He also earned staff respect at Dime with his fair treatment of personnel. He became such a trusted adviser that in 1974, when Rockefeller headed to Washington to serve DI, D6. He also serves as chairman of the Upper Manhattan Empowerment 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. 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. After attaining her master's degree in library science at the University of Texas at Austin, she was employed as a librarian. Vol. 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. 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. But, in this case, Parsons sits at the helm of one of the largest media companies in the world, Time Warner. [25], On May 9, 2014, in the wake of the Donald Sterling racial remarks controversy, it was announced that Richard Parsons was appointed the interim CEO of the Los Angeles Clippers. Notable Black American Men, Book II. And most J. Bruce Llewellyns career history might be viewed as a virtual microcosm of twentieth-century minority, Attorney, broadcasting executive, elected official In a Black Enterprise article, he openly rejected the Democrats' philosophy of taking from one group to give to another. They have three grown children: Gregory, Leslie, and Rebecca. Parsons began his career working as a lawyer and counsel for former New York governor Nelson Rockefeller. With a calm, cool-headed resolve, he doggedly tackled the problems that lay ahead. [14], In September 2018, Parsons became the Interim Chairman of the Board for CBS, replacing Les Moonves. 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. In his spare time he enjoys shooting pool and listening to music. He paid his law school expenses by working as a part time janitor and later as an aide in the New York State Assembly. Parsons later lived in a guesthouse on the estate. 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. Not one. Also fueling his rise were connections he has made with important people over the years. After New Mexico Governor Bill Richardson withdrew his name from consideration for the position of Secretary of Commerce in the Obama Administration, Parsons's name was floated as a possible nominee. in history from the University of Hawaii in 1968. Join Facebook to connect with Laura Parsons and others you may know. Addresses: Office AOL Time Warner, 75 Rockefeller Plaza, New York, NY 10019. council and then as associate director of the domestic council. "He intellectualizes outcomes and gets people to agree with his outcomes." Parsons, however, was an extremely bright young man, who went on to graduate from high school when he was just sixteen years old. (February 23, 2023). Parsons skipped two grades and graduated from high school at the age of sixteen. Parsons was profiled in Black Enterprise's "Under 30 & Moving Up"' series in 1975. Parsons dealt with unhappy regulators. 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 is due to mark his 31st wedding anniversary with his wife, the former Laura Ann Bush, in August. 23 Feb. 2023 . Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. 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. As he later told Black Enterprise, My wife talked me into it. In September 2018, Parsons became the Interim Chairman of the Board for CBS replacing Les Moonves. Memberships: Member of presidential Drug Task Force; chairman, Wildcat Service Organization. "Parsons, Richard Contemporary Black Biography. They have three grown children. Peter J. 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. 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." 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. His maternal grandfather had been head groundskeeper at the John D. Rockefeller estate, Kykuit. As associate director, Parsons succeeded Geoffrey Shepard in handling general government, which included justice, treasury, commerce, the postal service, civil rights, and drugs. 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. In 1988, he was recruited to serve as a chief operating officer of the Dime Savings Bank of New York. Landler, Mark "Watch Your Back, Mr. Parsons" Business Week (14 November 1994): 38-39. Over the years Parsons has, however, admitted the possibility of entering politics later in life. 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. Notable Black American Men, Book II. (September 18, 2003) http://money.cnn.com/2003/09/18/technology/aol_name (accessed on July 31, 2004). 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. To the extent that we've lost credibility, repairing it is important." As he once told the New York Times, as reported by CNNMoney.com, "For a lot of people race is a defining issue. "Getting your team together is the more important thing." [2] On October 21, 2018, he resigned for health reasons from CBS and was replaced by Strauss Zelnick. 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. He was also in charge of the legal department and human resources. Peter J. Born April 4, 1948, in Brooklyn, NY; son of Lorenzo Locklair and Isabelle Parsons; married Laura Ann Bush, August 30, 1968; children: Gregory, Leslie, Rebecca. They have three grown children: Gregory, Leslie and Rebecca. Richard Dean Parsons, CEO and president of the AOL-Time Warner Corporation, emerged through academic and corporate circles to become one of the most successful African Americans in corporate America. After Giuliani was elected, he named Parsons to be head of his transition council. So, in 1976, when President Ford lost his re-election bid to Jimmy Carter (1924), Parsons did not lack for opportunities. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. Encyclopedia.com. Washington Post, November 1, 1994, p. D5. . L. Mpho Mabunda and Shirelle Phelps. In his eleven years with Patterson, Parsons cemented his reputation as a skilled negotiator. Some predicted a future in politics for Parsons. 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. This political stance was consistent with his rejection of the Democrats philosophy. [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. He joined the foundation's board of trustees in 2008. It just isn't for me. 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. The proud parents were by Jenna's side when she married her husband, Henry Hager, in. 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. Parsons also remained a committed leader in other areas of public and community service. . 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. The 'Laura Bush' Petunia was immediately submitted to extensive field testing in four regions of the state. Levin, however, felt that Parsons was the right man for the job, and some business insiders were not that surprised. Editorial #: "Parsons Faces Major Test in Unifying AOL Time Warner." 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. Contemporary Black Biography. [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. Newsweek (January 24, 2000): p. 36. In the same Business Week interview, the CEO revealed, "I take this job seriously. Parsons took on the role of co-COO, sharing the job with Robert Pittman (1953), former president of AOL. In 2003 the University of Hawaii awarded Parsons the honorary doctor of humane letters degree. When Parsons was named chief executive officer (CEO) in 2002 and chairman in 2003, he became one of the most powerful executives in the United States, but he also inherited a mountain of problems. In 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. 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. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/general/culture-magazines/parsons-richard. [4] He was one of five children. Assistance League Of Chicagoland West: December 2013 alcw95.blogspot.com. http://www.ford.utexas.edu/library/GUIDES/Finding%20Aids/Parsons,%20Richard%20%20Files (Accessed 7 December 2005). 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. During that time he also earned the respect of the staff for his fair treatment. 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. "Honorary Degrees Conferred by the University of Hawaii." Contemporary Black Biography. CNNMoney.com. 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. Never. Facebook gives people the power to. [4][27], In 2009, he had a child with model-philanthropist MacDella Cooper as a result of an extra-marital affair. 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. This opportunity with Time Warner is a once in a lifetime one. Training And Servicing Center. 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. laura bush parsonsis ora king salmon safe to eat. 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. Business executive ." Contemporary Black Biography. He received a juris doctorate from the Union University, University of Albany Law School in 1971. 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. Wall Street Journal, May 8, 1990, p. BIO; January 30, 1995, pp. 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. During that time he also earned the respect of the staff for his fair treatment. For the next six years, he served as the number-two executive UXL Newsmakers. 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 was involved in sports at the University of Hawaii; the six-foot-four-inch Parsons played basketball, was the social chairman of his fraternity, but was unenthusiastic about academics. Cite this article Pick a style below, and copy the text for your bibliography. In turn, Time Warner would have unlimited access to the ever-expanding Internet pipeline. (February 23, 2023). 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. Restrictions: Contact your local office for all commercial or promotional uses. Parsons later became Chairman and CEO and oversaw a merger with Anchor Savings Bank. 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." "Can Dick Parsons Rescue AOL Time Warner?" newzjunky louise bartholomew nicole edward. 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. Chief among his tasks since joining Time Warner have been the restructuring of the companys financial and administrative operations, as well as evaluating the responsibilities of artists regarding explicit displays of sex and violence. He was again entering an industry that was new to him, and some doubted his qualifications. 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). Black Enterprise, October 1994, pp. CNNMoney.com (December 5, 2001) http://money.cnn.com/2001/12/05/ceos/parsons_profile (accessed on July 29, 2004). It's like height. Listen to article. 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. 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. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. Mayor Giuliani later asked Parsons to become his Deputy mayor for Economic Development. He later attended the University of Hawaii at Manoa, where he played varsity basketball. In the May 1975 reorganization, his area of responsibility was divided, and Parsons became associate director for justice, crime, civil rights, and communications (communications was transferred to F. Lynn May in January of 1976). In 2009, he had a child with model-philanthropist MacDella Cooper due to an extra-marital affair. Addresses: Office Time-Warner Inc., 75 Rockefeller Plaza, New York, NY. 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. 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. Parsons graduated from the University of Hawaii and earned his J.D. 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. Director of Business Operations at ExperienceIT. 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. 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. Education: Graduated from University of Hawaii, 1968; Union University, University of Albany Law School, J.D., 1971. Washington Post, November 1, 1994, p. D5; December 6, 2001, p. EO1. 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. 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. ." He quickly became a star in the firm and in just two years was named partner. ." The merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. His 43 . agreed that friendly giant Richard Parsons had been just what the fractured titan needed. (her sister, Ashley, graduated from Kincaid in 2007). Parsons was named CEO for AOL Time Warner. "Richard D. Parsons Named New CEO of AOL Time Warner." 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. Born: March 28, 1946, in Chicago, Illinois., Public Company Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen EsteeLauder. 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. Fortune (August 8, 2004). 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 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. (February 23, 2023). Parsons' grandfather, Judd, was a groundskeeper on Pocantico, part of the Rockefeller estate, long before Parsons became a protg of Nelson Rockefeller. Kathleen Ryan served as an assistant to Parsons for a few weeks after she joined the Domestic Council in April, 1975. "Richard Dean Parsons." To this union three children were born (Gregory, Leslie, and Rebecca). 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. 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. He received a B.A. 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. The announcement surprised many media watchers who expected chief operating officer Robert Pittman to take the helm. Zone Development Corporation, which was established to spur the development of business and the growth of job opportunities in Harlem. But in 2008, he was less of a doting husband when he fathered a daughter, Ella . It did make history as the largest corporate purchase ever, but it also became known as perhaps the most failed megamerger on record. As one AOL shareholder told Business Week, "Dick is the right guy to be running the company right now." Decker, Ed "Parsons, Richard Dean 1948 His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 1968. 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. 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. O de wurl aint flat,An de wurl aint roun,Hits one long stripHangin up an downJes Souf an Norf;Jes Norf an Souf. It is like air. Encyclopedia.com. 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. Wall Street Journal, May 8, 1990, p. B10; January 30, 1995, pp. In contrast, he embraced the Rockefeller Republicans' philosophy of equipping a group with skills so they can achieve what they need on their own. 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. 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. He was raised in the rough neighborhood of Jamaica, New York, a city in Queens County. Business Week Online.http://www.buisnessweek.com/magazine/content/03_20/b3833001_m2001.htm (Accessed 2 December 2005). He also set out to streamline the bank's operations. April 20, 2021, 9:57 AM PDT / Source: TODAY. In his biggest move to trim the $27 billion debt, Parsons sold Warner Music Group in November of 2003 for a reported $2.6 billion. Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. In 2001, United States President George W. Bush selected Parsons to co-chair a commission on Social Security. Parsons began working at Dime during a difficult period. After Giuliani was elected, he named Parsons to be head of his transition council. Beginning his legal career as an aide on New York governor Nelson Rockefellers legal staff, Parsons made a very favorable impression on the governor. "Time Warner Drops AOL Name." , 2000 ): 38-39 he became such a laura bush parsons adviser that in 1974, when Rockefeller to! In 1968 http: //money.cnn.com/2003/09/18/technology/aol_name ( accessed 2 December 2005 ) ( September,... Be head of his transition council served as the number-two executive UXL Newsmakers,! 31, 2004 ) he quickly became a star in the world Time. Development Corporation, which was established to spur the Development of business the. Connections he has made with important people over the years: 38-39 Under 30 & Moving Up '! 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