The Savage way : successfully navigating the waves of business and life

290 Pages·2013·4.166 MB·English

by  Frank Savage, Bill Cosby

Additional Praise for
The Savage Way
Frank’sstoryisnotjusthisstorybutourstory:howawholegenerationofAfrican-
Americansthatcameofageandwereeducatedinaneraofracialsegregation,went
ontobecomecaptainsofindustry.Shatteringglassceilings,wemanytimescarried
boththeburdenandtheopportunityofbeing“thefirst”. . . . Whatisparticularly
remarkableaboutFrank’snarrativeishismeteoricassentatatimewhentherewere
norolemodelsintheglobalfinancialarena,andlittleappreciationfortheimportance
ofglobalization.
—A. Barry Rand, Chairman of Howard University
Board of Trustees, and CEO of AARP
One of the most difficult things in life is to overcome adversity. Frank Savage
demonstrateshowtonavigatedisturbedwatersintimesofperil.Integrityisacore
valueinlife.Frank’sexperienceofrestoringhisreputationaftertheEnrondebacleis
inspiring.
—Gary Jobson, America’s Cup Hall of Fame and President
of U.S. Sailing, the national governing body of sailing
Frank Savage has written a wonderful book that tells the story of personal deter-
minationandcareerachievement. . . . [TheSavageWay]isalsoaninsightfulwindow
intoglobalbusiness.
—Vali R. Nasr, Dean of The Johns Hopkins University’s
Paul H. Nitze School of Advanced International Affairs
A page-turner of a memoir! The Savage Way is the winning way. Bravo, Frank!
—Loida Lewis, businesswoman, philanthropist,
civic leader, and author
Frank is a special person – professionally and personally. His ever-present smile,
prideinfamilyandfriends,andbusinessandsailingaccomplishmentsallcombineto
makehimarolemodelandawonderfulfriendandcolleague.Thisisacompelling
life story worth telling.”
—Pamela P. Flaherty, Chairwoman of the Board of Trustees,
Johns Hopkins University
The Savage Way teaches us that no dream is unattainable and that in the face of
adversity, especially in uncharted waters, we must draw upon our core beliefs and
valuestorighttheshipofourownjourney.TheSavageWayisfilledwithheartfelt
and candid reflections on personal and business experiences with lessons learned
thatbothinstructandinspire.
—Sidney A. Ribeau, President of Howard University
ffirs 5October2012;10:45:9
Despite pursuing a demanding international business career, Frank Savage always
responded when called upon to help his home community. As chairman of the
Harlem-basedFreedomNationalBankduringitstroubledtimes,andasaninvestor
ofmuchneeded capitalinfledglingblackbusinesses,FrankSavageasfounderand
CEO of the Equitable minority business investment initiative, never forgot his
roots. The Savage Way is a testament to his commitment.
—David N. Dinkins, the 106th Mayor of New York City and
Professor in the Practice of Public Affairs, Columbia University
IhaveknownFrankalmost45yearsandI’vecometohaveadeepappreciationfor
his professionalism, his desire to be the best, and his business acumen. He is one
of the one unsung heroes with respect to the success of Essence magazine. As a
memberofitsboardofdirectors,hisjudgment,hisleadership,hiscommitmentto
theempowermentforAfrican-Americanwomenwasalldeeplyappreciatedbyme.
—Edward Lewis, Founder of Essence magazine
Frank’shonestyandcourageinwritingaboutsomeofhisdarkestdaysandsailing’s
magicalhealingpowers,presentsamovinglookattheshapeofhishumanityaswell
as his enduring survival instincts.
—Shahara Ahmad-Llewellyn, Commissioner of New York
City Commission on Women’s Issues
The Savage Way is an inspirational story of finding joy and achieving success in
unexpected places.
—H. Carl McCall, Chairman of the Board of Trustees,
The State University of New York
ImetFrankSavagewhenIwasa20-year-oldundergraduatestudentservingonthe
boardoftrusteesforHowardUniversity.Sincethattime,hehasbeenamentor,a
counselor,andafriendwhoseadvicehelpedmebecomethe59thmayorofthecity
ofAtlantabythetimeIwas40yearsold.TheSavageWayincludessomuchofthe
guidanceIreceivedonsomanylate-nightandearly-morningcalls.Icouldnotbe
more pleased that he has made the decision to share it.
—Kasim Reed, Mayor of Atlanta, Georgia
ffirs 5October2012;10:45:9
The Savage Way
Successfully Navigating the
Waves of Business and Life
Frank Savage
John Wiley & Sons, Inc.
ffirs 5October2012;10:45:9
Coverimage:KimberleeHolcombe
Coverdesign:PaulMcCarthy
Copyrightª2013byFrankSavage.Allrightsreserved.
PublishedbyJohnWiley&Sons,Inc.,Hoboken,NewJersey.
PublishedsimultaneouslyinCanada.
Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedin
anyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning,
orotherwise,exceptaspermittedunderSection107or108ofthe1976UnitedStates
CopyrightAct,withouteitherthepriorwrittenpermissionofthePublisher,orauthorization
throughpaymentoftheappropriateper-copyfeetotheCopyrightClearanceCenter,Inc.,
222RosewoodDrive,Danvers,MA01923,[phone],fax[phone],oronthe
Webatwww.copyright.com.RequeststothePublisherforpermissionshouldbeaddressed
tothePermissionsDepartment,JohnWiley&Sons,Inc.,111RiverStreet,Hoboken,NJ
07030,[phone],fax[phone],oronlineat
www.wiley.com/go/permissions.
LimitofLiability/DisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheir
besteffortsinpreparingthisbook,theymakenorepresentationsorwarrantieswithrespectto
theaccuracyorcompletenessofthecontentsofthisbookandspecificallydisclaimany
impliedwarrantiesofmerchantabilityorfitnessforaparticularpurpose.Nowarrantymaybe
createdorextendedbysalesrepresentativesorwrittensalesmaterials.Theadviceand
strategiescontainedhereinmaynotbesuitableforyoursituation.Youshouldconsultwitha
professionalwhereappropriate.Neitherthepublishernorauthorshallbeliableforanylossof
profitoranyothercommercialdamages,includingbutnotlimitedtospecial,incidental,
consequential,orotherdamages.
Forgeneralinformationonourotherproductsandservicesorfortechnicalsupport,
pleasecontactourCustomerCareDepartmentwithintheUnitedStatesat(800)762-2974,
outsidetheUnitedStatesat(317)572-3993orfax(317)572-4002.
Wileypublishesinavarietyofprintandelectronicformatsandbyprint-on-demand.Some
materialincludedwithstandardprintversionsofthisbookmaynotbeincludedine-books
orinprint-on-demand.IfthisbookreferstomediasuchasaCDorDVDthatisnotincludedin
theversionyoupurchased,youmaydownloadthismaterialathttp://booksupport.wiley.com.
FormoreinformationaboutWileyproducts,visitwww.wiley.com.
LibraryofCongressCataloging-in-PublicationData:
Savage,Frank.
TheSavageway:successfullynavigatingthewavesofbusinessandlife/FrankSavage.
p. cm.
Includesindex.
ISBN978-1-118-49460-8(cloth);ISBN978-1-118-51376-7(ebk);
ISBN978-1-118-51377-4(ebk);ISBN978-1-118-51366-8(ebk)
1. Savage,Frank. 2. Capitalistsandfinanciers—UnitedStates—Biography.
3. Businessmen—UnitedStates—Biography. I. Title.
HG172.S35A3 2013
332.1092—dc23
2012033922
PrintedintheUnitedStatesofAmerica
10 9 8 7 6 5 4 3 2 1
ffirs 5October2012;10:45:9
The origin of my memoir is a story in and of itself. It started years ago, when
CynthiaWinston,theyoungesttenuredprofessorofpsychologyatmyalmamater,
Howard University, asked me to sit for an interview. Dr. Winston was eager to
apply anewapproach tooralhistoryshewasdeveloping tochroniclemytenure as
chairman of the university’s board of trustees. I was happy to comply.
This history was destined to be filed away in Howard’s Moorland-Spingarn
ResearchCenter,alongwiththearchivesofalloftheuniversity’srichhistory.But
alongtheway,somethingelsehappened,somethingIwouldhaveneveranticipated.
Cynthia happened to be the daughter of one of my Howard classmates, Michael
Winston, a former vice president of academic affairs at Howard and a Phi Beta
Kappa.Andthis,perhaps,gaveherthecomforttoprobemyexperiencesalittlebit
deeperthanmostmight.Atsomepoint,duringCynthia’squestionsregardingmy
background in the international business, philanthropic, and sailing worlds, she
stopped almost mid-sentence and remarked, “Frank, you have a psychology of
success that is unique. And your life is different from not only any previous
Howard chairman, but any other African American I know. Your story needs to
be told and disseminated around the world.”
I was taken aback, yet intrigued by her observation, and suggestion. With that,
Cindy guided me on a journey of self-discovery which lasted five years. She has
been with me all the way, and I could not have written this memoir without her
insight and inspiration.
On the eve of the publication of this book, I was saddened by the untimely and
quite serious illness of my colleague and partner in this effort, Cynthia Winston.
I dedicate this book to her.
—Frank Savage
ffirs 5October2012;10:45:9
ffirs 5October2012;10:45:9
Contents
Foreword ix
Prologue 1
Chapter 1 Too Much Money 9
Chapter 2 Getting In, Struggling Out, Getting Right 35
Chapter 3 La Savage, the Source and Inspiration 69
Chapter 4 The Journey to True Origins 99
Chapter 5 My Journey Deepens 127
Chapter 6 The Longer Road Home 147
Chapter 7 Africa Calls Once Again . . . 167
Chapter 8 Walking Over a Bridge Not Burned 203
Chapter 9 Sailing Lolita, Pulling It All Together 227
Epilogue 255
Lolita Racing Record 259
Acknowledgments 263
Index 265
vii
ftoc 29September2012;9:56:59
ftoc 29September2012;9:57:0