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. 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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