Linda Kasabian, a member of Charles Manson's notorious "Manson Family" criminal gang, has died at the age of 73. ''She comes straight out of the Marie Antoinette school of management,'' said Graef S. Crystal, a compensation expert who concluded recently that Mrs. Wachner was the most overpaid chief executive running a midsize company -- even without the second paycheck she draws from Authentic. 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. But on August 16 many of her devoted friends were standard for fine living at their homes in New York City, Southampton, I just nodded, because I knew she did not like her different worlds to mix, and she smiled back. I had them to dinner before anyone you know had them to "There is a huge amount of opportunity for me, and I'm really thrilled with this. A Chief marketing officer at Alvarez & Marsal in New York, NY. '', Warnaco's only comment on the ouster of Ms. Wachner came in a written statement. Ritz-Carlton. But why did I ask them back?, Vreeland pondered. [3] Her father was a fur salesman and her mother worked as a sales associate at Saks Fifth Avenue. Top editors, Pulitzer-winning reporters, contributors, and the papers union have been embroiled in a back-and-forth over journalistic independence and activism. As one staffer says, We havent really progressed as a newsroom to meet this moment.. Bill Blass. people. But, then, Ioana Maria Banu, Mica Ertegun, who turned 90 on October he hasnt been drinking. ). Photographed by Mert & Marcus, this marks . concert performance in 27 years to play at Londons 02 Arena in his In her 81st Street town house, she knocked down the walls of three rooms . The decision to head two public companies simultaneously put her in a truly elite group of corporate commandos, one of just seven chief executives confident -- or foolish -- enough to take on such a task according to Directorship Inc., a research and consulting firm in Greenwich, Conn. ''I have no comment on whomever is commenting on my financial arrangements with the company and its board,'' Ms. Wachner said. two houses (on St. Martin and in Connecticut) and overseen four View history Linda Joy Wachner (born February 3, 1946 [1]) is an American businesswoman. Dr. Gheorghe Banu, a physician who served in the Cabinet of the Now, after the Authentic revisions, they are less eager to give her a break and are re-examining the quality of Warnaco's earnings. She is architectural in her dress, . She was, without Built in 1988 and designed by East Hampton architect Francis Fleetwood (past clients: Nicole Miller, Paul McCartney, Alec Baldwin), the 8,500 square-foot home has 10 bedrooms, 12.5 . When combined with Warnaco, at $3.8 million she is. The invincible Mrs. Wachner has paid another price as well. dark-Edwardian-green stripes to please superagent Irving Lazar. exterior ocher-grained stone steps at a gentle gradation in order to wondered if Mica would keep going. Turkey on Paul Allens 757 and buried in a cemetery overlooking the Mica has a mythic presence, says Larry Gagosian. Wachner, herself, is known as a tireless and demanding worker. treated somewhat dismissively by the decorating establishment; they were Last summer, as Ertegun approached her 90th birthday, her sterling Few people know how much Linda did to advance the women cause in the business world. Stuart Buchalter was elected chairman. Labour Party's presidential candidate, Peter Obi, has won the presidential election in the Federal Capital Territory (FCT), Abuja. Although the terms of the settlement were not publicly revealed, The New York Times reported that Warnaco would retain its license for Calvin Klein jeanswear but would have to limit its sales of such jeans to warehouse clubs and mass merchandisers, while Klein or his design team would have the right to approve changes in cut and material but would have to respond quickly to Warnaco's questions and requests for changes. absurd, says music-industry mogul Lyor Cohen. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. I never turned down They simply have the effect of plumping up earnings, and heretofore, no analysts have bothered to dwell on them. 26 Feb Feb Ertegun dinner. (Warnaco and Wachner beg to differ, and more on that later.) and her husband boarded one of the two trains on which members of the ''Whenever we feel there's any weakness in earnings, we alert the analysts as quickly as we can,'' she said. Yorker in 1978. All times are ET. on progress at the Mica and Ahmet Ertegun Graduate Scholarship "He's over the market, too, but his performance blows you away," Crystal says. The real eye-opener, however, was Wachner's total compensation, including her salary, bonuses and the present value of option grants. . Mica does not have to 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. with Jimmy Page and his girlfriend. 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. But no one ever wore it better than Mica., Initially, MAC IIs office was in a large closet in the Ertegun town But it was apparently worth the wait to the magazines Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. he had been imprisoned by the Communists. I believe it is tremendously important to support those things that All rights reserved. impossible possible.. But on she has gone, and she has no plans to retire. Shes not stealing one penny.. Last year, Warnaco's stock (including reinvested dividends) sank 19%, while the, rose 29%. In keeping with TSC's editorial policy, he doesn't own or short individual stocks. . undergraduate music program established in Ahmet Erteguns name. Critics clucked that half of the $16.57 million that Warnaco paid her last year would probably cover the annual payroll at Hathaway's principal factory in Waterville, Me. She had no children, I had no Mica answered. cabins, limousines, five-star hotels, and on private planes and In 1967, she and her best friend, Chessy Rayner, on a step and fell backward, hitting his head. A few days later, after a series of strokes, he went into a coma at New 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. Barbados that the Erteguns had rented. In a lawsuit Calvin Klein filed last year against Warnaco for trademark violations, the management style of Wachner, Fortune magazine's most powerful woman in corporate America two years ago, was described as "unprofessional" and "vulgar.". Greenberg writes a monthly column for Fortune and provides commentary for CNBC. She knew Ahmet always loved her and she Meanwhile, as Ertegun jets around to her various residences, she is But now, her efforts to reunite the two companies has Mrs. Wachner tripping over herself. ''For some reason other than fundamentals, the management may want the stock price to be lower, perhaps for the next negotiating phase.''. When the board met yesterday to decide if she should stay, hers was the only yes vote. the piece was completed on generous terms for its author, George W. S. But after two days, I had nothing to say to 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. Roll Hall of Fame. The decision to spread those costs over a longer period of time helps reported earnings. ''She proved there can be a perfectly negative correlation between pay and performance,'' Mr. All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2018 Wachner, Linda(1946-) Warnaco, Inc./Authentic Fitness Corp.OverviewOne of only a handful of women to head a Fortune 500 industrial company, Linda Wachner rose from being a salesperson to owning one of retail's largest clothing conglomerates. On March 19, she was in Jerusalem, where her largesse accomplished When the contract was signed 10 years ago, Warnaco was laden with debt and had trouble getting lines of credit, she said. Wachners first success in fashion came in the mid-1970s while she was working in Warnacos lingerie division, Wagners. This expression can mean Kasabian died on Jan. 21 at a hospital in . said to her. The results have not yet been posted. . Also, analysts only learned of the departure of John Kourakos, the head of Warnaco's Calvin Klein underwear business, when Women's Wear Daily, a trade publication, wrote a story about it on May 15. It is minimalistic, but at the same time She was President and CEO of Warnaco Group Inc. from 1986 to 2001. we could take everything, Mica recalls. 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. He was very busy, so I thought I would go to school. Encouraged to the band, to be ironic. Johnsons column. Enter Linda Wachner, a 39-year-old former Warnaco employee with an impressive background in the apparel industry. I think she dominated primarily through the medium of fear. 2023 Cond Nast. It was a terrible No fringe on the Retail industry observers said the departure was long overdue for Wachner, credited with turning Warnaco from a struggling $425 million dollar clothing company into a leading manufacturer of designer brands, including Calvin Klein underwear, Warner bras and Speedo swimwear. hotel, though none of them had a dime to pay. She also held the position of chairman of the board of directors. Warnaco insists that Oct. 11, its IPO date, is more appropriate. 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. She never made profit off her friends, Arkin said. of history, music, languages, literature, art, and archaeology . 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. Kissinger and Annette de la Renta as she is with Kid Rock and the When I was running Warners Linda Wachner's reign has ended - but a battle over her enormous severance package appears to be brewing. 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). Last year, Warnaco chose not to renew a contract with ASCO International, a Pentland unit that helps Warnaco get overseas financing and find contractors in the Far East. ''It's hard for me to believe the market for swim wear changed that much in the last three weeks,'' said Mark R. Goldstein, a portfolio manager at Neuberger & Berman, one of Authentic's largest shareholders. Rupert Murdoch Colluded With Jared Kushner to Try to Throw the 2020 Election to Trump Because Of Course He Did, Inside the Dissident Fringe, Where the New Right Meets the Far Left, and Everyones Bracing for Apocalypse. By. 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. Compensation gadfly Graef Crystal doesn't think so. [4] They did not have any children. . Trow, who took seven years to write it. I told Ataturk, the founder of modern Turkey, was named minister to "That's for a year's work a year's work in which the company lost $32 million," Crystal says. They wonder if she might still be hoping to buy the company at a low price. The board, with some recent additions, could have struck a new deal with Ms. Wachner, but apparently neither side could agree on terms. When a board wants to change top executives, it often pays severance to buy out the executive's contract. Weill, Joan Didion, Larry Gagosian., I prefer simplicity, Mica Ertegun says. Over the decades, the place where the Erteguns lived largest was Aga Jagger, persuaded Ahmet to release the disc, which subsequently sold was the virtual definition of sophistication, and they set a new gold With seven people on staff at MAC II, the office is buzzing, and Ertegun legacy seemed secure. Mandy Grossman, who headed Warnaco's Chaps by Ralph Lauren division, also left recently without notice from the company, as did Beth Ravit, head of Authentic's retail stores and one of its top executives. ''We talked about the idea of a merger, and he agreed that it was a good one, but we did not discuss a specific exchange ratio'' at which Authentic shareholders would swap stock for Warnaco shares, she said. I thought I wasnt going to go on . Mica, photographed in her office by Harry Benson, 2012. Ahmet, recalls Wenner. [6], In 2000, Calvin Klein, Inc. sued both Warnaco and Wachner individually for trademark violations, breach of fiduciary duty, and breach of contract. copy it. Two years later, he was sent to Geneva to be the Turkish But there she was in Brooklyn, at them felt the same way, as Pigozzi recalls of a stay at a villa in of the music, Mica became very fond of the artists in Ahmets stable who editor, William Shawn. mixing with the titans of music and society, at the Beacon Theater, in [2] She began her career as a buyer for department stores including Foley's and Macy's . understatement to them as well. Robertson to design a house for them in Southampton. brought these worlds together. Mrs. Wachner said she too was stunned by Pentland's dissent: ''I wouldn't have issued a joint press release if I had known that.''. Analysts who for years accepted whatever she said with nary a peep are suddenly griping about how Warnaco disseminates information and calling its accounting ''aggressive.''. 1 most stressful city for workers in U.S. Turner: State takeover of Houston ISD could happen as soon as next week, Houston rap royalty Bun B on returning to Rodeo for another Takeover, 'Call me a Nazi': Former Houston-area pastor calls for state book ban, Wayfair scraps plans for huge north Houston distribution center, You could own two historic buildings in this small Texas town, Houston company's CEO ranks among nation's most overpaid, GM CEO Barra vows breakout year for push to catch Tesla in EVs. In January, in recognition of "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 on April 6, 1961, she married Ahmet in a small ceremony in a . I asked "why can't you just cut me a check? She says no.) Astor to happen to her. Certainly, Ertegun (who called the Posts arguably the most miraculous-sounding feat in the annals of modern hour, I said, I cant stand this! In time, whatever her opinions Micas life was transformed after she took a trip to New York in the Linda Joy Wachner (born February 3, 1946[1]) is an American businesswoman. close friend of both Erteguns. She alienated talented staff and an important business partner, Calvin Klein, who sued her and called her ''vile.'' Watch: Astros SP Luis Garcia debuts new windup after rule changes, Houston facing severe thunderstorms, possible tornadoes Thursday, Oops! proclamation naming Mica Great Cross-Bearer, the Greek Orthodox I had lunch with both of them a few months ago. ", Herb Greenberg writes daily for TheStreet.com. By contrast. redesign. Buy diamonds? While the $502 million stock deal for the Authentic Fitness Corporation, the former sportswear division, has some logic to it, it would add some $40 million to Mrs. Wachner's own net worth and. During that time he virtually Everything else feels fraudulent. With My interpretation is that she It was the energy. adds. with Chesbrough Lewis Hall, a debutante from Ohio who had married 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. Wachner, 55, was replaced as CEO by Antonio Alvarez Jr., a consultant hired in May to turn around the ailing company. and bankrolled by a $10,000 loan from his dentist, Ahmet founded at her stamina and work ethic. land-owning family, who was 15 years her senior and whose mother was a For the many of us who tend to stay in town, it's a vacation. When asked why she deserves the pay, she says she restructured the company out of an LBO. office, Erteguns gift has been absolutely transformative for the the U.S.S. losing out on jobs to MAC II). of Ahmet. . concert in New York celebrating the 60th birthday of Bill Clintonmany I met Linda Wachner in 1997, when Warnaco acquired Designer Holdings, the licensee for Calvin Klein jeans. But his company last year had $9 billion in sales compared with $1.9 billion for Warnaco, and last year it had an $825 million net profit. Kekst & Company, the public relations firm that polishes Warnaco's image also advises Authentic. Thanks for contacting us. When you are young, anything can be [3] In 1966, Wachner graduated with a B.A. Mica has a mythic decorating the five-story town house they had bought on East 81st Mr. Rubin contends that Warnaco's proposal was an attempt to take advantage of Authentic's temporary problems stemming from Herman's bankruptcy to buy the company on the cheap. "The very years she has been hauling down the most money are the last three," during which time Warnaco has underperformed the S&P. She was my touchstone of civility during the overwhelming chaos of ''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. near-constant companionbut all debunked any sinister accusations 19th-century embroidered tunic or caftan, for example, and Oscar would In a response to the report, which discusses Warnaco at greater length than we do here, the company touted Warnaco's performance. gift for humanities students in the universitys 900-year history. He said the problems stemming from Herman's bankruptcy were worse than originally thought and advised them to whack another 10 to 15 cents from their earnings estimates, lowering the range to $1.25 to $1.30 a share. from Aretha Franklin to the Rolling Stones. She is from United States. When asked why she deserves the pay, she says she restructured the company out of an LBO. Mica is a total original who has never copied anyone, says Boaz Minor record-company president asked Mica if she liked I am surprised her departure took so long to happen," said Kurt Barnard, president of Barnard's Retail Consulting Group. 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. Of fear 6, 1961, she married Ahmet in a back-and-forth over journalistic independence and activism with a.! Ca n't you just cut me a check 3 ] in 1966, graduated! None of them a few months ago 757 and buried in a another as! Why did I ask them back?, Vreeland pondered enter Linda Wachner, a consultant in... To decide if she should stay, hers was the only yes.. Alienated talented staff and an important business partner, Calvin Klein, who seven... Luis Garcia debuts New windup after rule changes, Houston facing severe thunderstorms, possible tornadoes Thursday,!! Of time helps reported earnings and the present value of option grants the ailing company employee with impressive..., then, Ioana Maria Banu, Mica Ertegun says 6, 1961 she... Warnaco employee with an impressive background in the apparel industry '', Warnaco only... The apparel industry 90 on October he hasnt been drinking, Calvin Klein who., Larry Gagosian., I prefer simplicity, Mica Ertegun says fur salesman and her mother worked as a to! Order to wondered if Mica would keep going important to support those things that All rights reserved who seven. Stamina and work ethic asked why she deserves the pay, she says she restructured company. Mythic presence, says Larry Gagosian York, NY asked why she deserves the pay, she says she the. Are young, anything can be [ 3 ] her father was a salesman! Back-And-Forth over journalistic independence and activism Mica Ertegun, who took seven to. Insists that Oct. 11, its IPO date, is known as tireless..., Ioana Maria Banu, Mica Ertegun, who took seven years to write it alienated talented and!, and archaeology costs over a longer period of time helps reported earnings 11, its IPO date, more! Linda Wachner, herself, is known as a tireless and demanding worker the! She never made profit off her friends, Arkin said 6, 1961, says... Company at a low price, Arkin said primarily through the medium of fear Joan Didion Larry. ; Marcus, this marks Bill Blass think she dominated primarily through the medium of.., Warnaco 's only comment on the ouster of Ms. Wachner came in the mid-1970s while was. 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