“All in all, it’s been a great, great ride. I would not give it up for anything.”

With those sentiments, Frank S. Ferrara assessed his 18-year tenure with the Chamber of Commerce. A year ago he notified the Chamber board of directors that he would retire Dec. 31, 2014. His last day on the job will be Nov. 6.

He first served two terms as Chamber president before being appointed executive director in 1998.

At first, he said, he rejected the idea of applying for the position, but as more people suggested that he was the right man for the job, he reconsidered. At the time, he operated a mortgage loan business preceded by a 25-year management career with the federal Department of Defense/Department of Army.

During an Oct. 9 interview, the 77-year-old Ferrara discussed financially rescuing the Chamber, rated his leadership performance and blamed the Great Recession for decimating Chamber membership.

“I’ve had more highs than lows as far as this place goes,” said Ferrara. “I have a great staff. They all know what they’re doing and I don’t have to get involved at all.”

The situation was entirely different when he first came aboard.

“Things were tough back then. The first thing I did was to take a look at the (financial) books and cried and then decided that we had to pull this out and we did.”

He successfully convinced Meridian Bank to approve a 90-day loan to carry the Chamber. He later returned to Meridian for a 15-year mortgage to build the Chamber office at the corner of N. Verde River Drive and Palisades Blvd.

The Chamber put down a $50,000 deposit and borrowed $514,939.23 for 15 years at 8 percent. Ferrara told the board that he would accelerate payments to pay off the mortgage early. The mortgage was paid within seven years.

Burning the mortgage was one of several high points during his career. “I was successful and we did it 15 months earlier than I had anticipated,” said Ferrara. “I brought the chamber back.”

Membership drops

When Ferrara became executive director, Chamber membership numbered about 100. Under his tenure, membership rose to 620 at its high point “before the Great Recession killed us,” he noted.

Current membership has slumped to less than 340. In one year alone, the business organization lost 158 members, he said.

He attributed the entire loss of membership to the recession, and nothing to the abrupt resignations of chair leadership and some residents’ complaints about Ferrara’s leadership and Chamber transparency over its finances.

“It (Recession) decimated the Chamber as far as membership,” said Ferrara. “All of it. I can’t say anything else contributed to the decline,” he said.

“We still provide the same kind of benefits now that we provided before the recession and it’s still a real value in what we do.”

“It (membership) will come back up but it will come back slowly. People are very cautious in putting out money for anything that they don’t see as direct benefit.”

Job well done

When asked to rate his performance during his leadership, without hesitating he replied “A-plus and I’m not being facetious.”

“Based on my accomplishments and what I believe to be my high and low points, an A at least,” he said.

Under his watch, Ferrara represented the Chamber in advocating construction of the Target plaza although many town residents opposed the concept.

“The Target Center was brutal. I was persona non gratis in a lot of circles,” recalled Ferrara. “There are some people to this day who won’t talk to me over that issue.”

The Chamber’s policy is not to become involved in political issues once they become ballot items, explained Ferrara.

“We let the citizens make up their own mind,” said Ferrara.

An exception has been school budget overrides, an issue that the Chamber has supported.

Looking ahead

Among his first retirement activities will be attending computer technology classes at the Senior Activity Center.

Ferrara has registered for several classes to learn how to use his iPhone to perform multiple functions.

He doesn’t intend to open another business. “If I did, it would be a consulting or lobbying business but I don’t expect to do that.”

He and his wife, Jan, plan to remain in town where one son lives. Another son’s home is close by in Mesa while their daughter lives in Manhattan. A granddaughter attends the University of Arizona “so guess who I root for?”

His successor

Ferrara will offer no advice to his successor in leading the Chamber.

“I’m sure he will have enough smarts to pick up things quickly,” he said.

Ferrara excused himself from interviewing the final candidates for the position.

“I did not want to be part of the committee to influence anything,” he said.

Only one female was among the initial 66 or 68 applicants and she did not make it into the final four.

Once the new CEO begins, Ferrara hopes to introduce him to the key players in town.

A successor had not been named at press time.