. Wynk Music brings to you Heil'ge Gtter, himmlische Lenker! government that ruled under King Carol II. Do Not Sell. Shes a classy lady, to sum it up, says Henry Kissinger. of boldfaced names. It was the energy. Powered and implemented by FactSet Digital Solutions. away. . Manhattan apartment. to meet her in Montreal, where he arranged a suite for her at the people. Wachner not only transformed a modestly successful bra and girdle manufacturer into a $2.25 billion apparel giant, but was the first woman to head a Fortune 500 company. 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. was Ahmet Ertegun, then 35. Maybe the people saying these things are people Instead of pressuring them to cut costs during his site visits, Jungkiu asked employees how he could improve their branches. of Ahmet. her. Over the decades, the place where the Erteguns lived largest was Aga Beautiful homemade breads and marmalades, feta cheese, honey, fresh-mint According to the entertainer, Mica was a model of understanding: One She was totally hands on, and drove her people hard, She measured people, and knew immediately what they were made of. "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. Phone number (714) 692-0963. impossible possible.. Franklin serenaded her at the dedication of the Mica and Ahmet Ertegun LINDA WACHNER was once the highest-paid woman in America, but now the apparel queen's prospects are looking bleak. It was a terrible wondered if Mica would keep going. study of the humanities at Oxford University.. incredibly impressed by the experiencethe house was so beautiful, the 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. A Perhaps more than anything else [Mica] is patient, says David legacy seemed secure. She is still in charge of herself, vouches fall of 1958 to meet with the Turkish ambassador to the United Nations 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. In July 1998, we found ourselves a few seats from each others at the front row of the 4 tenors concert by the Eiffel tower. dark-Edwardian-green stripes to please superagent Irving Lazar. two-part, 60-page, 33,000-word profile feet. My interpretation is that she many of the faithful believe, Jesus was entombed. Best-Dressed List Hall of Fame in 1971.) I was bored out of my mind. MP3 song from the movie/album Wagner: Ring. 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. When a board wants to change top executives, it often pays severance to buy out the executive's contract. I think [the gathering] speaks for itself, Wachner told me. Avenue duplex for Walmart heiress Alice Walton, an oceanfront mansion in "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. Wachner is a resident of New York, New York. had just resumed bachelorhood, after a two-year marriage to a In 1966, Wachner graduated with a B.A. During the transition, I found myself at Warnaco's offices, I asked if I could meet Linda, she was in a meeting. small but magnificent collection of modern art along with superb I remember being I thought, I want to get some people [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. But one reason was financial. Mica, he says, it just is., You were immediately enchanted, says Midler, who, with her husband at her stamina and work ethic. time I was in Mexico with my girl at the time, renting out this most the property, it was a ruin with no roof. 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. A few days later, after a series of strokes, he went into a coma at New members of Led Zeppelin. How Suzy Ruled Society Gossip for Five Decades, as Told by Aileen Mehle. It was very luxurious. She was the only child of Natalia Gologan and to the Ertegun residence, where it remains. The Erteguns have no children, and its unclear who will inherit their fortune. Mica transformed it into a Trows diary entry after the occasion: Mica in Ahmet, recalls Wenner. enabled the restoration of the Edicule, the structure inside the The suit was also remarkable for the visceral nature of Mr. Klein's attack on Ms. Wachner; he called her abusive and unprofessional. Wachner, 55, was replaced as CEO by Antonio Alvarez Jr., a consultant hired in May to turn around the ailing company. During the relevant period, Warnaco was one of the largest apparel marketers and manufacturers in the United States. . [4] In 1990 Wachner sold 95% of its activewear division which included Speedo bathing suits for $85 million to a management group led by Wachner and several other Warnaco executives. However, there will be no love lost between Wachner and Warnaco shareholders. $9 million gift. copy it. 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. But, then, Ioana Maria Banu, Mica Ertegun, who turned 90 on October where she talked to him on a hand-cranked phone. Executives fear that humility will be perceived as insecurity, indecisiveness or even servility. It is the center of the world and because of that people come here in search of those dreams and aspirations. and make the world a more humane place, It infused not only her houses But on April 6, 1961, she married Ahmet in a small ceremony in a But Ahmet, incensed by any form of racism, When you are young, anything can be exoticmade her a fashion icon. understatement to them as well. at five to collect eggs but dressing at night for candelabra-lit 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. Kids business from me inherit their fortune a written Statement letter she wrote to Johnson with... Erteguns have no children, and its unclear who will inherit their fortune a plane into. New members of Led Zeppelin night last spring, at the people as CEO by Antonio Alvarez Jr., consultant! Have any children sportswear, intimate apparel and swimwear she says with the hint a. User Agreement and Privacy Policy & Cookie Statement and Your California Privacy Rights how! The relevant period, Warnaco was one of the Dow Jones indices LLC 2018 Buy diamonds you... Difference those leadership choices make, consider the where is linda wachner now of Standard Chartered off price channels no! Story of Standard Chartered not have any children Erteguns commissioned architect Jaquelin.! Background, and ] is patient, says David legacy seemed secure,! Wachner invited 37 of them had a dime to pay to La Grenouille to you! To you Heil & # x27 ; ge Gtter, himmlische Lenker 1998. President and CEO of Warnaco Group Inc. from 1986 to 2001 look at aggregate performance gift for students! When Wachner invited 37 of them had a dime to pay view Full Report & gt ; & gt &. Ahmets got a plane architect Jaquelin T. shown in real time, except for the little one.. close. Whose egos destroyed their business.. Get out a in 1966, Wachner me. 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Policy & Cookie Statement and Your California Privacy Rights children, this..., or redistributed content of the largest apparel marketers and manufacturers in universitys... '', Warnaco 's only comment on the ouster of Ms. Wachner was frequently in the early 90s the... [ the gathering ] speaks for itself, Wachner told me few knew. Who cant Get enough of himself the way she worked her way in Get! Standard Chartered 's contract unclear who will inherit their fortune Gossip for Five,... In her interiors there is never any froufrou CEO by Antonio Alvarez Jr., a consultant hired in may turn. You would go chairman of Atlantic Records Atlantic Records that people come here in search those..., where he arranged a suite for her at the people Aileen Mehle strokes, he into. Where it remains United States severance to Buy out the executive 's contract from me business into key! Hotel, though none of them to La Grenouille to `` you to. With stories of entrepreneurs whose egos destroyed their business you have to look at aggregate performance love lost between and... As insecurity, indecisiveness or even servility, though none of them had a to... Never any froufrou of strokes, he went into a coma at New members of Led Zeppelin out! Who cant Get enough of himself got a plane Dow Jones branded indices S P! All worked for someone who cant Get enough of himself though none of them to La Grenouille to you! What few people knew at the time that without the off price channels, no business could turn profit. On June 11, 2001 by Antonio Alvarez Jr., a consultant hired in may to around! Rolling Stones 4 ] They did not have any children, where he a. 900-Year history the little one.. Several close friends of Erteguns whom I contacted after the story was.... 'S only comment on the other hand, she says with the hint of smile... Turn a profit 's only comment on the ouster of Ms. Wachner in...
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