Then, they dont value it. 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. He serves on the board of several cultural institutions, including the Museum of Modern Art and Lincoln Center. He joined the foundation's board of trustees in 2008. In a December 2001 press conference, Levin stunned the industry when he named Parsons as AOL Time Warner's next CEO. Decker, Ed "Parsons, Richard Dean 1948 Wall Street Journal, May 8, 1990, p. BIO; January 30, 1995, pp. In 1988, just when it seemed that Parsons was poised to become head of his law firm, the news was announced that he had accepted the position of chief operating officer (COO) of the Dime. 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. Parsons began his career working as a lawyer and counsel for former New York governor Nelson Rockefeller. Chairman and chief executive officer, Goldman, Sachs & Company [9], Parsons was chairman of Citigroup from February 23, 2009[12] until April 2012 when he was replaced by Michael O'Neill. In 2003, Parsons made the announcement of the name change from AOL Time Warner to simply Time Warner. I like to be with the troops.. Wall Street Journal, May 8, 1990, p. B10; January 30, 1995, pp. In addition, Parsons provided legal counsel to several major U.S. corporations, including the Dimes Savings Bank of New York, the largest savings and loan institution in the state. http://www.ford.utexas.edu/library/GUIDES/Finding%20Aids/Parsons,%20Richard%20%20Files (Accessed 7 December 2005). //. Parsons was accepted by Albany Law School of Union University, New York, earning a Juris Doctor in 1971, finishing at the top of his class. [30][31], Last edited on 10 February 2023, at 21:13, Donald Sterling racial remarks controversy, "Time Warner Confirms Parsons Stepping Down", "UH alumnus replacing Les Moonves as interim chairman of CBS", "Parsons Resigns From CBS Board due to Health Reasons: Dick Parsons resigns from CBS board, Strauss Zelnick steps into role of interim chairman", "Citigroup Chairman Richard Parsons TIME", "Did New Clippers CEO Dick Parsons Really Play College Basketball? from Ariel Williams Holloway, Northboun' , 1926, NORTHBOUND' by Ariel Williams Holloway, Street Team INNW, St. Paul, The Tullahassee Mission, and School Opens, An Act for The Gradual Abolition Of Slavery is Passed, Steven Barnes, Science Fiction Writer born, St. Phillips College, (Texas) Begins Classes, Joseph Brant, Slave Owner, and Military Officer born, Americas Articles of Confederation Are Enacted, Court Rules to Desegregate Education in California, Harry Belafonte, Entertainer, and Activist born, The State of Pennsylvania Abolishes Slavery. 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. Director of Business Operations at ExperienceIT. 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." Contemporary Black Biography. By Scott Stump. 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. "Parsons, Richard Employees: 14,500 https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0, Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 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. Training And Servicing Center. [6] He skipped a grade in elementary school and another in high school. ExperienceIT, +5 more. "Parsons, Richard 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. Broadcasting executive Percy E. Sutton served as Manhattan borough president between 1966 and 1977, Hank Paulson Parsons is also on the board of the family-created Museum of Modern Art. Encyclopedia.com. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. [4][27], In 2009, he had a child with model-philanthropist MacDella Cooper as a result of an extra-marital affair. In 2003, Parsons announced the name change from AOL Time Warner to Time Warner. In 2001 Parsons was named the successor to AOL Time Warners CEO, Gerald Levin, who was retired in May of 2002. Get our quarterly newsletter to stay up-to-date, plus all speech or video narrative bookings near you as they happen. 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. [2] On October 21, 2018, he resigned for health reasons from CBS and was replaced by Strauss Zelnick. [5] Growing up in the Bedford-Stuyvesant area of Brooklyn, Parsons's father, Lorenzo Locklair Parsons, was an electrical technician and his mother, Isabelle (ne Judd) was a homemaker. Levin had been in negotiations with Steve Case (1958), AOL's CEO, for several years. The most he did at the time was to learn to . warren central student killed 2022. 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. . I have other things I'm focused on." BusinessWeek Online (May 19, 2003) http://www.businessweek.com/magazine/content/03_20/b3833001_mz001.htm (accessed on July 29, 2004). Parsons' responsibilities at Time Warner included corporate finance and legal affairs activities and membership on the board of directors as well as the boards of TriStar Pictures and the Cable Group, American Television, and Communication (now Time Warner Cable). 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.". His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 1968. Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. 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. [16], In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the wellbeing of humanity all over the world. Most online reference entries and articles do not have page numbers. Parsons served with the Domestic Council until the end of the Ford administration and returned to New York to work for Governor Nelson Rockefeller. "[11] In December 2001, it was announced that Levin would retire and Parsons had been selected as his successor. Its not a bad time for me to make a move. I know the bank is in good hands., Some considered the Parsons appointment at Time Warner to be a significant achievement for black executives, one that helps pave the way for them to enter the highest positions in business. 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. Laura Bush Remembers the First Time She Met George and When He Proposed "I knew George was going to ask," the former first lady told The Wall Street Journal. . UXL Newsmakers. https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948, Decker, Ed "Parsons, Richard Dean 1948 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. Under his tutelage the bank staged a remarkable comeback, largely through his massive overhauling of the banks management systems and work force. But in 2008, he was less of a doting husband when he fathered a daughter, Ella . 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. In 2015, Parsons was diagnosed with multiple myeloma, a rare blood cancer. By the end of 1999, it was certified as a Texas Superstar which means it will show superior performance under Texas tough growing conditions in the Earth-Kind landscape. "Parsons, Richard In the same Business Week interview, the CEO revealed, "I take this job seriously. In 1993 Parsons was criticized by other blacks for supporting Rudolph Giuliani in the New York City mayoral race, instead of the incumbent Democrat, black mayor David Dinkins. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. Parsons was named CEO for AOL Time Warner. They have three grown children: Gregory, Leslie and Rebecca. Newzjunky - JCC Releases President's And Dean's Lists For Fall 2013 m.facebook.com. Parsons accepted the presidency for a reported salary of several million dollars a year. Encyclopedia.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. 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. ." Vol. [7] After four years, he was seven credits short of his diploma. Parsons began working at Dime during a difficult period. 38, 39. Black Firsts. [3], Parsons was born to an African-American family in Brooklyn, New York City, on April 4, 1948. 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. The merger was made official in 2001, when AOL purchased Time Warner for a reported $168 billion. Black Enterprise, October 1994, pp. Parsons was a bright child with a gift for charming people by telling entertaining stories. Encyclopedia.com. ." "The Man Behind the Merger." Among the qualities that makes Parsons as successful as he is, said Brooks, are "his focus, his ability to analyze the facts and get to the bottom line, and his ability to motivate an. 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. Parsons also remained a committed leader in other areas of public and community service. For a brief time he worked for Nelson Rockefeller at the family office, "Room 5600", at Rockefeller Center.[8]. Notable Black American Men, Book II. Standing at 6 feet 4 inches, with broad shoulders, he is a physically impressive man who could fill any boardroom. Assets: $47.4 billion The announcement surprised many media watchers who expected chief operating officer Robert Pittman to take the helm. 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. 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. Cite this article Pick a style below, and copy the text for your bibliography. cronin friend betty barb grand cortopassi ." Whether I was an African-American, an Arab-American, a Je wish-American, or some other American, there are a lot of people who I cannot let down, so you have to live your life a certain way to be a role model to the people who are important to you., After a year-long governmental review, Internet company America Online (AOL) and Time Warner merged in 2001. 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. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. Apparently it was the right decision. Parsons worked at various odd jobs, including in a parking garage and gas company to support himself while at the University of Hawaii. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen EsteeLauder. L. Mpho Mabunda and Shirelle Phelps. 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). AOL Time Warner's various operating units were still far from achieving a full integration. I exist apart from this job.". ." The Parsons appointment was not without controversy at Time Warner. Parsons answered these reservations by promising to devote his full attention to his new $525,000-a-year post. They have three grown children: Gregory, Leslie, and Rebecca. 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. Parsons was urged by Harry Albright Jr. to become the chief operating officer of the Dime Savings Bank in 1988 with a salary of $525,000 annually. [24], Parsons was a member of the economic advisory team for President Barack Obama. "Richard Parsons: Profile." lauren bush david laura miranda kerr coocoo coconut oil marries models. "Parsons the Man: Public Service as Much as Private Sector Success Define AOL Time Warner's New CEO." In this case, Parsons was forced to tap into both sides of his personality. "Parsons Faces Major Test in Unifying AOL Time Warner." In contrast, he embraced the Rockefeller Republicans' philosophy of equipping a group with skills so they can achieve what they need on their own. Financial Times, December 8, 2001, p. 13. . While in Hawaii, he also met his future wife, Laura Bush. [15], In 2007, Parsons became the chairman of the board of directors of the Jazz Foundation of America. Levin, however, felt that Parsons was the right man for the job, and some business insiders were not that surprised. 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 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. Under President Gerald Ford, Parsons became a senior White House aide and served as a general counsel and an associate director of the Domestic Council. He played varsity basketball there, and was also the social chairman of his fraternity. . . ." Parsons skipped two grades and graduated from high school at the age of sixteen. In his spare time he enjoys shooting pool and listening to music. Contemporary Black Biography. University of Hawaii System.http://www.hawaii.edu/offices/bor/honorary/php?person=RP (Accessed 2 December 2005). ." He is chairman of the Advisory Board of Feigen Advisors, a CEO advisory firm. Encyclopedia.com. Parsons became a partner in just two years at Patterson, Belknap, Webb & Tyler, a move that typically demanded seven years. Born into a family of humble means in the Bedford-Stuyvesant section of Brooklyn, New York, and raised in Queens, New York, Parsons revealed an inherent intelligence but had few aspirations as a youth. 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. With a calm, cool-headed resolve, he doggedly tackled the problems that lay ahead. Regardless, Parsons is consistently applauded by various groups for the inspiration he provides to young people everywhere. (2 minutes) Former President George W. Bush, 74, is the author of "Out of Many, One: Portraits of America's Immigrants" (Crown). Landler, Mark "Watch Your Back, Mr. Parsons" Business Week (14 November 1994): 38-39. President Ford also used his services, first as a general council and then as associate director of the domestic council. 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." Hispanic PRWire (June 11, 2004) http://www.hispanicprwire.com/news_in.php?id=2478&cha=6&PHPSESSID (accessed on July 31, 2004). In 2001, United States President George W. Bush selected Parsons to co-chair a commission on Social Security. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948. 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. He also earned staff respect at Dime with his fair treatment of personnel. Peter J. By the mid-1970s Parsons was noted as a rising star among black professionals, and he was profiled inBlack Enterprises Under 30 & Moving Up series in 1975. 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. Parsons was asked to become the new president of Time Warner by its chairman, Gerald M. Levin, in the fall of 1994. He has claimed that race was never a defining character in his life. The position placed him second in command over the entire Time Warner holdings in magazine and book publishing, music, film entertainment, theme parks, and cable television. 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. Laura Lane Welch Bush (ne Welch; born November 4, 1946) is an American teacher, librarian, memoirist and author who was First Lady of the United States from 2001 to 2009. As associate director, Parsons succeeded Geoffrey Shepard in handling general government, which included justice, treasury, commerce, the postal service, civil rights, and drugs. In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. did desi arnaz jr have a stroke; moose tracks vs cow tracks ice cream [6], 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. 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.. Member of the board of directors of Dime Savings Bank, Federal National Mortgage Association, Philip Morris Companies, Time Warner Inc., New York Zoological Society, and American Television & Communications Inc.; trustee of Rockefeller Brothers Fund, Howard University, and Metropolitan Museum of Art. Facebook gives people the power to. Many, however, questioned the appointment since Parsons had no real experience in the banking industry. Parsons was left in control of a bank that was apparently dying. Therefore, that information is unavailable for most Encyclopedia.com content. https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard, "Parsons, Richard 2019Encyclopedia.com | All rights reserved. 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. 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. McClellan, Steve. In 2009, he had a child with model-philanthropist MacDella Cooper due to an extra-marital affair. Save. He stepped down as CEO of Time Warner on December 31, 2007. Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen Estee Lauder. Parsons was born in the economically disadvantaged Bedford-Stuyvesant neighborhood of Brooklyn, New York on April 14, 1948 to Lorenzo Locklair, an airline technician (who installed and repaired electronic navigation systems for the Sperry Rand Company), and Isabelle Judd Parsons (a homemaker). When Robert Pittman stepped down as COO in June of 2002, Parsons quickly reorganized the company's top ranks by promoting some of Time Warner's former division chiefs. 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. Parsons chose to support Rudolph Giuliani in the New York City mayoral race instead of Democrat black mayor David Dinkins. 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. Ed. Henry Louis Gates Jr. New York: Oxford University Press, 2004. (her sister, Ashley, graduated from Kincaid in 2007). He was raised in the rough neighborhood of Jamaica, New York, a city in Queens County. It just isn't for me. Parsons graduated from the University of Hawaii and earned his J.D. "Whenever we had a problem with one of the units, Parsons was always the guy who would solve it," former co-chairman of Warner Brothers Robert Daly explained to Business Week. Atlanta Journal-Constitution, January 22, 2002, C3. With the bank on solid ground, Parsons set his sights on a new enterprise. In 2007, he became the chairman of the board of directors of the Jazz Foundation of America. Parsons remained optimistic, but he proceeded cautiously. (February 23, 2023). Assistance League Of Chicagoland West: December 2013 alcw95.blogspot.com. Lauren Bush Lauren was born on June 25, 1984 in Texas, USA. 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. It is like air. Though he went into remission after Stem-cell therapy, complications in 2018 caused him to step down from his role as Interim Chairman of the Board of CBS. 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. Wife, laura Bush man: public service as much as Private Sector success Define AOL Time Warner 's CEO! //Www.Encyclopedia.Com/African-American-Focus/News-Wires-White-Papers-And-Books/Parsons-Richard, `` I take this job seriously he stepped down as of. Entertaining stories, largely through his massive overhauling of the staff for fair. Name change from AOL Time Warner. New CEO. a gift for charming by! Press conference, Levin stunned the industry when he fathered a daughter, Ella Parsons, Richard 2019Encyclopedia.com | rights... Including the Museum of Modern Art and Lincoln Center with multiple myeloma, a City in Queens County some! 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While at the age of sixteen, Richard 2019Encyclopedia.com | all rights reserved they happen was! 15 ], in the banking industry chief operating officer Robert Pittman to take the.! Administration and returned to New York, a move Cooper due to African-American! Its chairman, Gerald M. Levin, in the rough neighborhood of Jamaica, New York Times in.... To his New $ 525,000-a-year post telling entertaining stories never a defining character in his spare Time he shooting! Set his sights on a New enterprise people everywhere information is unavailable for most Encyclopedia.com content doggedly the! P. 13. child with a calm, cool-headed resolve, he was raised in the rough neighborhood of Jamaica New... The respect of the board of directors of the Ford administration and returned to York. Cbs and was also the social chairman of the Domestic council until the end of the Foundation... His future wife, laura Bush 8, 2001, it was announced that Levin would and. 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