[1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. In 1977 deputy attorney general Harold R. Tyler Jr. requested Parsons to come aboard at Patterson, Belknap, Webb, & Tyler where he became a partner in two years, a move that usually demands seven years. "Parsons, Richard Newzjunky - JCC Releases President's And Dean's Lists For Fall 2013 m.facebook.com. After Giuliani was elected, he named Parsons to be head of his transition council. "Can a Nice Guy Run This Thing?" Notable Black American Men, Book II. As he later told Black En terprise, My wife talked me into it. Assistance League Of Chicagoland West: December 2013 alcw95.blogspot.com. He is chairman of the Advisory Board of Feigen Advisors, a CEO advisory firm. Eds. Bianco, Anthony, and Tom Lowry. 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. 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. 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. Smith, Jessie Carney, ed. Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. "Parsons the Man: Public Service as Much as Private Sector Success Define AOL Time Warner's New CEO." Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 ." [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. In just a few years he reduced the Dimes $1 billion in bad debts to $335 million. 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. The Dimes' nonperforming assets were nearly 11 percent of the total assets by year 1991 in addition to $1 billion in bad debt. Ed. 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.. BusinessWeek Online (May 19, 2003) http://www.businessweek.com/magazine/content/03_20/b3833001_mz001.htm (accessed on July 29, 2004). In 2001, George W. Bush selected Parsons to co-chair a commission on Social Security. 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. 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. "Parsons, Richard 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. He stepped down as CEO of Time Warner on December 31, 2007. In Contemporary Black Biography. [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. Addresses: Office Time-Warner Inc., 75 Rockefeller Plaza, New York, NY. 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. "[11] In December 2001, it was announced that Levin would retire and Parsons had been selected as his successor. Therefore, that information is unavailable for most Encyclopedia.com content. 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. Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. [2] On October 21, 2018, he resigned for health reasons from CBS and was replaced by Strauss Zelnick. Landler, Mark "Watch Your Back, Mr. Parsons" Business Week (14 November 1994): 38-39. ." 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. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. 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. However, the date of retrieval is often important. The Parsons appointment was not without controversy at Time Warner. ." 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. 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. 11. "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. It was a drastic move, but he also kept communications open with his employees every step of the way. They credit him with keeping employees informed every step of the way, producing videos for employee distribution. It was either you go for it, or its gone forever, claimed Parsons in Black Enterprise. Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 Not one. Also fueling his rise were connections he has made with important people over the years. . Incorporated:l96S 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. 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. Kathleen Ryan served as an assistant to Parsons for a few weeks after she joined the Domestic Council in April, 1975. Parsons, 66, has been married for 35 years to his wife Laura, 67. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948, Decker, Ed "Parsons, Richard Dean 1948 The 'Laura Bush' Petunia was immediately submitted to extensive field testing in four regions of the state. J. Bruce Llewellyns career history might be viewed as a virtual microcosm of twentieth-century minority, Attorney, broadcasting executive, elected official He ruminates for some time before addressing the. In addition, thanks to an industry-wide technology slump, AOL, which had promised big revenues, had failed to deliver. 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. In addition to his work for Rockefeller and the Ford administration, the lawyer-turned-banker-turned media executive served in various political roles throughout his career. "The Man Who Keeps the Peace: AOL Time-Warner's Richard Parsons." Cohen, Adam. In 2015, Parsons was diagnosed with multiple myeloma, a rare blood cancer. ." "It's a collaboration," he told Anthony Bianco and Tom Lowry of Business Week. Most online reference entries and articles do not have page numbers. 23 Feb. 2023
. . Parsons worked at various odd jobs, including in a parking garage and gas company to support himself while at the University of Hawaii. Over the years Parsons has, however, admitted the possibility of entering politics later in life. 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. Mehta, Stephanie. (her sister, Ashley, graduated from Kincaid in 2007). [3], Parsons was born to an African-American family in Brooklyn, New York City, on April 4, 1948. Parsons was named CEO for AOL Time Warner. 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. DI, D6. lauren bush david laura miranda kerr coocoo coconut oil marries models. President Ford also used his services, first as a general council and then as associate director of the domestic council. Barbara Pierce Bush, daughter of former President George W. Bush and former First Lady Laura Bush, welcomed daughter Cora Georgia in September 2021 with husband Craig Coyne. https://www.encyclopedia.com/general/culture-magazines/parsons-richard, "Parsons, Richard 1946 Hu, Jim. 23 Feb. 2023 . Restrictions: Contact your local office for all commercial or promotional uses. The bank had suffered a series of losses due to the drastic devaluation of New York City real estate in the late 1980s, and during the previous year it had lost $92.3 million. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-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. 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. Never. 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. 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. 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. 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. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. On October 1, 1995, Parsons was appointed president of Time Warner with a salary of several million dollars per year. 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. "I didn't have to think twice about it. In 2006, Parsons selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. 23 Feb. 2023 . Parsons, however, was an extremely bright young man, who went on to graduate from high school when he was just sixteen years old. Dl, D6. On May 16, 2001, Parsons replaced Gerald Levin as CEO of the AOL-Time Warner Corporation. 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.. 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. His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 1968. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. As a result, Dime Bancorp became the largest thrift institution on the East Coast and the fourth largest in the United States. They have three grown children: Gregory, Leslie, and Rebecca. It just isn't for me. In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the well-being of humanity worldwide. Encyclopedia.com. B1, B3. [4][27], In 2009, he had a child with model-philanthropist MacDella Cooper as a result of an extra-marital affair. He has claimed that race was never a defining character in his life. Levin had been in negotiations with Steve Case (1958), AOL's CEO, for several years. [6] He skipped a grade in elementary school and another in high school. Isidore, Chris. In 2000, Parsons guided the merger of Time Warner with America Online (AOL). 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." 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. Parsons also had to deal with an onslaught of unhappy regulators. did desi arnaz jr have a stroke; moose tracks vs cow tracks ice cream 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. Parsons was chosen by Mayor Giuliani to head the Transition Council and later in 1993 to be the deputy mayor for economic development. Studied fashion design at Parsons The New School for Design and Central Saint Martins College of Art and Design. "Time Warner Drops AOL Name." "The Man Behind the Merger." Parsons later lived in a guesthouse on the estate. He frequently downplays race as a factor or handicap in his success. [15], In 2007, Parsons became the chairman of the board of directors of the Jazz Foundation of America. 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 . Atlanta Journal-Constitution, January 22, 2002, C3. Skeptics also wondered how Parsons would fare in his new job considering the bank was facing financial ruin. Richard D. Parsons, Counsel and Associate Director for Justice, Civil Rights, Drugs and Consumer Affairs: Files, 197477. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. Assets: $47.4 billion In 2001 Parsons was named the successor to AOL Time Warners CEO, Gerald Levin, who was retired in May of 2002. "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. ." 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. 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. 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. He serves on the board of several cultural institutions, including the Museum of Modern Art and Lincoln Center. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. window.__mirage2 = {petok:"Olb1PN4AOYQxfgUm1EldB37uVPcj4uBa8eBE3X8k2lQ-86400-0"}; "Honorary Degrees Conferred by the University of Hawaii." While in Hawaii, he also met his future wife, Laura Bush. With the bank on solid ground, Parsons set his sights on a new enterprise. 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. While in Hawaii, he also met his future wife, Laura Bush. He met with the then President-elect on Friday, November 7, 2008, along with many other economic experts, to discuss measures to solve the current economic crisis. 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. 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. Encyclopedia.com. Over the years Parsons has, however, admitted the possibility of entering politics later in life. He became an advisory trustee of the family's principal philanthropy, the Rockefeller Brothers Fund, and he sits with David Rockefeller on the board of the World Trade Center Memorial Foundation. He also serves as chairman of the Upper Manhattan Empowerment Washington Post, November 1, 1994, p. D5; December 6, 2001, p. EO1. During his eleven years with the firm he was successful in both corporate law and civil litigation. Errol Garner and Miles Davis are his favorite musicians. 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. 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. In addition, Parsons states that his rules for success include believing in yourself, acquiring necessary skills, and outworking the next guy. 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. [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. As counsel to the Domestic Council, he worked closely with the Counsel to the President in providing legal guidance in the formulation of domestic policy. 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. 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. Parsons became a partner in just two years at Patterson, Belknap, Webb & Tyler, a move that typically demanded seven years. 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. . 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). 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. In a Black Enterprise article, Fonda Marie Lloyd and Mark Lowery stated that "colleagues say Parsons' management style helped smooth painful layoffs (two thousand of the four thousand employees) that he had to make." Encyclopedia.com. Parsons and his wife Laura own a vineyard in Montalcino, Italy. Ed Decker and Christine Miner Minderovic. 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-. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. Parsons assumed his post as president of Time Warner in January of 1995, a job that came with a reported multi-million dollar salary. But, in this case, Parsons sits at the helm of one of the largest media companies in the world, Time Warner. 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. This opportunity with Time Warner is a once in a lifetime one. 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]. 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 Memberships: Member of presidential Drug Task Force; chairman, Wildcat Service Organization. Encyclopedia.com. During that time he also earned the respect of the staff for his fair treatment. 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. I exist apart from this job.". ", "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. ( 14 November 1994 ): 38-39 administration, the date of is... Aol-Time Warner Corporation the United States 2023 from Encyclopedia.com: https: //www.encyclopedia.com/general/culture-magazines/parsons-richard, `` Parsons the school... Office Time-Warner Inc., 75 Rockefeller Plaza, New York, NY the possibility entering... Engineered a merger with Anchor Savings bank to create Dime Bancorp became the chairman of the Board of of! Giuliani to head the transition team for Michael Bloomberg, who was elected Mayor New! A grade in elementary school and another in high school, claimed Parsons Black. The respect of the Advisory Board of directors of the Los Angeles NBA! In 2015, Parsons became a partner in just two years at Patterson,,. Anchor Savings bank to create Dime Bancorp in early 1995 a CEO Advisory firm Conferred... Multi-Million dollar salary Hawaii, he also met his future wife, Laura Bush considering bank! 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