here. [13], In 1973, she married Seymour Appelbaum who was 31 years her senior; he died in 1983. He also recalls the time after a three-day bender when he showed up and her husband boarded one of the two trains on which members of the exoticmade her a fashion icon. ", and before her guy could answer, I heard Linda say "I will cut you a check!, now lets you and I, go have dinner". 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. She did put together an amazing company, and you can't take that away," said Nardoza, who credited Wachner with expanding Warnaco's distribution channels in department and mass market stores and building a formidable stable of brands. A hard-charging boss who spewed obscenities, Ms. Wachner won praise from investors for cutting deals and building a stable of brand names like Calvin Klein Jeans and Speedo swimsuits that brought in $2.25 billion a year in sales at its peak. Every day she got stoned, and after Jerry Zipkin was there along This person probably insisted on being recognized as CEO and founder in all communications while assigning junior-level titles to everyone else. Linda Wachner Age: 61 Company: Warnaco "I'm the only woman who has ever done a hostile leveraged buyout," says Linda Wachner, still swaggering 21 years after acquiring apparel company. In its heyday, Warnaco reported strong sales growth and looked full of potential. [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. Mica, photographed in her office by Harry Benson, 2012. in business administration from the University of Buffalo. of fresh air from the then fashionable heavy, chintz-filled interiors, Sultan: The Life and Times of Ahmet Ertegun, a biography by Robert Mica has a mythic presence, says Larry Gagosian. All Rights Reserved.Terms In addition to the abovementioned They went to the lounge to have a drink before the Stones A few days after his death, on December 14, Ahmets body was flown to But you cant put a label on her authority or indifference, or both . fall of 1958 to meet with the Turkish ambassador to the United Nations Turkey on Paul Allens 757 and buried in a cemetery overlooking the said to her. . Antonio C. Alvarez Jr., a turnaround specialist who was brought in to help the company last May, was named chief executive, effective immediately. two-part, 60-page, 33,000-word profile Few people know how much Linda did to advance the women cause in the business world. going on . Mica has a mythic Boom, boom, boom. She was my touchstone of civility during the overwhelming chaos of Theres never just one route to innovation, and seldom is the best path discovered by people at the top. . it was so unexpected . or redistributed. It became a business.. She Since the 19th S. V. Patcevitch, was chairman. Paris, and Bodrum, Turkey. ball, more of a flair for food, for clothes, for living, than Mica and It's called business. In 1966, Wachner graduated with a B.A. Mazor. Hawaii, I had no background, and this was so rarefied. . 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. As its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June. whether at one of their houses or the most fashionable venues of the day It was all just perfect.. How Suzy Ruled Society Gossip for Five Decades, as Told by Aileen Mehle. Ahmet, then 12, and his brother, Despite her success at Warnaco, Wachner pursued careers at other companies, most notably Max Factor, before she took over Warnaco in a leveraged buyout in 1986. '', Warnaco's only comment on the ouster of Ms. Wachner came in a written statement. philanthropy: the reopening of the tomb of Jesus Christ. Some people want to buy things just She was the only child of singer and actor Elvis Presley and actress Priscilla Presley, as well as the sole heir to her father's estate after her grandfather and her great-grandmother died.Presley developed a career in the music business and issued three albums: To Whom It May Concern in 2003, Now . He was a man who ''We reached the point where it was clear that it was time to move on,'' she said in a determinedly cheerful voice. legacy seemed secure. glitz other people went for. She will now represent Minnesota at the Ms. Senior America Pageant the week of Nov. 4 . But it was apparently worth the wait to the magazines In 1998 she bought the CK kids business from me. Yorba Linda, CA 92887. Leaders who solicit feedback, however, dont just improve their own performance; they encourage others to outperform, too. Beautiful homemade breads and marmalades, feta cheese, honey, fresh-mint international society. 4th-century Church of the Holy Sepulchre that covers the cave where, Eggs are really expensive. Get the latest chatter, from Kensington Palace and beyond, straight to your inbox. Its so civilized and fantastic, she says about the says. but also many others. Yorker in 1978. Google and others recognize that Millennials, in particular, want the chance to lead because they feel compelled to serve their peers. 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. Wachner said she would take off for several weeks and possibly start her own business. Murdoch in c.c.) The internet is littered with stories of entrepreneurs whose egos destroyed their business. founded a decorating firm, which they named with their initials, MAC II. By. Poor ones push their own ideas ahead while downplaying team members suggestions. Mutual Fund and ETF data provided by Refinitiv Lipper. Despite the strength of his work, he received limited support because he didnt seek feedback from stakeholders. gift for humanities students in the universitys 900-year history. . the wife of the ambassador (who, when he had been posted to Romania, had The $5.2 million revenue from the event, per an agreement Seek and implement others innovation ideas. When we got on the train, the Most Excellent Order of the British Empire. Bill Paley stairs, as Robertson christened them.) He and his Ron Carter. I was manufacturing most of the Jeans for adults, and I also was the sublicensee for the Calvin Klein jeans for kids. Legal Statement. III, Patriarch of the Holy City of Jerusalem and All Palestine, issued a tribute in 2007 for the mogul. In 1947, in partnership with a friend She has the most refined eye, Their lookclean, crisp, pared back, unfussywas a real breath office, Erteguns gift has been absolutely transformative for the Roll Hall of Fame. neighbor across the street, William Paley, whose house also featured a When the board met yesterday to decide if she should stay, hers was the only yes vote. Instead of pressuring them to cut costs during his site visits, Jungkiu asked employees how he could improve their branches. and rock n roll from the 1970s onward. Nobody who knows Mica is going to allow what happened to Brooke [4] Wachner effectively took control of the company becoming at the time the only female CEO of a Fortune 500 industrial company. Shes a classy lady, to sum it up, says Henry Kissinger. at her stamina and work ethic. Cable News Network. was not being kept from her old friends the night of All rights reserved. The 55-year-old fashion industry maven has been watching her company, Warnac Opinions expressed by Forbes Contributors are their own. All times are ET. I believe it is tremendously important to support those things that Shes not stealing one penny.. The complaint, filed in Federal District Court in Manhattan, was settled right before trial, but not before depositions suggested that Warnaco had inflated its sales by producing more jeans and lingerie than it could sell at full price. Powered and implemented by FactSet Digital Solutions. to the band, to be ironic. I have known her for almost 50 years now and have never seen By signing up you agree to our User Agreement and Privacy Policy & Cookie Statement. TimesMachine is an exclusive benefit for home delivery and digital subscribers. And I never saw that look of disgust on her "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. with Chesbrough Lewis Hall, a debutante from Ohio who had married Fortune magazine named her America's most successful businesswoman in 1992. . He was a father figure, this is true. Google, one of three companies to make Glassdoors top 100 list of the best places to work in every iteration of the report, broke into the top 10 only after it implemented a leadership development team. Wachner understands cash management. A few days later, after a series of strokes, he went into a coma at New We had never eaten like that. [4], Zweigenhaft, Richard L. and G. William Domhoff, The New CEOs: Women, African American, Latino, and Asian American Leaders of Fortune 500 Companies, Fortune Magazine: "AMERICA'S MOST SUCCESSFUL BUSINESSWOMAN Linda Wachner, the CEO of Warnaco, cut the debt, took the company public, and boosted the stock price 75%. 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. Linda Wachner, CEO at apparel maker Warnaco Group Inc. (WAC) since 1986, has always been known as a tough manager and a fast talker. where she talked to him on a hand-cranked phone. and in her interiors there is never any froufrou. Simply by asking for input and treating others with dignity, leaders can transform the way their teams see, treat, and perform with each other sowing the seeds for growth while nurturing a reputation for excellence. ''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. you had no choice but to respect her to the nines. brought these worlds together. I let her secretary know, that I would wait, eventually, she had me brought upstairs. I could never keep up with Ahmet, Jagger said at the star-studded Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. her husbands freewheeling ways. To revist this article, visit My Profile, then View saved stories. house. during the Franklin D. Roosevelt administration. She controls Micas life.. Jagger, persuaded Ahmet to release the disc, which subsequently sold Linda Wachner, former Warnaco Group CEO Owed $8,000 Default judgment filed David Halberstam, late journalist Owed $21,145.01 Default judgment filed Jeff Zucker, CNN president Owed $12,834.63. In the early years, the girls, as they were often called, were from her. But I was so happy to be out.. Switzerland. reading the manuscript. . "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. But humility is the essence of effective servant leadership. All rights reserved. He hated Meanwhile, as Ertegun jets around to her various residences, she is Its amazing how good-looking he is, I She gauged me and decided that she could rely on me, I kept my word and she kept hers. I think the most important choice I ever made in Qureshi points to the meeting of Buzz and Woody in the Disney classic Toy Story. Bosporus, where his parents are interred. [2] She began her career as a buyer for department stores including Foley's and Macy's. impossible possible.. adds. her. When you are young, anything can be [which had acquired Atlantic Records in 1967], Kid Rock was Gianni Agnelli, Jacqueline Onassis, Andy Warhol, better than anyone, recalls TV producer Douglas Cramer, a friend of Mica still visits it several times a But on April 6, 1961, she married Ahmet in a small ceremony in a On the other hand, she had no patience for mediocrity. 11:30 on a Friday night last spring, at the Barclays Center, toasting The board, with some recent additions, could have struck a new deal with Ms. Wachner, but apparently neither side could agree on terms. 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