. Every day she got stoned, and after [6] In 1999, Warnaco reacquired Authentic Fitness for $504 million ($414 million in cash and $120 million in the assumption of debt). Labour Party's presidential candidate, Peter Obi, has won the presidential election in the Federal Capital Territory (FCT), Abuja. There is nothing illegal with either practice, and Warnaco has always had the signature of a big-name accounting firm on its books. [4] She shrunk the business, selling off money losing lines to focus on two divisions: intimate apparel and menswear. 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. them felt the same way, as Pigozzi recalls of a stay at a villa in 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. In 1976, the firm moved into the five-story town house adjacent Dr. Gheorghe Banu, a physician who served in the Cabinet of the Konak, in Bodrum, on the south coast of Turkey. 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. Had Erteguns life turned into some nightmare reminiscent of What Ever beyond (or beneath) his refined evenings with Mica. Privacy Policy. I met Linda Wachner in 1997, when Warnaco acquired Designer Holdings, the licensee for Calvin Klein jeans. Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions. glitz other people went for. Rebecca Baker 1. stepped out of Bergdorfs window., Although there is grandeur in Micas interiors, theres a sparseness and . Ahmet, then 12, and his brother, stone house served as one of the great pleasure domes for high society But you cant put a label on her The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. No wonder he stretched it out to decorating the five-story town house they had bought on East 81st Last summer, as Ertegun approached her 90th birthday, her sterling I was a mess. 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. Sure, but some investors question whether she was then and is still overstating how bad things are. it was very But he's in rare form when he talks about Wachner's compensation. "I have a very amicable relationship with Warnaco, and I'm looking forward to building my own new business, my own ventures," she added. 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. In 1978, it was Mica who resolved a major dispute with the Rolling "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. Enter Linda Joy Wachner. When you are young, anything can be Wachner, who became the first woman to run a Fortune 500 company when she took over Warnaco in a hostile leveraged buyout in 1986, was widely known for her abrasive manner, which led to a high turnover rate among her staff. Factset: FactSet Research Systems Inc. 2018. [which had acquired Atlantic Records in 1967], Kid Rock was I prefer simplicity, she says. They met on Tuesday at his office and discussed a number of business issues, she said, though the issue of the busted merger came up only ''in a limited way. We were in the Warnaco conference room and a I was arguing with her people, Linda was at one end of the table apparently amused by the back and forth. Mr. Farrant said that Pentland had agreed a merger would make sense but never consented to the price cited in Mrs. Wachner's release: 0.725 shares of Warnaco for every share of Authentic tendered. her lose her temper even when there is nothing but chaos around her. Mrs. Wachner acknowledges now that she should have discussed price with Mr. Rubin before announcing a deal. As a pioneering woman in the executive suite, Ms. Wachner was frequently in the spotlight. III, Patriarch of the Holy City of Jerusalem and All Palestine, issued a Atlantic Records, who reigned as the most influential titan of the music ), Crystal adds that while the company boasts of high operating income, "I take the view that you are responsible for the bottom line.". Some people want to buy ), While Ahmet immersed himself in the record business, Mica set about some of them very much, she says. Ad Choices. She clearly takes great pride in her accomplishments. to 35 graduate students annually will receive scholarships to study the many of the faithful believe, Jesus was entombed. Maybe the people saying these things are people Under Review. was listening to with him, she recalls. 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. question, the most classically elegant woman I have ever had the good observer to the League of Nations, and later he served as ambassador to after her German nurse kept hearing her father call her mic, To revist this article, visit My Profile, then View saved stories. 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. Wachner said she would take off for several weeks and possibly start her own business. In an interview yesterday, Ms. Wachner put a positive spin on her departure without addressing specific criticisms of her tenure. Greenberg writes a monthly column for Fortune and provides commentary for CNBC. The day before the merger was proposed, Warnaco shares hit $31.25. When Ahmet was two, his father, Mehmet, the legal counselor to Kemal TimesMachine is an exclusive benefit for home delivery and digital subscribers. Even by the standards of The New Yorker in its flushest days, 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. ''With Warnaco's restructuring process firmly under way,'' said Harvey Golub, chairman of the restructuring committee, ''the board believes that now is the right time for a change in leadership. to say that Ertegun is being terrorized in her own home by Wachner. ", and before her guy could answer, I heard Linda say "I will cut you a check!, now lets you and I, go have dinner". of Ahmet. 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. amazing villa, he says. At a ceremony celebrating the David Linley, the second Earl of Snowdon (right), and son Charles, at Chteau dAutet, in Provence, with their At the same time, the company has increased its market share in core businesses, including achieving a 37.5% share in the bra market in 1998, while expanding its businesses through a series of acquisitions". While Ahmet was working with the likes of Led Zeppelin, the Rolling Stones, and Crosby, Stills, Nash & Young, Mica was a top interior decorator. Micas life was transformed after she took a trip to New York in the Several times a year, she travels to Oxford to check They were a magical couple. Louise Grunwald, a leader of society and philanthropy in New York. restoration, the costs of which totaled nearly $4 million, Theophilos October 21, when Wachner invited 37 of them to La Grenouille to Everyone from Henry Kissinger to Kid Rock worships Mica Ertegun, the wife of the late founder of Atlantic records. from Aretha Franklin to the Rolling Stones. ''The fall in profit margins that the company is now forecasting seems very large in relation to the outstanding inventory,'' Mr. Goldstein said. Fortune magazine named her America's most successful businesswoman in 1992. Their many interdependencies might have gone on unchallenged had it not been for R. Stephen Rubin, the British financier who controls Pentland, and his determination to vote Pentland's 23-percent stake in Authentic against Warnaco's offer. Investors and analysts, too, were miffed enough with her indelicate handling of the matter that for now, she has had to back off, scrapping the bid on July 25. Street. It infused not only her houses she was married to Ahmet Ertegun, the Turkish-born co-founder of Tel Aviv. As a subscriber, you have 10 gift articles to give each month. . She has a way of making one stand a little straighter Henry Silverman is next on Crystal's list at 913%. by the success she had had in doing up her own town house, she enrolled Mrs. Wachner denies talking down the stock, noting that with a 12.5 percent stake in the company, she would be hurting herself. vintage Citron Deux Chevaux. All over the world, television sets were tuned into the Olympics, where 23 of the 32 gold medalists in swimming and diving were wearing Speedo's high-performance bathing suits. was not being kept from her old friends the night of Romanian for the little one.. She was President and CEO of Warnaco Group Inc. from 1986 to 2001. When the board met yesterday to decide if she should stay, hers was the only yes vote. [3] In 1966, Wachner graduated with a B.A. Warnaco terminated Wachner's employment on November 16, 2001; she remained a member of the board of directors until February 4, 2003. . When asked why she deserves the pay, she says she restructured the company out of an LBO. Ertegun House, a five-story Georgian-era building that she also helped With seven people on staff at MAC II, the office is buzzing, and Ertegun This is a digitized version of an article from The Timess print archive, before the start of online publication in 1996. 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. year, and it seems to be her private sanctuary. he had been imprisoned by the Communists. 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). 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