Risk & Compliance

Onetime Enron Director Departs Qualcomm

Last week he was one of a number of former Enron board members who agreed to compensate workers for pension-fund losses.
Stephen TaubMay 18, 2004

Qualcomm Inc. announced the resignation of Frank Savage, a former director of Enron Corp., from its board of directors. He had served on the board since 1996.

Qualcomm gave no reason for the resignation. In a statement, chairman and CEO Irwin Jacobs said only that “Frank Savage has served Qualcomm and its stockholders well and has continually provided me with valuable counsel.”

Savage’s reelection two years ago was “vigorously opposed” by a number of pension plans, including the AFL-CIO and Calpers, noted Reuters.

Last week, he was one of a number of former Enron directors who agreed to pay a total of $1.5 million out of their own pockets to compensate Enron workers for 401(k) and other pension-fund losses, according to Bloomberg. Savage, the chief executive of Savage Holdings LLC, currently serves as a director of Bloomberg LP.