George Shultz Reflects on Ted Forstmann's Philanthropy and Business Acumen

Strategic Insights -

Former Secretary of State George Shultz has known the late Ted Forstmann well, having served on the board of Gulfstream with him. In a November 21, 2011, Bloomberg TV interview, Shultz recalled the time he spent with Forstmann, highlighting his exceptional leadership, business acumen, and philanthropic efforts. Shultz praised Forstmann's ability to turnaround struggling companies, citing Gulfstream as an example where they achieved a 10-to-1 return on investment.

Key Takeaways:

  • Shultz and Forstmann were close friends, having served together on the Gulfstream board, along with notable figures like Henry Kissinger, Don Rumsfeld, and Colin Powell.
  • Forstmann's leadership was instrumental in transforming Gulfstream, and he played an active role in selling jets to customers, a testament to his dedication to success.
  • Shultz learned from Forstmann's business acumen, including his ability to identify undervalued companies and turn them around for significant returns, such as the 10-to-1 return on investment from Gulfstream.
  • Forstmann's philanthropy was not just about giving money; he was dedicated to rolling up his sleeves and making a personal impact, as evidenced by his adoption of two boys and his involvement in the Nelson Mandela fund.
  • Shultz praises Forstmann's commitment to philanthropy, observing that he treated it with the same level of dedication and passion as his business and sports endeavors.
  • The interview highlights Forstmann's distinguished business career and his lasting impact on the philanthropic community.

Statistics:

  • Gulfstream achieved a 10-to-1 return on investment under Forstmann's leadership.
  • Forstmann served on the board of Gulfstream with a group of close friends and business partners.
  • Shultz has knows many wealthy individuals who are generous in their philanthropic efforts.
  • Gulfstream was a small manufacturing operation when Forstmann acquired it.
  • The Nelson Mandela fund received support from Forstmann.

Sources:

  • Bloomberg TV, November 21, 2011