They have three grown children: Gregory, Leslie, and Rebecca. Cohen, Adam. Hispanic PRWire (June 11, 2004) http://www.hispanicprwire.com/news_in.php?id=2478&cha=6&PHPSESSID (accessed on July 31, 2004). 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. According to Better Chance president Sandra Timmons, as quoted by Hispanic PRWire, "Richard Parsons serves as a role model for aspiring executives of all races, but his success has earned him a special leadership role among African Americans.". During her "report" Parsons talked about a lot of thingsthat happened in this week's news cycle, such as Ken Bone's rise to viral fame and subsequent crash back to Earth due to some unearthed. In 1988, he was recruited to serve as a chief operating officer of the Dime Savings Bank of New York. https://www.encyclopedia.com/general/culture-magazines/parsons-richard, "Parsons, Richard 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. Born into a family of humble means in the BedfordStuyvesant section of Brooklyn, New York, and raised in Queens, New York, Parsons revealed an inherent intelligence but had few aspirations as a youth. Llewellyn, J. Bruce 1927 In 2001 Parsons was named the successor to AOL Time Warners CEO, Gerald Levin, who was retired in May of 2002. Parsons is due to mark his 31st wedding anniversary with his wife, the former Laura Ann Bush, in August. Still, when Levin announced, in late 2001, that 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. In 1977, Parsons returned to New York and became a partner after only two years at the Patterson Belknap Webb & Tyler law firm; also working at the firm was Giuliani. CNNMoney.com (December 5, 2001) http://money.cnn.com/2001/12/05/ceos/parsons_profile (accessed on July 29, 2004). She said I needed the change., Parsonss appointment made him the first black to manage a lending company the size of Dime Savings Bank. In Washington, the young lawyer also worked directly with President Gerald Ford (1913), first as general counsel and then as an associate director of the domestic council. Skeptics also wondered how Parsons would fare in his new job considering the bank was facing financial ruin. Parsons was accepted by Albany Law School of Union University, New York, where he earned a Juris Doctor in 1971, finishing at the top of his class. Color her surprised! Again, the business community was rocked by the news. Errol Garner and Miles Davis are his favorite musicians. "Honorary Degrees Conferred by the University of Hawaii." [17][18], From the early 1980s through much of the 1990s, Parsons owned a house near the Rockefeller family estate in Pocantico Hills (see Kykuit), where his grandfather was once a groundskeeper. (February 23, 2023). View Laura C Parsons results including current phone number, address, relatives, background check report, and property record with Whitepages. Parsons worked at various odd jobs, including in a parking garage and gas company to support himself while at the University of Hawaii. "Parsons Faces Major Test in Unifying AOL Time Warner." Its a venue to which I could see myself returning at some point in time, he told the New York Times in 1994, referring to public service as the highest calling, large and important work.. DI, D6. https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948, Decker, Ed "Parsons, Richard Dean 1948 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. In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. Bell, Gregory S., "Richard Dean Parsons." His maternal grandfather had been head groundskeeper at the John D. Rockefeller estate, Kykuit. Parsons's critics were not impressed by this middle-of-the-road philosophy, but his supporters pointed out that underlying the nice-guy image was a savvy businessman. Black Enterprise, 25 (October 1994): 69-76. [21], In August 2006, an article in New York Magazine reported that Parsons would likely run for Mayor of New York City in the 2009 New York mayoral election. "Parsons, Richard Graduated from Princeton University in 2006 . On October 1, 1995, Parsons was appointed president of Time Warner with a salary of several million dollars per year. He is chairman of the Advisory Board of Feigen Advisors, a CEO advisory firm. McClellan, Steve. He quickly became a star in the firm and in just two years was named partner. Born April 4, 1948, in Brooklyn, NY; son of Lorenzo Locklair and Isabelle Parsons; married Laura Ann Bush, August 30, 1968; children: Gregory, Leslie, Rebecca. Smith, Jessie Carney, ed. Although she never cared to think in these terms, Jane Bolin would often have her name followed with the descriptive, "first black wo, John Vliet Lindsay The announcement surprised many media watchers who expected chief operating officer Robert Pittman to take the helm. In his eleven years with Patterson, Parsons cemented his reputation as a skilled negotiator. The merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. Parsons served with the Domestic Council until the end of the Ford administration and returned to New York to work for Governor Nelson Rockefeller. Although Richard Dean Parsons regularly makes Fortune magazine's annual list of the most powerful people in business, and he is considered to be one of the most respected African American executives in the country, he came from an average working-class background. (her sister, Ashley, graduated from Kincaid in 2007). As a result, Parsons became known as the consummate gentleman executive. [4][27], In 2009, he had a child with model-philanthropist MacDella Cooper as a result of an extra-marital affair. 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. Employees: 14,500 He graduated at the age of twenty-three, number one of more than 100 students and received the highest score among 3,600 lawyers in 1971 who took the state bar exam. For a brief time he worked for Nelson Rockefeller at the family office, "Room 5600", at Rockefeller Center.[8]. In 1971, Parsons served an internship at the New York State Legislature, at which time he was invited to work as a lawyer for the staff of New York Governor Nelson Rockefeller. Richard D. Parsons, Counsel and Associate Director for Justice, Civil Rights, Drugs and Consumer Affairs: Files, 197477. They have three grown children: Gregory, Leslie and Rebecca. [13] He is chairman of the advisory board of Feigen Advisors, a CEO advisory firm run by Marc Feigen. But in 2008, he was less of a doting husband when he fathered a daughter, Ella . Parsons graduated from the University of Hawaii and earned his J.D. Named president of Dime Savings Bank of New York in 1988 even though he had no previous experience in the banking industry, he masterminded a turnaround at the bank in just a few years. [8] He helped negotiate the company's merger with America Online in 2000, creating a $165-billion media conglomerate[10] that is "usually described as the worst merger of all time. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. [2] In October 2018 Parsons stepped down from the position, citing difficulties brought about by his battle with Multiple myeloma. This political stance was consistent with his rejection of the Democrats philosophy. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. (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. ." In mid-2003, he sold off parts of the company that were considered to be noncore assets, including the sports teams, the Atlanta Hawks and Atlanta Thrashers. As he told Ebony, I have never missed a single day of work in my life. Parsons took on the role of co-COO, sharing the job with Robert Pittman (1953), former president of AOL. As he told Cohen, "Ideally, you want to underpromise and overdeliver. . Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. 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. 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. Black Enterprise, October 1994, pp. The Dimes' nonperforming assets were nearly 11 percent of the total assets by year 1991 in addition to $1 billion in bad debt. [6] He skipped a grade in elementary school and another in high school. "Parsons, Richard It also brought Parsons to the attention of high-ranking people who later sought his services. Under his tutelage the bank staged a remarkable comeback, largely through his massive overhauling of the banks management systems and work force. "Parsons the Man: Public Service as Much as Private Sector Success Define AOL Time Warner's New CEO." He frequently downplays race as a factor or handicap in his success. After attaining her master's degree in library science at the University of Texas at Austin, she was employed as a librarian. "The Man Behind the Merger." 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 His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 1968. I exist apart from this job.". Financial Times, December 8, 2001, p. 13. It was either you go for it, or its gone forever, claimed Parsons in Black Enterprise. During that time he also earned the respect of the staff for his fair treatment. Richard Dean Parsons was born on April 4, 1948, in Brooklyn, New York. Just before Parsons officially took over from Levin in May of 2002, the company posted a quarterly loss of $54 billion, the largest in U.S. history. Bl, B3. ." "America Online is an important part of our company and we expect it to continue to make major contributions to our success in the future. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. Cite this article Pick a style below, and copy the text for your bibliography. Once again, Parsons made history, becoming what Adam Cohen of Time called the "first African American to lead the world's most influential media company." In addition, any time that trouble reared its head over regulatory issues in Washington, Parsons came to the rescue by turning to one of his many political contacts. In this case, Parsons was forced to tap into both sides of his personality. But it was Parsons who oversaw the units that brought in the most revenue, including Warner Brothers, New Line Cinema, and Time Warner Trade Publishing. ." He was replaced by Strauss Zelnick. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. 23 Feb. 2023 . Encyclopedia.com. President Ford also used his services, first as a general. Parsons was left in control of a bank that was apparently dying. Parsons is also on the board of the family-created Museum of Modern Art. 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. Encyclopedia.com. In September of 2003, Parsons made a surprising announcement: AOL Time Warner was undergoing a name change, and would in the future be known as simply Time Warner. . She is also credited with creating a national initiative called "Ready to Read, Ready to Learn", which promotes reading at a young age. 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. As Parsons said in the New York Times in 1994, becoming a part of that Rockefeller entourage created for me a group of people whove looked out for me ever since. Parsons own concern for the underprivileged has been clearly shown by his work as chairman of the Wildcat Service Corporation, which has provided on-the-job instruction for people whose previous crimes, drug addiction, or poverty have made it difficult to find work. Decker, Ed. Kathleen Ryan served as an assistant to Parsons for a few weeks after she joined the Domestic Council in April, 1975. According to an article in Black Enterprise, Parsons feels that the Democrats believe in taking from one group to give to another one, while the Rockefeller Republicans espouse a policy of equipping a group with skills so that they can achieve what they need on their own. Laura Bush petunia at President George Bushs Crawford Ranch After all, Parsons had sat on the company's board of directors for several years, and had developed close ties with top TW executives. [14], In September 2018, Parsons became the Interim Chairman of the Board for CBS, replacing Les Moonves. In 2001, United States President George W. Bush selected Parsons to co-chair a commission on Social Security. In a December 2001 press conference, Levin stunned the industry when he named Parsons as AOL Time Warner's next CEO. According toEbony, Parsons said that the woman I was dating [Bush] told me, You like to argue so much you ought to become a lawyer and get paid for it., At Union University of the University of Albany Law School, Parsons helped pay his way through school by working part-time as a janitor and later as an aide in the State Assembly. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/general/culture-magazines/parsons-richard. Parsons refused the position but consented to work as the Economic Development Corporation chairperson. The biggest boost came from the film division, which had experienced an enormous success because of the Harry Potter and The Lord of the Rings series. Parsons later became Chairman and CEO and oversaw a merger with Anchor Savings Bank. 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. "And he would do it in a way that everyone would feel good about the outcome." 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." With the bank on solid ground, Parsons set his sights on a new enterprise. In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. Lauren Bush in New York Bush was signed with Elite Model Management before launching FEED. 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. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 He joined the foundation's Board of Trustees in 2008. He was born on April 4, 1948, in the Bedford-Stuyvesant section of Brooklyn, New York, and was raised in the New York borough of Queens. In 2015, Parsons was diagnosed with multiple myeloma, a rare blood cancer. 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. 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. Advertisement. Governor Rockefeller rewarded Parsonss solid performance by keeping him on his staff when he became vice president under President Gerald Ford in 1974. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. The conglomerate was also saddled with significant debt. In African American Lives. Parsons remained optimistic, but he proceeded cautiously. Former President George W. Bush and his wife, Laura Bush, recently celebrated their 45th wedding anniversary. Born in Midland, Texas, Bush graduated from Southern Methodist University in 1968 with a bachelor's degree in education, and took a job as a second grade teacher. In 2006, Parsons was selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. Lloyd, Fonda Marie, and Mark Lowery. As part of his management restructure, Parsons opted to lay off almost one-third of the Dime's staff. AOL Time Warner's various operating units were still far from achieving a full integration. Wall Street Journal, May 8, 1990, p. B10; January 30, 1995, pp. Parsons, 66, has been married for 35 years to his wife Laura, 67. Parsons credits his experiences at the University of Hawaii as preparation for his future in corporate America. Parsons, however, was an extremely bright young man, who went on to graduate from high school when he was just sixteen years old. Incorporated:l96S But, in this case, Parsons sits at the helm of one of the largest media companies in the world, Time Warner. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. [16], In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the wellbeing of humanity all over the world. Encyclopedia.com. *Richard Parsons was born on this date in 1948. He also expanded his web of connections, taking on such high-profile clients as Happy Rockefeller (1926), the widow of Nelson Rockefeller, and cosmetics giant Este Lauder. During his 11 years at the firm Parsons took on Happy Rockefeller, the widow of Nelson (who had died in 1979) as a high-profile client. April 21, 2021 11:45 am ET. He was also in charge of the legal department and human resources. [24], Parsons was a member of the economic advisory team for President Barack Obama. In addition, Parsons states that his rules for success include believing in yourself, acquiring necessary skills, and outworking the next guy. "Can a Nice Guy Run This Thing?" Notable Black American Men, Book II. CNET News.com (April 3, 2002) http://news.com.com/2009-1023-873910.html (accessed on July 29, 2004). Parsons met Laura, a. 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. In the latter post, Parsons focused on drug issues. The merger was made official in 2001, when AOL purchased Time Warner for a reported $168 billion. Parsons dealt with unhappy regulators. 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. Dawn Bennett-Alexander assisted Parsons from March 1976 until the end of the administration. UXL Newsmakers. The Parsons appointment was not without controversy at Time Warner. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. In the same Business Week interview, the CEO revealed, "I take this job seriously. You cant give something to somebody to have, said Parsons in the same article. Regardless, Parsons is consistently applauded by various groups for the inspiration he provides to young people everywhere. [6] He later attended the University of Hawaii at Manoa, where at 6'4" tall he may have played varsity basketball. As he later told Black En terprise, My wife talked me into it. 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. As a result of his involvement with Time Warner, he developed close ties with Robert W. Morgado, the chairman of the Warner Music Group, and Michael J. Fuchs, chairman of HBO.In the fall of 1994, Parsons was requested by Gerald M. Levin to become the president of Time Warner. He also set out to streamline the bank's operations. Washington Post, November 1, 1994, p. D5. Parsons answered these reservations by promising to devote his full attention to his new $525, 000-a-year post. Peter J. newzjunky louise bartholomew nicole edward. 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. Served as assistant counsel to Governor Nelson Rockefeller, Albany, NY, 197174; called to the New York State Bar, 1972; appointed deputy counsel to the vice president, Washington, DC, 1975; general counsel and associate director of the White House Domestic Council, 197577; Patterson, Belknap, Webb & Tyler (law firm), New York, NY, attorney, 197788, became partner, 1979; Dime Savings Bank of New York (became Dime Bancorp, 1995), New York, NY, chief operating officer, 198890, chairman and chief executive officer, 199095; named head of mayor-elect transition council, New York, NY, 1993; served as chairman of New York Citys Economic Development Corporation; Time Warner Inc., New York, NY, president, 1995 Member of presidential Drug Task Force; chairman, Wildcat Service Organization. He also met a young Rudolph W. Giuliani, with whom he supported in his campaign for New York mayor and heading his transitional council. They have three grown children: Gregory, Leslie, and Rebecca. did desi arnaz jr have a stroke; moose tracks vs cow tracks ice cream Credit: Shahar Azran / Contributor. "Richard Parsons: Profile." Parsons accepted the presidency for a reported salary of several million dollars a year. 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. 23 Feb. 2023 . "It's a collaboration," he told Anthony Bianco and Tom Lowry of Business Week. 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. Judge NEW YORK, NY - FEBRUARY 18: Laura Bush Parsons and Richard Parsons attend Apollo Club Harlem at The Apollo Theater on February 18, 2013 in New York City. 2019Encyclopedia.com | All rights reserved. X. who is credence barebone related to; how many registered voters in new york state 2021; frasi ciro di marzio gomorra. Career: Served as assistant counsel to Governor Nelson Rockefeller, Albany, NY, 1971-74; called to the New York State Bar, 1972; appointed deputy counsel to the vice president, Washington, DC, 1975; general counsel and associate director of the White House Domestic Council, 1975-77; Patterson, Belknap, Webb & Tyler (law firm), New York, NY, attorney, 1977-88, became partner, 1979; Dime Savings Bank of New York (became Dime Bancorp, 1995), chief operating officer, 1988-90, chairman and chief executive officer, 1990-95; named head of mayor-elect transition council, 1993; served as chairman of New York Citys Economic Development Corporation; Time Warner Inc., president, 1995-99; AOL Time Warner, co-chief operating officer, 1999-2002, AOL Time Warner, CEO, 2002-. 2008 redeem team starting 5; who is sarah davis married to; Parsons joined the Domestic Council staff in March 1975, serving both as legal council and as an associate director. He became the first African American male to manage a financial institution of Dime's size and reduce the bank's debt from $1 billion to $335 million. "The Man Who Keeps the Peace: AOL Time-Warner's Richard Parsons." //]]>. He received a B.A. He stepped down as CEO of Time Warner on December 31, 2007. Value is associated with hard work.. Over the years Parsons has, however, admitted the possibility of entering politics later in life. During his eleven years with the firm he was successful in both corporate law and civil litigation. Job with Robert Pittman ( 1953 ), former president George W. Bush selected Parsons to attention... Or handicap in his 11 years with Patterson, Parsons was appointed president of Time Warner a... Ideally, you want to underpromise and overdeliver a member of the Ford administration and to... Years was named partner in April, 1975 tracks ice cream Credit: Shahar Azran / Contributor law civil. 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