Peter Scotese, passed away at 104

Orphan, WWII Hero, Corporate Chieftain, Philanthropist... advocate for limiting CEO compensation... friend and mentor to untold numbers.

The article below was posted in 2020, at the outset of the pandemic, in celebration of Peter's 100th birthday. It's well worth reading again today.

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Going strong at 100: from orphan to CEO to entrepreneur

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"My only regret," shares Peter Scotese, the 100-year-old former chief executive of textile giant Springs Industries, "is not having more resources to contribute to the causes and organizations dear to me."

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Scotese, who turned 100 in March, is one of the oldest retired Fortune 500 CEOs.? He was born in Philadelphia in 1920.? His father died when Scotese was an infant, leaving his mother struggling to support four children.? When he was eight years old, his mother enrolled him in the nation's oldest large-scale orphanage—Philadelphia’s Girard College for Orphans—where, according to him, the most important takeaways were discipline and fairness.

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"Discipline," Scotese says, “is the key to personal success, and fairness the key to managerial success.”? Add these values to his legendary generosity, and what you have is—or should be—the motto for American business itself:? "Discipline, Fairness, Generosity."

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A member of the Horatio Alger Association of Distinguished Americans, Scotese's resume is long and impressive, beginning with his heroic military service in World War II, for which he was awarded two Purple Hearts, as well as a Bronze Star for liberating the leader of the Dutch Underground from Nazi captivity.?

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After the war Scotese pursued a career in textiles, starting at Indian Head Mills of New York, continuing in Milwaukee at a division of Federated Department Stores, and concluding at Springs Industries, where he served 12 years as CEO.?? During his tenure, Springs tripled sales and quadrupled earnings, and Scotese became one of the nation's first CEOs to harness the power of the fine arts—photography, in particular—as part of a company's branding strategy.

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In the realm of philanthropy, Scotese's credentials are equally impressive.? He served for years on the Board of Trustees of the American Management Association and, for 49 consecutive years, in leadership roles on the Board of Trustees of the Fashion Institute of Technology, where he helped raise millions of dollars.? Altogether, Scotese calculates his nonprofit board service at 200 years.

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In retirement, Scotese has been sought after as a pundit on the issue of CEO compensation.? Never having earned a salary greater than $150,000, his main insights revolve around problematic financial inequities.? "Too many C-Suite execs are overcompensated and overprotected by contracts, while technical employees are under-compensated and line workers are at risk.? And while protecting shareholder interest is always critical," he continues, "it's not more important than thinking about the well-being of the public and nation."?

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When asked on whose shoulders his illustrious life and career stand, Scotese credits Stephen Girard (1750-1831), the French-American business mogul whose landmark fortune founded and continues to support the 172-year-old school in which Scotese was raised.?

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Adjusting Girard's wealth for percentage of GDP, he ranks among the all-time half-dozen-wealthiest Americans.? But to Scotese, Girard's unprecedented success as a mariner, merchant and banker was only prelude to his unprecedented philanthropy.? When Girard died, he left the bulk of his fortune neither to relatives nor to building lifeless monuments to himself.? Instead, he left it to raising at-risk children in perpetuity.? Since 1848, Girard College has raised almost 26,000 children through high school graduation, and another estimated 50,000 for a portion of their childhoods.?

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Girard, who also led the City of Philadelphia through the Yellow Fever Epidemic of 1793 and financed for the United States government the War of 1812, famously declared: "If I knew I were to die tomorrow, nevertheless, I would plant a tree today."? Adhering to Girard's dictum, in the past five years—on the cusp of his 100th birthday—Scotese has raised considerable capital to launch a digital storage company whose profits, in part, will benefit his beloved Girard College.??

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Today, in addition to sheltering in place in Midtown Manhattan, Scotese spends several hours a day on the phone with individuals in need of an ear, some perspective, or a bit of wisdom.? Senior executives, young professionals and students—all seeking advice or help—tapping into a 100-year-old man with a practical outlook, enormous energy, and a big heart.? Like his spiritual father Stephen Girard, Scotese's example as a patriot, citizen and business leader is worthy of praise and emulation.

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Steven H. Biondolillo is the president of Biondolillo Associates, Inc.?

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