Pick a style below, and copy the text for your bibliography. As one AOL shareholder told Business Week, "Dick is the right guy to be running the company right now." Broadcasting & Cable (July 28, 2003): p. 8. Encyclopedia.com. 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. Encyclopedia.com. Cite this article Pick a style below, and copy the text for your bibliography. Then, copy and paste the text into your bibliography or works cited list. Graduated from Princeton University in 2006 . Parsons refused the position but consented to work as the Economic Development Corporation chairperson. In 2001, President George W. Bush appointed Parsons along with former U.S. senator Daniel Moynihan to a commission to strengthen Social Security Program changes. Under his tutelage the bank staged a remarkable comeback, largely through his massive overhauling of the banks management systems and work force. 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. This opportunity with Time Warner is a once in a lifetime one. 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. He frequently downplays race as a factor or handicap in his success. Its not a bad time for me to make a move. Apparently it was the right decision. Parsons was named CEO for AOL Time Warner. 2008 redeem team starting 5; who is sarah davis married to; 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. . To this union three children were born (Gregory, Leslie, and Rebecca). The Dimes' nonperforming assets were nearly 11 percent of the total assets by year 1991 in addition to $1 billion in bad debt. Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen EsteeLauder. He played varsity basketball there, and was also the social chairman of his fraternity. Parsons, who's been married to psychologist Laura Bush for almost 50 years, acknowledges the pain it caused others and still causes him. Many doubted that he could succeed at Time Warner, which was considered to be a media giant, controlling virtually all aspects of the industry, including television (CNN, HBO, Turner Classic Movies, WB Network); film (Warner Brothers, New Line Cinema); publishing (magazines such as Time, People, and Sports Illustrated ); and music (Warner Music Group). In a Black Enterprise article Parsons stated: "What motivates me is a sense of accountability to people who are important in my life." CNNMoney.com (December 5, 2001) http://money.cnn.com/2001/12/05/ceos/parsons_profile (accessed on July 29, 2004). 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. I know the bank is in good hands.. window.__mirage2 = {petok:"Olb1PN4AOYQxfgUm1EldB37uVPcj4uBa8eBE3X8k2lQ-86400-0"}; Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia.com cannot guarantee each citation it generates. Hu, Jim. In a December 2001 press conference, Levin stunned the industry when he named Parsons as AOL Time Warner's next CEO. Again, the business community was rocked by the news. 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 received a B.A. degree from Union University's Albany Law School in 1971. Fortune (August 8, 2004). Atlanta Journal-Constitution, January 22, 2002, C3. Parsons was chairman of Citigroup from 2009 until 2012. In 2003, Parsons announced the name change from AOL Time Warner to Time Warner. J. Bruce Llewellyns career history might be viewed as a virtual microcosm of twentieth-century minority, Attorney, broadcasting executive, elected official 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. Cohen, Adam. UXL Newsmakers. Former First Lady Laura Bush told TV host Kelly Clarkson that she was "very surprised" to find out her husband, former President George W. Bush, was taking up painting as his . Encyclopedia.com. In May 2014, in the wake of the Donald Sterling racial remarks controversy, Parsons was appointed the interim CEO of the Los Angeles Clippers. I exist apart from this job.". Parsons began his career working as a lawyer and counsel for former New York governor Nelson Rockefeller. Parsons took on the role of co-COO, sharing the job with Robert Pittman (1953), former president of AOL. UXL Newsmakers. Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen Estee 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. Parsons also remained a committed leader in other areas of public and community service. Bell, Gregory S., "Richard Dean Parsons." As he once told the New York Times, as reported by CNNMoney.com, "For a lot of people race is a defining issue. 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. In 1977, Parsons in New York, a partner at the Patterson Belknap Webb & Tyler law firm. ." That same year, he scored the highest marks out of the nearly four thousand lawyers who took the New York State bar examination. In 1994, Gerald Levin (1939), chairman of Time Warner (TW), openly recruited Parsons to take over as president of the company. Encyclopedia.com. Restrictions: Contact your local office for all commercial or promotional uses. Henry Louis Gates Jr. New York: Oxford University Press, 2004. Studied fashion design at Parsons The New School for Design and Central Saint Martins College of Art and Design. Contemporary Black Biography. New York Times, May 8, 1990, p. D5; August 26, 1990, p. D5; July 7, 1994, p. D4; October 31, 1994, pp. 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. Ed Decker and Christine Miner Minderovic. Llewellyn, J. Bruce 1927 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. Credit: Shahar Azran / Contributor. O de wurl aint flat,An de wurl aint roun,Hits one long stripHangin up an downJes Souf an Norf;Jes Norf an Souf. [4] He was one of five children. 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. Assets: $47.4 billion Parsons was a bright child with a gift for charming people by telling entertaining stories. President Ford also used his services, first as a general council and then as associate director of the domestic council. 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. In the latter post, Parsons focused on drug issues. Color her surprised! When departing Deputy Attorney General Harold R. Tyler, Jr., became a partner at a well-established New York City law firm in 1977, he asked Parsons to come on board. He also met a deputy attorney general, Harold R. Tyler, and one of his aides, a young Rudolph W. Giuliani, with whom he was to be closely associated supporting him in his campaign for New York mayor and heading his transitional council.[8]. 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. As a result, Parsons became known as the consummate gentleman executive. However, he discovered that he could get into a law school in New York without a college degree if he scored well enough on his pre-law exams. 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. he would be leaving AOL Time Warner, the assumption was that Pittman would be his likely successor. B1, B3. In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. Parsons' grandfather, Judd, was a groundskeeper on Pocantico, part of the Rockefeller estate, long before Parsons became a protg of Nelson Rockefeller. BusinessWeek Online (May 19, 2003) http://www.businessweek.com/magazine/content/03_20/b3833001_mz001.htm (accessed on July 29, 2004). This political stance was consistent with his rejection of the Democrats philosophy. 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. By Scott Stump. 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." Black Firsts. During that time he also earned the respect of the staff for his fair treatment. Peter J. 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. Wall Street Journal, May 8, 1990, p. B10; January 30, 1995, pp. 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. In African American Lives. Colleagues say Parsons management style helped smooth the painful layoffs that he had to make, wrote Fonda Marie Lloyd and Mark Lowery in Black Enterprise.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. He also serves as chairman of the Upper Manhattan Empowerment at the company, and as Gerald Levin's right-hand man. //]]>. 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. 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. 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." [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. The hope was that by combining forces they would make the most successful merger in history: AOL would have access to Time Warner's massive media content and it would be able to reach even more users thanks to TW's cable television operations. During that time he also earned the respect of the staff for his fair treatment. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. The most he did at the time was to learn to . DI, D6. [2] On October 21, 2018, he resigned for health reasons from CBS and was replaced by Strauss Zelnick. As reported in Jet magazine, Levin commented, "I have the greatest confidence in Dick Parsons' ability to lead the company forward, coalesce its diverse interests, and work with our strategic partners to achieve our ambitious goals." McClellan, Steve. The world's most influential media company, however, was struggling. The announcement surprised many media watchers who expected chief operating officer Robert Pittman to take the helm. 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. In a Black Enterprise article, he openly rejected the Democrats' philosophy of taking from one group to give to another. Peter J. . Join Facebook to connect with Laura Parsons and others you may know. Parsons was a member of the economic advisory team for President Barack Obama in 2008. (September 18, 2003) http://money.cnn.com/2003/09/18/technology/aol_name (accessed on July 31, 2004). 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. Born: March 28, 1946, in Chicago, Illinois., Public Company His tactics paid off, and in just a few years, Parsons had reduced the amount of the Dime's bad debts from $1 billion to $335 million. "Parsons, Richard . (February 23, 2023). 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 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. From March 1975 to January 1976, Parsons was assisted in his duties by Lyn May, who had worked for Geoffrey Shepard. The merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. 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. Black Enterprise, October 1994, pp. 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. "That's what makes you different from your competition," he maintains. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. ." The Economicst (April 19, 2003). In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. Richard Dean "Dick" Parsons was born in Brooklyn, New York. Ed. Encyclopedia.com. Hispanic PRWire (June 11, 2004) http://www.hispanicprwire.com/news_in.php?id=2478&cha=6&PHPSESSID (accessed on July 31, 2004). [CDATA[ The 'Laura Bush' Petunia was immediately submitted to extensive field testing in four regions of the state. "Time Warner's Chairman and CEO Richard D. Parsons Honored by a Better Chance." Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 Errol Garner and Miles Davis are his favorite musicians. Regardless, Parsons is consistently applauded by various groups for the inspiration he provides to young people everywhere. ." Parsons accepted the presidency for a reported salary of several million dollars a year. "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. "Renaming our company will strengthen the identity of the AOL brand name among consumers," the CEO said in a written statement reported on CNNMoney.com. UXL Newsmakers. Parsons became chairman emeritus of the Partnership for New York City,[19] established by David Rockefeller in 1979,[20] who has known him for many years. 23 Feb. 2023 . 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. However, the date of retrieval is often important. Beginning his legal career as an aide on New York governor Nelson Rockefellers legal staff, Parsons made a very favorable impression on the governor. [6] He skipped a grade in elementary school and another in high school. Parsons remained optimistic, but he proceeded cautiously. "Parsons Faces Major Test in Unifying AOL Time Warner." Parsons graduated from the University of Hawaii and earned his J.D. Parsons worked at various odd jobs, including in a parking garage and gas company to support himself while at the University of Hawaii. Business executive 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. Parsons dealt with unhappy regulators. 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. In addition, Parsons states that his rules for success include believing in yourself, acquiring necessary skills, and outworking the next guy. Many, however, questioned the appointment since Parsons had no real experience in the banking industry. Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. "I always knew I'd rise to the top; it never occurred to me that I couldn't.". Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. 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. 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. . 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. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. He was again entering an industry that was new to him, and some doubted his qualifications. 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. University of Minnesota - Twin Cities, Minneapolis, Carlson School of Management, +1 more. Parsons skipped two grades and graduated from high school at the age of sixteen. Although Levin was effectively in charge, it was Parsons who consistently took on the tough assignments and it was Parsons who employees turned to for guidance. DETAILS. Contemporary Black Biography. 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 Some predicted a future in politics for Parsons. Richard Dean Parsons was born on April 4, 1948, in Brooklyn, New York. 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. In 2006, Parsons was selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. Parsons answered these reservations by promising to devote his full attention to his new $525,000-a-year post. [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. [9] In 1988, he was recruited to serve as chief operating officer of the Dime Savings Bank of New York by CEO Harry W. Albright Jr., who was a former Rockefeller aide. laura bush parsonsis ora king salmon safe to eat. While in Hawaii, he also met his future wife, Laura Bush. 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. https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948, Decker, Ed "Parsons, Richard Dean 1948 23 Feb. 2023 . Right after graduating in 1968, Bush wasn't doing anything concrete. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Michael Rogers is a salesman for Oracle software, In this segment, he shares career advice through the software industry. 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. . He is chairman of the Advisory Board of Feigen Advisors, a CEO advisory firm. In 2003 the University of Hawaii awarded Parsons the honorary doctor of humane letters degree. It was either you go for it, or its gone forever, claimed Parsons in Black Enterprise. 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. There are a number of other black executives who have elevated positions in corporate America, said Parsons in Black Enterprise. Parsons is due to mark his 31st wedding anniversary with his wife, the former Laura Ann Bush, in August. 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. Beginning his legal career as an aide on New York governor Nelson Rockefellers legal staff, Parsons made a very favorable impression on the governor. As he later told Black En terprise, My wife talked me into it. Washington Post, November 1, 1994, p. D5. 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. Never. 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. Washington Post, November 1, 1994, p. D5; December 6, 2001, p. EO1. Nationality: American. Just twenty-three years old, and fresh out of law school, Parsons landed a job as an aide on the legal staff of Nelson Rockefeller (19081979), the governor of New York. 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. [22] Parsons, however, repeatedly denied the reports,[23] supported Mayor Bloomberg's efforts to repeal the term limits law, and supported Bloomberg for a third term in office. But, in this case, Parsons sits at the helm of one of the largest media companies in the world, Time Warner. Chairman and chief executive officer, Goldman, Sachs & Company He ruminates for some time before addressing the. Former President George W. Bush and Laura Bush's daughter Barbara Bush gave birth to her first baby with husband Craig Coyne on Monday By Mary Park Published on September 29, 2021 11:42 AM 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. This degree is awarded by the Board of Regents to individuals distinguished by their national or international reputation or accomplishments in scholarship, public service, profession, industry, or other areas. did desi arnaz jr have a stroke; moose tracks vs cow tracks ice cream Time Warners record division was experiencing difficulty, and company officials were suspicious about the designs of Edgar Bronfman of the Seagram Companies, which owned 15 percent of the companys stock. 68-70, 72, 76, 77; January 1995, p. 15. Business Week, November 14, 1994, pp. He was raised in the rough neighborhood of Jamaica, New York, a city in Queens County. https://www.encyclopedia.com/general/culture-magazines/parsons-richard, "Parsons, Richard He also earned staff respect at Dime with his fair treatment of personnel. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. 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