"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. http://www.ford.utexas.edu/library/GUIDES/Finding%20Aids/Parsons,%20Richard%20%20Files (Accessed 7 December 2005). In addition, the appointment positioned him second in command over the Time Warner holdings in magazine and book publishing, music, film, entertainment, theme parks, and cable television. agreed that friendly giant Richard Parsons had been just what the fractured titan needed. Parsons was profiled in Black Enterprise's "Under 30 & Moving Up"' series in 1975. ", "15 years later, lessons from the failed AOL-Time Warner merger", "Sir Win Bischoff to leave early from chairmanship of Citigroup", "Citi Chairman Is Said to Have Planned Chief's Exit Over Months (Published 2012)", "Richard Parsons resigns as CBS chairman due to complications from cancer", "Richard Parsons to Become Chairman of Rockefeller Foundation", "Richard D. Parsons The Rockefeller Foundation", Partnership Members Assist Spitzer Transition Team, "Time Warner Chairman Richard Parsons Says He Won't Run for Mayor New York Magazine", "Ex-Time Warner chairman named interim Clippers CEO", "Love tangle for power broker: Citigroup's Richard Parsons has love child with model MacDella Cooper", "How Time Warner's Former CEO Is Helping Democratize Cancer Research", "Richard Parsons Steps Down as Interim Chairman of CBS", https://en.wikipedia.org/w/index.php?title=Richard_Parsons_(businessman)&oldid=1138654142, This page was last edited on 10 February 2023, at 21:13. 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. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. [7] After four years, he was seven credits short of his diploma. But, in this case, Parsons sits at the helm of one of the largest media companies in the world, Time Warner. At the same time people speculated about what role Parsons would play in Time Warner's future. Parsons refused the position but consented to work as the Economic Development Corporation chairperson. . The Dimes' nonperforming assets were nearly 11 percent of the total assets by year 1991 in addition to $1 billion in bad debt. 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. While in Hawaii, he also met his future wife, Laura Bush. [26], In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. 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. 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). Financial Times, December 8, 2001, p. 13. They have three grown children: Gregory, Leslie, and Rebecca. He has claimed that race was never a defining character in his life. 2019Encyclopedia.com | All rights reserved. In addition, thanks to an industry-wide technology slump, AOL, which had promised big revenues, had failed to deliver. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. Levin had been in negotiations with Steve Case (1958), AOL's CEO, for several years. (September 18, 2003) http://money.cnn.com/2003/09/18/technology/aol_name (accessed on July 31, 2004). "Parsons the Man: Public Service as Much as Private Sector Success Define AOL Time Warner's New CEO." Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. 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. He was also in charge of the legal department and human resources. Join Facebook to connect with Laura Parsons and others you may know. 23 Feb. 2023 . 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. Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen EsteeLauder. [15], In 2007, Parsons became the chairman of the board of directors of the Jazz Foundation of America. 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. Smith, Jessie Carney, ed. [27][28][29] Being of Liberian ethnicity, Cooper founded the MacDella Cooper Foundation in 2004 to help orphans and abandoned children in Liberia following the Second Liberian Civil War. Parsons is also on the board of the family-created Museum of Modern Art. Zone Development Corporation, which was established to spur the development of business and the growth of job opportunities in Harlem. In Contemporary Black Biography. 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. In this case, Parsons was forced to tap into both sides of his personality. ." 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. 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. Kathleen Ryan served as an assistant to Parsons for a few weeks after she joined the Domestic Council in April, 1975. Contemporary Black Biography. For the next six years, he served as the number-two executive In the early 1990s he became president of Time Warner Inc., making him one of the most highly ranked African Americans in the corporate United States. In 2007, he became the chairman of the board of directors of the Jazz Foundation of America. Right after graduating in 1968, Bush wasn't doing anything concrete. Mayor Giuliani later asked Parsons to become his Deputy mayor for Economic Development. Wall Street Journal, May 8, 1990, p. B10; 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. 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. 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. In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. in history from the University of Hawaii in 1968. [16], In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the wellbeing of humanity all over the world. After Giuliani was elected, he named Parsons to be head of his transition council. Dr. Larry Stein, another Extension horticulturist, has added further to the color scale with a glowing Purple Laura Bush. Many, however, questioned the appointment since Parsons had no real experience in the banking industry. Black Enterprise, October 1994, pp. Parsons later lived in a guesthouse on the estate. Hispanic PRWire (June 11, 2004) http://www.hispanicprwire.com/news_in.php?id=2478&cha=6&PHPSESSID (accessed on July 31, 2004). L. Mpho Mabunda and Shirelle Phelps. April 21, 2021 11:45 am ET. ." 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. Education: Graduated from University of Hawaii, 1968; Union University, University of Albany Law School, J.D., 1971. He played varsity basketball there, and was also the social chairman of his fraternity. CNET News.com (April 3, 2002) http://news.com.com/2009-1023-873910.html (accessed on July 29, 2004). 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. 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. Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen Estee Lauder. Parsons dealt with unhappy regulators. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. McClellan, Steve. 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. Eds. Under his tutelage the bank staged a remarkable comeback, largely through his massive overhauling of the banks management systems and work force. 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-. Broadcasting executive Percy E. Sutton served as Manhattan borough president between 1966 and 1977, Hank Paulson Three years later, in 1991, on the recommendation of Nelson's brother Laurance Rockefeller to the then CEO Steve Ross, Parsons was invited to join Time Warner's board; he subsequently became president of the company in 1995, recruited by chief executive Gerald Levin. 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. 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. 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. I have other things I'm focused on." On October 1, 1995, Parsons was appointed president of Time Warner with a salary of several million dollars per year. Cohen, Adam. He was again entering an industry that was new to him, and some doubted his qualifications. Facebook gives people the power to. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0. They credit him with keeping employees informed every step of the way, producing videos for employee distribution. ." 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. In the latter post, Parsons focused on drug issues. I dont do anything differently than I would otherwise because I have that responsibility to my family, he told the New York Times in 1994. In 2001, George W. Bush selected Parsons to co-chair a commission on Social Security. Parsons met Laura, a. But it's not my life. J. Bruce Llewellyns career history might be viewed as a virtual microcosm of twentieth-century minority, Attorney, broadcasting executive, elected official Color her surprised! Parsons was left in control of a bank that was apparently dying. 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. With the bank on solid ground, Parsons set his sights on a new enterprise. As he once told the New York Times, as reported by CNNMoney.com, "For a lot of people race is a defining issue. 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. 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. "Reeling Like a Bad Movie: AOL Time Warner." Not one. Also fueling his rise were connections he has made with important people over the years. 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 later became Chairman and CEO and oversaw a merger with Anchor Savings Bank. Parsons's tenure with Rockefeller and Ford opened up many doors for him and brought him to nationwide attention as an up-and-coming young executive. In a Black Enterprise article Parsons stated: "What motivates me is a sense of accountability to people who are important in my life." . Later that year, it was announced that Parsons had been selected as CEO of America Online. In 2006, Parsons was selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. 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.". As part of his management restructure, Parsons opted to lay off almost one-third of the Dime's staff. ." View the profiles of people named Laura Parsons. The world's most influential media company, however, was struggling. Dawn Bennett-Alexander assisted Parsons from March 1976 until the end of the administration. She said I needed the change., Parsonss appointment made him the first black to manage a lending company the size of Dime Savings Bank. Beginning his legal career as an aide on New York governor Nelson Rockefellers legal staff, Parsons made a very favorable impression on the governor. 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. [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. Laura Bush petunia at President George Bushs Crawford Ranch 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. Levin, however, felt that Parsons was the right man for the job, and some business insiders were not that surprised. The Economicst (April 19, 2003). This political stance was consistent with his rejection of the Democrats philosophy. [6] He skipped a grade in elementary school and another in high school. (February 23, 2023). 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. "Richard D. Parsons Named New CEO of AOL Time Warner." University of Hawaii System.http://www.hawaii.edu/offices/bor/honorary/php?person=RP (Accessed 2 December 2005). As he told Ebony, I have never missed a single day of work in my life. 2008 redeem team starting 5; who is sarah davis married to; 23 Feb. 2023 . Whether I was an African-American, an Arab-American, a Jewish-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.. Parsons became a partner in just two years at Patterson, Belknap, Webb & Tyler, a move that typically demanded seven years. In 2000, Parsons guided the merger of Time Warner with America Online (AOL). 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. 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. 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. Mayor Giuliani later asked Parsons to become his deputy mayor for Economic Development. After Giuliani was elected, he named Parsons to be head of his transition council. He stepped down as CEO of Time Warner on December 31, 2007. "It's a collaboration," he told Anthony Bianco and Tom Lowry of Business Week. Over the years Parsons has, however, admitted the possibility of entering politics later in life. Judge Again, the business community was rocked by the news. "Richard Dean Parsons." They have three grown children. 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, ." In September 2018, Parsons became the Interim Chairman of the Board for CBS replacing Les Moonves. . 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. Cite this article Pick a style below, and copy the text for your bibliography. 23 Feb. 2023 . Harry Albright Jr., Rockefeller's executive assistant in Albany, New York and previous chairman of the Dime Savings Bank, cited Parsons as a great member of Rockefeller's staff and one who has great judgment and leadership skills. Detroit, Mich.: Gale Research, 1996. "Time Warner's Chairman and CEO Richard D. Parsons Honored by a Better Chance." 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. ." CNNMoney.com (December 5, 2001) http://money.cnn.com/2001/12/05/ceos/parsons_profile (accessed on July 29, 2004). Parsons skipped two grades and graduated from high school at the age of sixteen. Save. "[11] In December 2001, it was announced that Levin would retire and Parsons had been selected as his successor. 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 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.
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