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Business and Finance
Source : (remove) : The New York Times
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Business and Finance
Source : (remove) : The New York Times
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FrankSavage87BusinessLeaderEntangledinEnronScandalIsDead

Frank Savage, Trailblazing Black Executive Who Shaped Global Finance, Dies at 87

Frank Savage, a pioneering African American financier who broke barriers on Wall Street, built bridges between the United States and Africa through investment, and became a mentor to generations of business leaders, died on Aug. 10 in Manhattan. He was 87.

His death, at a hospital, was caused by complications of pneumonia, his daughter, Kimberly Savage, said.

Mr. Savage's career spanned more than five decades, during which he rose from modest beginnings to the pinnacles of international finance. He was among the first Black executives to lead major divisions at prominent financial institutions, and his work in emerging markets, particularly in Africa, helped channel billions of dollars into infrastructure, energy and telecommunications projects. His life story was one of resilience, intellect and a relentless drive to open doors for others who looked like him in a field long dominated by white men.

Born Franklin Delano Savage on July 10, 1938, in Rocky Mount, N.C., he grew up in a segregated South, the son of a postal worker and a homemaker. His parents instilled in him the value of education and hard work, lessons that would define his path. As a child, he witnessed the stark inequalities of Jim Crow laws, which fueled his later commitment to civil rights and economic empowerment.

Mr. Savage excelled academically, earning a scholarship to Howard University, where he graduated with a degree in economics in 1960. He was active in the civil rights movement on campus, participating in sit-ins and protests that foreshadowed his lifelong advocacy for racial justice. After Howard, he pursued a master's degree in international affairs at Johns Hopkins University's School of Advanced International Studies, completing it in 1962. This global perspective would become a cornerstone of his career.

His entry into finance began humbly. In the early 1960s, Mr. Savage joined Citibank (now Citigroup) as a trainee, at a time when few Black professionals were hired into such roles. He quickly distinguished himself with his analytical skills and charisma, rising through the ranks to become a vice president by the 1970s. It was during his tenure at Citibank that he spearheaded the bank's expansion into Africa, managing operations in countries like Nigeria, Kenya and South Africa. He navigated complex political landscapes, including the anti-apartheid struggles, and helped finance projects that modernized infrastructure and boosted local economies.

In 1987, Mr. Savage made history by becoming the first Black managing director at Equitable Life Assurance Society (now part of AXA Equitable), where he oversaw international investments. Under his leadership, the firm invested heavily in emerging markets, yielding substantial returns and setting a model for responsible global capitalism. He was instrumental in launching funds that focused on African development, arguing that economic investment was key to stability and growth on the continent.

Mr. Savage's influence extended beyond corporate boardrooms. In the 1990s, he co-founded Savage Holdings, a private equity firm that specialized in African and Latin American markets. The firm attracted high-profile investors and partnered with governments to fund ventures in telecommunications, such as mobile networks in sub-Saharan Africa, and energy projects like hydroelectric dams. His approach emphasized ethical investing, ensuring that projects benefited local communities and promoted sustainability.

Throughout his career, Mr. Savage was a vocal advocate for diversity in finance. He mentored countless young professionals, particularly from underrepresented groups, and served on the boards of organizations like the Council on Foreign Relations and the Africa-America Institute. He was a key figure in the establishment of the Corporate Council on Africa, which fostered U.S.-Africa business ties. In interviews, he often spoke of the "double consciousness" he experienced as a Black executive—navigating prejudice while excelling in a high-stakes world.

His personal life was marked by both triumphs and challenges. Mr. Savage married twice; his first marriage, to Barbara Thomas, ended in divorce. He is survived by his second wife, Lolita Valderrama Savage, whom he married in 1983; two daughters, Kimberly Savage and Tracey Savage; a son, Frank Savage Jr.; and several grandchildren. Family members described him as a devoted father who balanced his demanding career with time for family vacations in the Caribbean and mentoring his children's pursuits.

In later years, Mr. Savage turned to philanthropy and education. He endowed scholarships at Howard University and Johns Hopkins, focusing on students interested in international finance and African studies. He also authored a memoir, "Bridging Worlds: My Journey from Rocky Mount to Wall Street and Beyond," published in 2015, which detailed his experiences and offered advice to aspiring leaders. The book became a staple in business schools, inspiring a new generation to pursue global opportunities.

Mr. Savage's legacy is perhaps best captured in his role during pivotal moments in history. In the 1980s, he advised on U.S. policy toward South Africa, pushing for divestment from apartheid while advocating for post-apartheid investment. His efforts helped lay the groundwork for economic recovery in the rainbow nation. Similarly, in the early 2000s, he was involved in debt relief initiatives for African countries, working alongside figures like Bono and former President Bill Clinton.

Colleagues remembered him as a visionary with an infectious optimism. "Frank didn't just see opportunities; he created them," said Kenneth Chenault, former CEO of American Express and a longtime friend. "He proved that excellence knows no color, and he dragged the financial world into the future kicking and screaming."

Mr. Savage's impact on Wall Street's diversity cannot be overstated. When he started, Black executives were rarities; today, thanks in part to his trailblazing, they hold top positions at firms like JPMorgan Chase and Goldman Sachs. Yet he often lamented that progress was too slow, urging continued efforts in a 2020 op-ed: "The glass ceiling may be cracked, but it's far from shattered."

In retirement, Mr. Savage divided his time between homes in Manhattan and Connecticut, where he enjoyed golf, jazz music and reading history books. He remained active on corporate boards until his health declined, including stints at Bloomberg L.P. and Lockheed Martin.

Frank Savage's death marks the end of an era for a man who embodied the American dream while expanding it globally. His life was a testament to the power of perseverance, intellect and empathy in transforming industries and continents. As one mentee put it, "He didn't just build wealth; he built worlds." (748 words)

Read the Full The New York Times Article at:
[ https://www.nytimes.com/2025/08/15/business/frank-savage-dead-at-87.html ]