Frank Savage, a distinguished figure who ascended to the upper echelons of global finance and left an indelible mark on both the business world and the competitive sailing circuit, passed away on July 16 in Newport, R.I., at the age of 87. His death, confirmed by his daughter Grace Loughborough, followed a two-year diagnosis of dementia. Mr. Savage’s career was characterized by groundbreaking achievements, extensive influence, and his notable entanglement in the notorious Enron scandal.
A trailblazer in an era of segregation, Mr. Savage was one of the relatively few Black Americans to achieve such prominent stature in international finance. His life story, spanning from his formative years in segregated Washington, D.C., to his global endeavors, reflects a journey of determined self-confidence, strategic leadership, and an unwavering commitment to philanthropy. He navigated complex corporate landscapes while pursuing a passionate and highly successful avocation in competitive sailing.
This first section of our in-depth look into Frank Savage’s remarkable life will explore the foundational elements that shaped his character and career. We will delve into his early influences, his pioneering ascent in the financial world, his significant contributions to academia, and his surprising yet deeply rewarding discovery of competitive sailing, an activity that would parallel and reflect the very principles of success he championed throughout his distinguished life.
1. **Early Life and Formative Influences**Born Frank Savage on July 10, 1938, in Rocky Mount, North Carolina, along with his twin sister Frances, Mr. Savage’s early life was significantly shaped by his mother, Grace (Pitt) Savage. After a brief marriage, his mother moved with her six-week-old twins to Washington, D.C., establishing a beauty clinic near Howard University and founding a cosmetics company, adopting the moniker “Madame La Savage.”
Mr. Savage consistently credited his entrepreneurial single mother with instilling in him the profound self-confidence and determination that would serve as the bedrock of his multifaceted career. She famously told him, “Frank, Jr., you can be anything you want to be,” a mantra that empowered him to transcend perceived limitations. Her gift for social connections, including styling diplomats’ wives, inadvertently planted the seeds of his future international interests.
Through his mother’s connections, Mr. Savage was introduced to Angier Biddle Duke, then the chief of protocol of the United States. This led to his participation in an exchange program trip to Africa while he attended Howard University, where he met independence movement representatives. Decades later, he served as an outside adviser to Thabo Mbeki, Nelson Mandela’s successor, underscoring the enduring impact of his mother’s early international influence.
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2. **Groundbreaking Career in Global Finance**Frank Savage’s professional journey into the demanding world of international finance commenced in 1964 when he became the first Black officer named to the international division of what was then First National City Bank of New York, later to become Citibank. This pioneering role established him as a significant figure in an industry that, at the time, offered limited opportunities for African Americans, setting a precedent for diversity in senior corporate roles.
Following his time at Citibank, Mr. Savage dedicated more than two decades to Equitable Life. In this capacity, he distinguished himself by overseeing the company’s investments in minority-owned businesses, a strategic initiative that underscored his commitment to economic empowerment. Concurrently, he was instrumental in attracting several billion dollars to Equitable’s global investment management portfolio, demonstrating his exceptional acumen in navigating complex financial markets on a worldwide scale.
From the early 1990s through 2001, Mr. Savage held the prominent position of chairman of the international division of Alliance Capital Management Holding LP of New York. As one of the nation’s largest investment companies, Alliance Capital provided Mr. Savage with a platform to exert considerable influence across global financial markets. During this period, he became a multimillionaire, acquiring significant assets, including homes overlooking Central Park in Manhattan and a residence in Florence, Italy, testaments to his profound success at the zenith of his career.
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3. **Influence in Academia and Philanthropy**Beyond his formidable presence in global finance, Frank Savage extended his profound influence into the realm of academia and philanthropy, particularly through his enduring commitment to higher education. A proud alumnus of Howard University, he graduated in 1961 with a bachelor’s degree in political science and economics, and his dedication to his alma mater remained a guiding principle throughout his life.
His service culminated in his chairmanship of Howard University’s board from 1997 to 2004, a period during which he spearheaded significant institutional advancements. Under Mr. Savage’s stewardship, the university launched the highly successful “Campaign for Howard,” an ambitious fundraising initiative designed to bolster scholarships, facilitate faculty development, and fund crucial capital projects that continue to shape the student experience today.
Mr. Savage’s academic contributions were not limited to Howard. He was also a longtime trustee at Johns Hopkins University in Baltimore, where he earned his master’s degree as one of only two Black students in his class in the School of Advanced International Studies. Recognizing the importance of supporting underrepresented students, he established a scholarship there for minority students, further cementing his legacy as an advocate for educational access and opportunity.
4. **Expansive Professional and Social Circles**Frank Savage’s stature in the world of finance and beyond afforded him access to an expansive network of influential individuals, encompassing leaders across business, politics, and media. His professional engagements extended to sitting on the boards of esteemed organizations such as the Council on Foreign Relations, Bloomberg LP, Lockheed Martin, Qualcomm, and the New York Philharmonic.
His presence was a regular feature at the annual World Economic Forum meeting in Davos, Switzerland, a premier global gathering where the business, political, and media elite convene to discuss pressing global issues. This consistent attendance positioned Mr. Savage at the heart of international discourse and networking, further solidifying his reputation as a globally connected leader.
Mr. Savage’s social circles mirrored the prominence of his professional life. He counted among his acquaintances and friends figures like former New York Mayor Michael R. Bloomberg, a fellow Johns Hopkins alumnus, who notably stood by him during the challenging period following the Enron scandal. Other prominent individuals included the Washington power broker Vernon E. Jordan Jr., Hillary Clinton, and Bill Cosby, who penned the foreword to Mr. Savage’s 2013 memoir, “The Savage Way: Successfully Navigating the Waves of Business and Life.”
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5. **A Passion Discovered: Competitive Sailing**Amidst his demanding career in global finance, Frank Savage cultivated a profound and highly successful passion for competitive sailing, a pursuit that offered both exhilaration and a unique form of solace. The origins of this expensive yet rewarding hobby were remarkably serendipitous. In 1983, while on a flight, he chanced upon a sailing magazine and became “entranced by a photo of a boat heeling into the sunset.”
Following this inspiration, Mr. Savage began taking sailing lessons, embarking on a journey from a complete novice to a world-class yachtsman. This newfound passion became more than just a pastime; it evolved into a significant part of his identity and a counterpoint to the high-stakes world of international finance. In his early 60s, he even contemplated retiring from his professional career entirely to fulfill a dream of sailing around the world, though he ultimately continued his work in business.
The discipline, strategy, and sheer physical demands of competitive sailing resonated deeply with Mr. Savage. It was a realm where he could apply many of the same principles that drove his success in business. Crucially, during the turbulent years following the Enron scandal, sailing provided a vital escape and a means of reclaiming a sense of self. He famously stated in his memoir that “sailing helped me reclaim my life,” underscoring the therapeutic and restorative power of the sport.
6. **Sailing Triumphs and Global Recognition**Frank Savage’s dedication to competitive sailing was met with significant success and international acclaim, transforming him into a celebrated figure in the sport. His racing yachts, three of which he affectionately christened “Lolita” in honor of his wife, became symbols of his commitment and ambition on the open seas. These vessels were not merely leisure boats but meticulously maintained racing machines designed for peak performance.
In 2001, a year that would also mark the onset of intense professional scrutiny, Mr. Savage achieved a national title in the highly competitive Swan class, a testament to his burgeoning skill and strategic prowess. His ascent culminated dramatically in 2003, when, helming a 56-foot Swan class yacht, “Lolita,” he secured an important international victory, being named the overall winner at the prestigious Antigua Sailing Week.
The victory in Antigua held particular resonance, not just for Mr. Savage personally, but also culturally. His daughter, Grace Loughborough, recalled in an interview how people on the island would yell “Lolita, Lolita” at her, recognizing her as his daughter. She emphasized that “it meant so much to the people on this island that someone who looked like them was a winner,” highlighting the inspiring impact of his triumph.
7. **The Pillars of Victory: Sailing’s Reflection of Life Lessons**In his 2013 memoir, “The Savage Way: Successfully Navigating the Waves of Business and Life,” Frank Savage meticulously articulated four core components essential for achieving victory, whether on the high seas, in the global marketplace, or in one’s daily existence. These pillars—self-confidence, preparation, leadership, and handling pressure—were not just theoretical constructs but principles he rigorously applied and perfected throughout his remarkable journey.
For Mr. Savage, self-confidence stood as the paramount characteristic, allowing him to embrace formidable challenges without perceiving himself as an anomaly, even in fields like ocean racing where few African Americans had ventured. He famously wrote, “I never thought of myself as the only African American in the sport,” underscoring his unwavering belief in his own capabilities. Preparation was another critical element; despite not being “born into sailing,” he committed 12 to 15 years to mastering sophisticated vessels, demonstrating that meticulous readiness, even when starting from a disadvantage, is key to excellence.
Leadership, a skill honed through lessons from his mother and refined in his international work, involved showing respect to motivate high-powered teams. He sought individuals with unique talents, not replicas, to create a synergistic whole that far surpassed the sum of its parts. Finally, Mr. Savage emphasized the crucial ability to handle pressure, a trait he observed in visionary entrepreneur Thomas A. Wood and applied rigorously in both business and sailing. This innate capacity for calm under duress was profoundly tested and proven during the years of the Enron crisis, during which racing “Lolita” provided the only respite from constant legal pressures and public scrutiny.
Having established the foundational aspects of Frank Savage’s extraordinary life and career, we now turn our attention to the period that profoundly tested his resilience and redefined his public persona: his entanglement in the Enron scandal. This section will delve into the specifics of this corporate crisis, the scrutiny he faced, his navigation through immense reputational challenges, and the lasting impact of these events on his professional and personal philosophies. We will also explore how he continued to contribute to global finance and philanthropy, and how his beloved avocation of sailing provided a vital anchor during turbulent times, cementing a legacy that transcends controversy. This comprehensive examination will highlight the full measure of a man who confronted adversity with unwavering integrity and determination.
8. **Navigating the Legal and Reputational Storm**Following Enron’s collapse, much of the scrutiny directed at Frank Savage concerned his dual roles as a board member of Enron and as chairman of the international division of Alliance Capital Management. A particular point of contention arose because, even as Enron’s stock plummeted, Alliance Capital continued to acquire shares, eventually becoming Enron’s largest shareholder. This aggressive purchasing strategy led to significant losses, notably for the Florida state pension fund, which reportedly lost over $300 million in the fallout.
Questions inevitably arose regarding whether Mr. Savage, given his position, had influenced Alliance Capital’s investment decisions. However, Alliance Capital adamantly denied any such influence, asserting that his responsibilities within the international division were primarily focused on sales and marketing efforts in the Middle East and Africa, not on making investment determinations. Despite these denials, the perception of a conflict of interest contributed to the intense pressure he faced.
Furthermore, Mr. Savage was named in a class-action lawsuit against Alliance Capital. The suit alleged that, as a member of the finance committee on Enron’s board, he had signed a document required for a bond issue that contained false financial information. This legal challenge, however, did not stand. A federal judge dismissed the case in a summary judgment in 2006, finding no evidence to suggest that Mr. Savage knew or reasonably should have known that the financial document was false or misleading. Nevertheless, a 2002 report by the Senate Permanent Subcommittee on Investigations criticized the Enron board, stating that it had contributed to the company’s downfall by allowing “high risk accounting, inappropriate conflict of interest transactions, extensive undisclosed off-the-books activities, and excessive executive compensation,” implicating the collective board in the systemic failures.
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10. **The Personal Toll and Moral Responsibility**The Enron scandal inflicted a profound personal and professional toll on Frank Savage, a burden he candidly addressed in his memoir. While absolved of criminal wrongdoing, he publicly acknowledged bearing a degree of moral and ethical responsibility for the catastrophic failure. He poignantly articulated the widespread devastation caused by the collapse, noting that along with retirement funds, life savings, and careers, “reputations — including my own — were lost.” This admission underscored his deep understanding of the broader consequences of the scandal, extending beyond mere financial figures to the erosion of trust and credibility.
As a direct result of the Enron fallout, Mr. Savage was compelled to surrender some of his esteemed board positions. Furthermore, the Department of Labor imposed restrictions on his ability to manage certain types of pension funds for a period of five years without their explicit approval. These professional setbacks were not merely symbolic; they had tangible consequences for his ongoing business endeavors and future aspirations. The crisis also shattered a deeply held ambition: his failure to launch The African Millennium Fund.
This planned private equity fund, envisioned to raise $122.5 million for sub-Saharan projects focused on telecommunications, energy, and transportation, was scuttled due to a confluence of factors, including the global economic tremors from 9/11 and the immediate financial and reputational headwinds generated by the Enron debacle. For Mr. Savage, who harbored a profound affection for Africa and a lifelong commitment to its development, the inability to realize this dream remained a source of enduring regret. He confessed that “It still pains me, even today,” highlighting the lasting emotional impact of opportunities lost due to circumstances beyond his full control.
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11. **Resilience and Steadfast Support: The Role of Sailing and Allies**During the tumultuous years following the Enron scandal, when legal pressures and public scrutiny were relentless, Frank Savage found an unexpected yet profound source of solace and renewal in his passion for competitive sailing. This beloved avocation, which had previously been a source of exhilaration and achievement, now transformed into a vital escape and a crucial means of reclaiming a sense of self amidst the storm. He famously articulated this therapeutic power in his memoir, stating unequivocally that “sailing helped me reclaim my life,” underscoring how the discipline and focus required on the open seas provided a much-needed respite from the constant mental burden of the crisis.
Beyond the personal refuge sailing offered, Mr. Savage also benefited from the unwavering support of key allies, notably former New York Mayor Michael R. Bloomberg. A fellow Johns Hopkins alumnus and a prominent figure in his professional and social circles, Mr. Bloomberg stood by Mr. Savage throughout the challenging period. In a significant display of confidence, Mr. Savage joined the board of Bloomberg L.P., the financial data and media company, in February 2001—even as the Enron crisis was unfolding—and remained a valuable board member through 2023.
Mr. Bloomberg not only demonstrated his personal loyalty by hosting a launch party for Mr. Savage’s memoir but also by attending his memorial service. In a testament to his steadfast belief in Savage’s character, Mr. Bloomberg stated, “I never had any doubts whatsoever about Frank’s honesty and integrity.” He further affirmed, “He was always a great asset to our board, and his life story inspired people across the company.” This public and private endorsement from such a respected figure provided crucial validation for Mr. Savage, helping him to navigate the reputational fallout and reinforce his standing as a man of integrity.
12. **Rebuilding and Continued Contributions: Savage Holdings LLC and Later Board Roles**Despite the significant setbacks and reputational challenges posed by the Enron scandal, Frank Savage demonstrated remarkable resilience, embarking on a new chapter of his career and continuing his impactful contributions to global finance and public service. Rather than retiring or withdrawing from the business world, he channeled his enduring expertise and entrepreneurial spirit into founding his own global financial services company, Savage Holdings LLC. This venture allowed him to maintain his active presence in the industry, guiding and advising on complex financial matters on an international scale.
His continued influence was also evident in his ongoing and new board appointments. Post-Enron, he remained a valued member of the board of Bloomberg LP and served on the board of the New York Academy of Medicine, adding to a distinguished list that previously included Lockheed Martin, Qualcomm, and the New York Philharmonic. These roles underscored his reputation as a trusted advisor capable of contributing to diverse and high-profile organizations. His commitment to education also endured, as he proudly held the titles of chairman emeritus of Howard University and trustee emeritus of Johns Hopkins University, in addition to being an honorary board member of the National Sailing Hall of Fame.
His global perspective and commitment to economic development, particularly in Africa, remained undimmed. Even after the collapse of his ambitious African Millennium Fund, Mr. Savage continued to dedicate his efforts to the continent. He articulated this unwavering commitment, stating, “I never tire of hopping a flight to advise and assist true nation builders in creating economic opportunities… particularly so when my work and passion carries me to my dear Africa, be it advising or helping to raise capital for a food project in one West African nation or the redevelopment of a shipping port in another.” This dedication solidified his legacy as a leader whose vision and efforts extended far beyond personal gain.
13. **Philosophy on Success and Integrity: Lessons Learned**Frank Savage’s experiences, particularly his entanglement in the Enron scandal, profoundly shaped his personal philosophies on success and integrity, which he meticulously articulated in his memoir. He reflected on the “go-go ’90s” as a period of “too much money,” a phrase that, while seemingly paradoxical, conveyed a deeper truth for him. He believed that “the feeling of having enough money to do whatever we so desire creates an illusion of power and a false sense of security, which can lead one to make unwise decisions.” This, he posited, was precisely what transpired in the 1990s, where individuals were “enticed by unscrupulous brokers and banks to buy houses they could not afford, have more credit cards than was necessary, etc.” leading to a collective “false sense of security, which came back to haunt us.”
From these reflections, Savage distilled crucial lessons for future generations, emphasizing that “winning at any cost is not winning at all.” He recognized the pervasive challenge of altering ingrained behaviors, noting that “old ways die hard and some of us don’t learn from our past mistakes.” While acknowledging the necessity of regulatory measures—such as new laws introduced by Congress to prevent past abuses—he contended that such legislation alone is insufficient. He argued that “laws alone can not deter people who lack integrity and morals.” For Mr. Savage, the ultimate safeguard against such ethical lapses lay in instilling core values from an early age.
He advocated for “instilling appropriate values regarding integrity and honesty in people at a young age so they don’t take honesty and respect for clients for granted, something that is part of their DNA.” This emphasis on character over mere compliance was a hallmark of his post-Enron perspective. His unwavering commitment to these principles was publicly affirmed by those who knew him best. As Michael Bloomberg stated, “I never had any doubts whatsoever about Frank’s honesty and integrity.” This sentiment was echoed by Bill Cosby, who, in the foreword to Savage’s memoir, described him as “the kind of man who has a deep respect for how things are supposed to be done,” underscoring his enduring reputation for ethical conduct.
14. **Enduring Legacy in Global Finance, Philanthropy, and Sailing**Frank Savage’s passing marked the end of a remarkable life, yet his legacy endures as a testament to pioneering spirit, intellectual acumen, and unwavering commitment. As one of the relatively few Black Americans to achieve such prominent stature in international finance, he shattered barriers and opened pathways for future generations. His contributions to diversity in senior corporate roles, beginning as the first Black officer in Citibank’s international division, set a powerful precedent and inspired many.
His profound impact extended significantly into the realm of philanthropy and education. As chairman of Howard University’s board, he spearheaded the highly successful “Campaign for Howard,” fortifying essential institutional resources. At Johns Hopkins University, he established a scholarship for minority students, underscoring his dedication to increasing access and opportunity in higher education. This commitment to ‘giving back’ was a consistent thread throughout his life, rooted in his mother’s early lessons and his own lived experiences.
Beyond his corporate and philanthropic endeavors, Mr. Savage left an indelible mark on the world of competitive sailing. His journey from novice to world-class yachtsman, culminating in international victories and the emotional resonance of his “Lolita” yachts, showcased his multifaceted talents and ability to excel in diverse arenas. Moreover, sailing provided him with a vital mechanism for emotional and psychological resilience, demonstrating how a passionate avocation can sustain an individual through periods of immense professional adversity. His life, with its triumphs and challenges, offers enduring lessons on self-confidence, preparation, leadership, handling pressure, and the profound importance of integrity in navigating the waves of business and life.
Frank Savage’s journey was indeed a masterclass in navigating complex currents, both financial and personal. His ability to rise above adversity, maintain his core values, and continue contributing to the world, speaks volumes about his character. He leaves behind a legacy not just of financial success, but of quiet strength, principled leadership, and an inspiring dedication to excellence that will resonate for years to come. His unwavering commitment to truth and service, echoing the very values he championed, will undoubtedly continue to inspire.
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