In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. As associate director, Parsons succeeded Geoffrey Shepard in handling general government, which included justice, treasury, commerce, the postal service, civil rights, and drugs. After his announcement as interim Clippers CEO in L.A. last week, the millionaire businessman reportedly flew back to the East Coast to be by her side as she underwent a medical procedure on Tuesday. After graduation, he attended college at the University of Hawaii, where he excelled both academically and socially; Parsons was a varsity basketball player and the social chairman of his fraternity. His maternal grandfather had been head groundskeeper at the John D. Rockefeler estate, Kykuit. Employees: 14,500 Jet (December 24, 2001): p. 6. "And he would do it in a way that everyone would feel good about the outcome." Just when he seemed poised to become the first black to head a major law firm, shock waves rippled through the New York corporate world in 1988 when Parsons was appointed chief operating officer of the Dime by chairman and CEO Harry Albright, Jr. Before being offered the position, Parsons had never even considered entering the banking business. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard. . In 2006, Parsons was selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. As he told Cohen, "Ideally, you want to underpromise and overdeliver. Dl, D6. "The Man Who Keeps the Peace: AOL Time-Warner's Richard Parsons." A 2001 merger between Internet icon America Online (AOL) and Time Warner, a leader in the entertainment industry, had proven to be a failed experiment. While in Hawaii, he also met his future wife, Laura Bush. 38, 39. In contrast, he embraced the Rockefeller Republicans' philosophy of equipping a group with skills so they can achieve what they need on their own. When Rockefeller was appointed Vice President of the United States, in 1974, Parsons followed him to Washington D.C., where he worked directly with President Gerald Ford. After the deal was made, AOL Time Warner's board responsibilities were split directly in half, with one exception: Levin became the sole CEO in charge of operations; Case retained a backseat role as chairman. New York Times, May 8, 1990, p. D5; August 26, 1990, p. D5; July 7, 1994, p. D4; October 31, 1994, pp. Parsons, however, was an extremely bright young man, who went on to graduate from high school when he was just sixteen years old. To many, it seemed that Pittman took on most of the plum assignments in the company, considering he was in charge of the high-profile AOL operations. McClellan, Steve. And, after taking over as chairman from Steve Case, who stepped down in January of 2003, Parsons went to work to repair the damage from the AOL merger. His 43 . He graduated number one in his class of more than 100 students at the age of 23, then received the highest marks among 3, 600 lawyers who took the state bar examination in 1971. Parsons graduated from the University of Hawaii and earned his J.D. Hispanic PRWire (June 11, 2004) http://www.hispanicprwire.com/news_in.php?id=2478&cha=6&PHPSESSID (accessed on July 31, 2004). Laura Bush petunia at President George Bushs Crawford Ranch In 1999, when AOL and Time Warner merged, parsons became the co-chief operating officer, a position shared with Bob Pittman. Powers, New York Citys First Deputy Mayor at the time, complemented Parsonss leadership skills in the New York Times, noting that Parsons really knows how to bring people together and find common ground. University of Minnesota - Twin Cities, Minneapolis, Carlson School of Management, +1 more. She has been featured on the covers of Vogue and Vanity Fair and has frequently modelled for Tommy Hilfiger, as well as for Abercrombie & Fitch and designers Gai Mattiolo and Isaac Mizrahi. As one AOL shareholder told Business Week, "Dick is the right guy to be running the company right now." Parsons became a partner in just two years at Patterson, Belknap, Webb & Tyler, a move that typically demanded seven years. [3], Parsons was born to an African-American family in Brooklyn, New York City, on April 4, 1948. Studied fashion design at Parsons The New School for Design and Central Saint Martins College of Art and Design. In 1994, Gerald Levin (1939), chairman of Time Warner (TW), openly recruited Parsons to take over as president of the company. did desi arnaz jr have a stroke; moose tracks vs cow tracks ice cream Richard Parsons has become one of the most prominent figures in American business, without rising through the usual ranks required to reach a high-level corporate position. Bianco, Anthony, and Tom Lowry. Parsons later became Chairman and CEO and oversaw a merger with Anchor Savings Bank. In a Black Enterprise article, Fonda Marie Lloyd and Mark Lowery stated that "colleagues say Parsons' management style helped smooth painful layoffs (two thousand of the four thousand employees) that he had to make." During his 11 years at the firm, Parsons took on Margaretta Rockefeller, the widow of Nelson (who had died in 1979), as a high-profile client. Incorporated:l96S In 1977 deputy attorney general Harold R. Tyler Jr. requested Parsons to come aboard at Patterson, Belknap, Webb, & Tyler where he became a partner in two years, a move that usually demands seven years. Parsons was left in control of a bank that was apparently dying. //]]>. Hu, Jim. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. Kathleen Ryan served as an assistant to Parsons for a few weeks after she joined the Domestic Council in April, 1975. As a result, Dime Bancorp became the largest thrift institution on the East Coast and the fourth largest in the United States. In spite of its debt, the company reported an overall increase in revenue (6 percent) in early 2004, thanks to three of the Time Warner divisions: film, cable, and network advertising. [14], In September 2018, Parsons became the Interim Chairman of the Board for CBS, replacing Les Moonves. "It's a collaboration," he told Anthony Bianco and Tom Lowry of Business Week. Contemporary Black Biography. Parsons was asked to become the new president of Time Warner by its chairman, Gerald M. Levin, in the fall of 1994. The world's most influential media company, however, was struggling. In 1977, he returned to New York, and at the request of former U.S. Deputy Attorney General Harold R. Tyler Jr., he joined the law firm of Patterson, Belknap, Webb & Tyler. Thanks in part to such associations Parsons became what he frequently describes as a Rockefeller Republican, a person who is conservative when it comes to economic matters, and more liberal concerning social issues. Named president of Dime Savings Bank of New York in 1988 even though he had had no previous experience in the banking industry, he masterminded a turnaround at the bank in just a few years. Parsons worked at various odd jobs, including in a parking garage and gas company to support himself while at the University of Hawaii. In a Black Enterprise article Parsons stated: "What motivates me is a sense of accountability to people who are important in my life." And most But it's not my life. Newzjunky - JCC Releases President's And Dean's Lists For Fall 2013 m.facebook.com. The process is rolling forward, even if it isnt moving as fast as some of us would like. Despite his distinction as a high-ranking black in business, Parsons downplays the racial aspects of his success. The merger was made official in 2001, when AOL purchased Time Warner for a reported $168 billion. His involvement with Time Warner resulted in his developing close ties with important company executives such as Robert W. Morgado, the chairman of the Warner Music Group, and Michael J. Fuchs, chairman of HBO. In September 2018, Parsons became the Interim Chairman of the Board for CBS replacing Les Moonves. . Parsons credits his experiences at the University of Hawaii as preparation for his future in corporate America. In 2001, United States President George W. Bush selected Parsons to co-chair a commission on Social Security. Bush, a full-time resident of the island for the past decade, is the owner of Albany Records, which produces "uncommonly classical" music by American composers; she was previously the manager of the Albany, New York, symphony. . Judge He was again entering an industry that was new to him, and some doubted his qualifications. The conglomerate was also saddled with significant debt. After New Mexico Governor Bill Richardson withdrew his name from consideration for the position of Secretary of Commerce in the Obama Administration, Parsons's name was floated as a possible nominee. Encyclopedia.com. He joined the foundation's board of trustees in 2008. Business executive Richard Parsons has been called a teddy bear, a master diplomat, and a charmer, but perhaps the best description that has been applied to him is "friendly giant." He graduated high school at the age of 16, then devoted much of his attention to sports as a student at the University of Hawaii. I know the bank is in good hands.. ." Richard Dean Parsons (born April 4, 1948), an American business executive, is the former chairman of Citigroup and the former chairman and CEO of Time Warner. It just isn't for me. They have three grown children: Gregory, Leslie, and Rebecca. [4] He was one of five children. Encyclopedia.com gives you the ability to cite reference entries and articles according to common styles from the Modern Language Association (MLA), The Chicago Manual of Style, and the American Psychological Association (APA). [7] After four years, he was seven credits short of his diploma. In May 2014, in the wake of the Donald Sterling racial remarks controversy, Parsons was appointed the interim CEO of the Los Angeles Clippers. L. Mpho Mabunda and Shirelle Phelps. After taking on the job of chairman and chief executive officer (CEO) of the Dime in 1990, Parsons continued to set the bank on its comeback course. Richard Parsons has become one of the most prominent figures in American business, without rising through the usual ranks required to reach a high-level corporate position. My wife became my focus and the person to whom I owed my best. His plans to become a fighter pilot were redirected to law school largely due to Bushs influence. In 2004, he was awarded the Better Chance Corporate Award, an annual honor bestowed by the organization A Better Chance, which, according to Hispanic PRWire, "identifies, recruits, and develops leaders among academically gifted students of color." https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0, Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 He played varsity basketball there, and was also the social chairman of his fraternity. Parsons began working at Dime during a difficult period. Then, copy and paste the text into your bibliography or works cited list. In a Black Enterprise article, he openly rejected the Democrats' philosophy of taking from one group to give to another. Notable Black American Men, Book II. ." . He later attended the University of Hawaii at Manoa, where he played varsity basketball. "Richard Parsons: Profile." By the mid-1970s Parsons was noted as a rising star among black professionals, and he was profiled in Black Enterprises Under 30 & Moving Up series in 1975. Encyclopedia.com. Time Warner faced its biggest challenge in 2000 when it announced plans to merge with America Online (AOL), which by the late 1990s had evolved into the nation's leading Internet provider. When Parsons was named chief executive officer (CEO) in 2002 and chairman in 2003, he became one of the most powerful executives in the United States, but he also inherited a mountain of problems. . To this union three children were born (Gregory, Leslie, and Rebecca). "Parsons, Richard . Three years later, in 1991, he was invited to join Time Warner's board; he subsequently became president of the company in 1995 and helped negotiate the company's merger with America Online in 2000. He was raised in the rough neighborhood of Jamaica, New York, a city in Queens County. He frequently downplays race as a factor or handicap in his success. as vice president, Parsons was invited along. Washington Post, November 1, 1994, p. D5; December 6, 2001, p. EO1. In the Washington Post, Levin called Parsons an exceptional business leader with the broad experience, financial acumen and the knowledge of our business that will strengthen and solidify our corporate management., Parsons accepted the presidency for a reported salary of several million dollars a year. In 2001, George W. Bush selected Parsons to co-chair a commission on Social Security. Then, they dont value it. Parsons began his career working as a lawyer and counsel for former New York governor Nelson Rockefeller. By the mid-2000s, however, analysts reported that Time Warner was on a definite upswing: employee morale was high, investors were newly confident, and the monstrous debt had been significantly slashed. Rockefellers influence on Parsons remained strong and prompted him to become a Republican whose views were liberal on social issues and conservative on economic ones. Therefore, its best to use Encyclopedia.com citations as a starting point before checking the style against your school or publications requirements and the most-recent information available at these sites: http://www.chicagomanualofstyle.org/tools_citationguide.html. Broadcasting & Cable (July 28, 2003): p. 8. In 1977, Parsons in New York, a partner at the Patterson Belknap Webb & Tyler law firm. warren central student killed 2022. Llewellyn, J. Bruce 1927 Parsons began his career as a member of New York governor Nelson Rockefeller's legal staff where he served when Rockefeller became vice president of the United States under President Gerald Ford in 1974. George and Laura welcomed their twin daughters, Jenna Bush Hager and Barbara Bush, on November 25, 1981. Mehta, Stephanie. Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. Ed. Landler, Mark "Watch Your Back, Mr. Parsons" Business Week (14 November 1994): 38-39. Zone Development Corporation, which was established to spur the development of business and the growth of job opportunities in Harlem. Born April 4, 1948 in Brooklyn, NY; son of Lorenzo tocklair (an airline technician) and Isabelle (a homemaker; maiden name, Judd) Parsons; married Laura Ann Bush, August 30, 1968; children: Gregory, Leslie, Rebecca Education: Graduated from University of Hawaii, 1968; Union University, University of Albany Law School J.D., 1971. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. ." Atlanta Journal-Constitution, January 22, 2002, C3. They credit him with keeping employees informed every step of the way, at one point even producing several videos that were distributed to employees. When Albright departed the Dime, Parsons became chairman and CEO. Under his tutelage the bank staged a remarkable comeback, largely through his massive overhauling of the banks management systems and work force. Encyclopedia.com. For example, during his Washington years, the social-minded Parsons was chairman of the Wildcat Service Corporation, an organization that provides job training for people who have difficulty finding work because of past criminal records, addictions, or poverty. [2] In October 2018 Parsons stepped down from the position, citing difficulties brought about by his battle with Multiple myeloma. Parsons worked part-time as a janitor to pay his way through the University of Albany Law School in New York, and when he graduated in 1971, it was at the top of his class. After attaining her master's degree in library science at the University of Texas at Austin, she was employed as a librarian. Parsons and his staff were responsible for providing advice to the president and formulating domestic policy in the areas of affirmative action, busing, civil rights, communication, consumer affairs, crime, drugs, illegal aliens, Indians, justice, postal service, Puerto Rico, privacy, regulatory reform, sex discrimination, and voting rights. Parsons also served as chairman of the Apollo Theater Foundation, Inc. and sat on the boards of several arts, educational, and commercial organizations, including the Metropolitan Museum of Art, Citigroup, and Este Lauder, Inc. Parsons served as trustee of numerous Rockefeller entities, including one that holds stock in all of the family businesses. 1946 Bell, Gregory S., "Richard Dean Parsons." Advertisement. Financial Times, December 8, 2001, p. 13. However, the date of retrieval is often important. In turn, Time Warner would have unlimited access to the ever-expanding Internet pipeline. True, Parsons had proven to be flexible enough to succeed in the banking world, but he had absolutely no background in media and entertainment. Parsons skipped two grades and graduated from high school at the age of sixteen. On May 16, 2001, Parsons replaced Gerald Levin as CEO of the AOL-Time Warner Corporation. degree from Union University's Albany Law School in 1971. This opportunity with Time Warner is a once in a lifetime one. ." In his biggest move to trim the $27 billion debt, Parsons sold Warner Music Group in November of 2003 for a reported $2.6 billion. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. In his eleven years with Patterson, Parsons cemented his reputation as a skilled negotiator. The bank suffered many losses due to New York City real estate devaluation in the 1980s and during the previous year had lost $92.3 million. As a result of the savings and loan crisis of the mid-1980s, the Dime had lost some $92.3 million; it was also under scrutiny from federal regulators. B1, B3. He also met a young Rudolph W. Giuliani, with whom he supported in his campaign for New York mayor and heading his transitional council. Parsons is also on the board of the family-created Museum of Modern Art. View the profiles of people named Laura Parsons. Peter J. In the latter post, Parsons focused on drug issues. He received a B.A. Its a statement by and to corporate America that there are no more areas where African Americans havent succeeded, he told the New York Times in 1990. Just when he seemed poised to become the first black to head a major law firm, shock waves rippled through the New York corporate world in 1988 when Parsons was appointed chief operating officer of the Dime by chairman and CEO Harry Albright, Jr. Before being offered the position, Parsons had never even considered entering the banking business. [6] He skipped a grade in elementary school and another in high school. Critical to the next chapter in the Parsons success story was his work with the Dimes Saving Bank of New York, which he provided with legal counsel for about six years while with Patterson, Belknap, Webb&Tyler. Apparently it was the right decision. He skipped a grade in elementary school and another in high school. He is also Chair of the Apollo Theater Foundation and co-chair of the advisory board of the Smithsonian National Museum of African American History and Culture. As he once told the New York Times, as reported by CNNMoney.com, "For a lot of people race is a defining issue. Nationality: American. Apparently it was the right decision. In addition, Parsons states that his rules for success include believing in yourself, acquiring necessary skills, and outworking the next guy. Therefore, that information is unavailable for most Encyclopedia.com content. During that time he also earned the respect of the staff for his fair treatment. 23 Feb. 2023 . Parsons later lived in a guesthouse on the estate. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. (Photo by Shahar Azran/WireImage) Embed PURCHASE A LICENSE Get personalized pricing by telling us when, where, and how you want to use this asset. Some top officials at the bank questioned his appointment, both because of his lack of experience in the banking industry and his previous work in government that made him likely to leave the company for the political arena. Parson changed his attitude dramatically (from negative to positive) and reached a turning point when he met and later married Laura Ann Bush, a child psychologist, Never. Smith, Jessie Carney, ed. After Giuliani was elected, he named Parsons to be head of his transition council. The Atlanta Journal-Constitution wrote, His designation as chief executive of the $36 billion media empire proves that African-Americans can not only perform in positions of commercial leadership but can wildly surpass all expectations. Known for his excellent mediation skills and his ability to put others at ease, Parsons told The Atlanta Journal-Constitution that he is a lunch pail manager who will display an in-the-trenches style of leadership. 2019Encyclopedia.com | All rights reserved. During his eleven years with the firm he was successful in both corporate law and civil litigation. "The Man Behind the Merger." The announcement surprised many media watchers who expected chief operating officer Robert Pittman to take the helm. Dawn Bennett-Alexander assisted Parsons from March 1976 until the end of the administration. In this case, Parsons was forced to tap into both sides of his personality. NEW YORK, NY - FEBRUARY 18: L to R: Stephen Byrd and Jessye Norman, Laura Bush Parsons and Richard Parsons attend Apollo Club Harlem at The Apollo Theater on February 18, 2013 in New York City. "Richard D. Parsons Named New CEO of AOL Time Warner." There are a number of other black executives who have elevated positions in corporate America, said Parsons inBlack Enterprise.The process is rolling forward, even if it isnt moving as fast as some of us would like. Despite his distinction as a high-ranking black in business, Parsons downplays the racial aspects of his success. Mayor Giuliani later asked Parsons to become his Deputy mayor for Economic Development. In 2003, Parsons made the announcement of the name change from AOL Time Warner to simply Time Warner. Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. In the latter post, Parsons focused on drug issues. Farmington Hills, Mich.: Thomson Gale, 2003. In 2003, Parsons announced the name change from AOL Time Warner to Time Warner. (February 23, 2023). Parsons refused the position but consented to work as the Economic Development Corporation chairperson. Whether he remains with Time Warner or runs for public office, or goes in a totally different direction, Parsons will continue to be a role model in the African American community. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. It is like air. Member of the board of directors of Dime Savings Bank, Federal National Mortgage Association, Philip Morris Companies, Time Warner lnc., New York Zoological Society, and American Television & Communications Inc.; trustee of Rockefeller Brothers Fund, Howard University, and Metropolitan Museum of Art. [9], Parsons was chairman of Citigroup from February 23, 2009[12] until April 2012 when he was replaced by Michael O'Neill. ExperienceIT, +5 more. "I always knew I'd rise to the top; it never occurred to me that I couldn't.". His maternal grandfather had been head groundskeeper at the John D. Rockefeller estate, Kykuit. Beginning his legal career as an aide on New York governor Nelson Rockefellers legal staff, Parsons made a very favorable impression on the governor. Birthday: April 4, 1948 ( Aries) Born In: New York, New York, United States 1 0 Bankers #114 CEOs #466 Business People #1921 Quick Facts Also Known As: Richard Dean Parsons, Dick Parsons Age: 74 Years, 74 Year Old Males Family: Spouse/Ex-: Laura Bush Parsons children: Gregory Allen Parsons CEOs Bankers Height: 6'4" (193 cm ), 6'4" Males Copy and paste the text into your bibliography or works cited list where... He openly rejected the Democrats ' philosophy of taking from one group to give to another some of would. 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