Chairman and chief executive officer, Goldman, Sachs & Company Eds. 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. With a calm, cool-headed resolve, he doggedly tackled the problems that lay ahead. While in Hawaii, he also met his future wife, Laura Bush. 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. Decker, Ed "Parsons, Richard Dean 1948 Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. Parsons credits his experiences at the University of Hawaii as preparation for his future in corporate America. UXL Newsmakers. 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. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. 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. 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. Therefore, that information is unavailable for most Encyclopedia.com content. 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. Parsons was accepted by Albany Law School of Union University, New York, where he earned a Juris Doctor in 1971, finishing at the top of his class. 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. As a result, Dime Bancorp became the largest thrift institution on the East Coast and the fourth largest in the United States. He received a juris doctorate from the Union University, University of Albany Law School in 1971. He has claimed that race was never a defining character in his life. In doing so, he became the first African American to head a lending institution of such proportion. Business Week Online.http://www.buisnessweek.com/magazine/content/03_20/b3833001_m2001.htm (Accessed 2 December 2005). In May 2014, in the wake of the Donald Sterling racial remarks controversy, Parsons was appointed the interim CEO of the Los Angeles Clippers. 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. 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.". (February 23, 2023). 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 The merger was made official in 2001, when AOL purchased Time Warner for a reported $168 billion. . An article in Business Week Online stated that after accepting the Time Warner presidency, "Parsons gradually made himself indispensable to Time Warner by taking on tough assignments that the increasingly insular Levin could not do himself." Contemporary Black Biography. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. [4] He was one of five children. Training And Servicing Center. In September 2018, Parsons became the Interim Chairman of the Board for CBS replacing Les Moonves. Assistance League Of Chicagoland West: December 2013 alcw95.blogspot.com. degree from Union University's Albany Law School in 1971. [13] He is chairman of the advisory board of Feigen Advisors, a CEO advisory firm run by Marc Feigen. 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 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, who owns a home on Block Island, is a child psychologist. ." Pick a style below, and copy the text for your bibliography. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. This opportunity with Time Warner is a once in a lifetime one. He stepped down as CEO of Time Warner on December 31, 2007. [27], In 2015, Parsons was diagnosed with multiple myeloma, a rare form of blood cancer. Again, the business community was rocked by the news. Washington Post, November 1, 1994, p. D5; December 6, 2001, p. EO1. 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. "And he would do it in a way that everyone would feel good about the outcome." 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 paid his law school expenses by working as a part time janitor and later as an aide in the New York State Assembly. Parsons lost no time in putting his years of Washington deal-making into action. 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. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. He played varsity basketball there, and was also the social chairman of his fraternity. 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. He has claimed that race was never a defining character in his life. Parsons was named CEO for AOL Time Warner. Parsons' responsibilities at Time Warner included corporate finance and legal affairs activities and membership on the board of directors as well as the boards of TriStar Pictures and the Cable Group, American Television, and Communication (now Time Warner Cable). 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. Parsons worked part-time as a janitor to pay his way through the University of Albany Law School in New York, and when he graduated in 1971, it was at the top of his class. Parsons assumed his post as president of Time Warner in January of 1995, a job that came with a reported multi-million dollar salary. . Governor Rockefeller rewarded Parsonss solid performance by keeping him on his staff when he became vice president under President Gerald Ford in 1974. Atlanta Journal-Constitution, January 22, 2002, C3. In 2003, Parsons announced the name change from AOL Time Warner to Time Warner. For the next six years, he served as the number-two executive X. who is credence barebone related to; how many registered voters in new york state 2021; frasi ciro di marzio gomorra. As he once told the New York Times, as reported by CNNMoney.com, "For a lot of people race is a defining issue. 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). CNET News.com (April 3, 2002) http://news.com.com/2009-1023-873910.html (accessed on July 29, 2004). . 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." His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 1968. He was born on April 4, 1948, in the Bedford-Stuyvesant section of Brooklyn, New York, and was raised in the New York borough of Queens. Incorporated:l96S Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. . For a brief time he worked for Nelson Rockefeller at the family office, "Room 5600", at Rockefeller Center.[8]. "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. 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. Dawn Bennett-Alexander assisted Parsons from March 1976 until the end of the administration. 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. did desi arnaz jr have a stroke; moose tracks vs cow tracks ice cream Parsons was left in control of a bank that was apparently dying. Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. He serves on the board of several cultural institutions, including the Museum of Modern Art and Lincoln Center. Some predicted a future in politics for Parsons. Advertisement. At the same time people speculated about what role Parsons would play in Time Warner's future. He was one of five children. (September 18, 2003) http://money.cnn.com/2003/09/18/technology/aol_name (accessed on July 31, 2004). McClellan, Steve. Hayden, Thomas. Parsons later lived in a guesthouse on the estate. He also serves as chairman of the Upper Manhattan Empowerment 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. Here, the little . Restrictions: Contact your local office for all commercial or promotional uses. April 21, 2021 11:45 am ET. When Robert Pittman stepped down as COO in June of 2002, Parsons quickly reorganized the company's top ranks by promoting some of Time Warner's former division chiefs. 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. Broadcasting & Cable (July 28, 2003): p. 8. 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. Dr. Larry Stein, another Extension horticulturist, has added further to the color scale with a glowing Purple Laura Bush. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. 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. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/general/culture-magazines/parsons-richard. 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. 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 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. Admiration for Parsonss skills in the business world resulted in his being courted as a board member for a number of leading companies and institutions, including Time Warner Inc., Philip Morris, Tristar Pictures, Howard University, and the Metropolitan Museum of Art. https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0, Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 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 2009, he had a child with model-philanthropist MacDella Cooper due to an extra-marital affair. 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. University of Hawaii System.http://www.hawaii.edu/offices/bor/honorary/php?person=RP (Accessed 2 December 2005). So, in 1976, when President Ford lost his re-election bid to Jimmy Carter (1924), Parsons did not lack for opportunities. He skipped a grade in elementary school and another in high school. Former President George W. Bush and his wife, Laura Bush, recently celebrated their 45th wedding anniversary. Parsons skipped two grades and graduated from high school at the age of sixteen. He served as assistant counsel to Governor Rockefeller from 1971 to 1974 and was called to the New York State bar in 1972. Parsons met Laura, a. Parsons was a bright child with a gift for charming people by telling entertaining stories. Notable Black American Men, Book II. 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. 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 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. 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. After attaining her master's degree in library science at the University of Texas at Austin, she was employed as a librarian. Over the years Parsons has, however, admitted the possibility of entering politics later in life. 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. Richard Dean "Dick" Parsons was born in Brooklyn, New York. Peter J. [3], Parsons was born to an African-American family in Brooklyn, New York City, on April 4, 1948. They have three grown children: Gregory, Leslie, and Rebecca. After Giuliani was elected, he named Parsons to be head of his transition council. (her sister, Ashley, graduated from Kincaid in 2007). A 2001 merger between Internet icon America Online (AOL) and Time Warner, a leader in the entertainment industry, had proven to be a failed experiment. Niece of George W. Bush, Laura Bush, Doro Bush, Marvin Bush and Jeb . 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. It did make history as the largest corporate purchase ever, but it also became known as perhaps the most failed megamerger on record. In 2003 the University of Hawaii awarded Parsons the honorary doctor of humane letters degree. Parsons answered these reservations by promising to devote his full attention to his new $525,000-a-year post. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard. "That's what makes you different from your competition," he maintains. "The Man Behind the Merger." As he told Ebony, I have never missed a single day of work in my life. In addition, Parsons provided legal counsel to several major U.S. corporations, including the Dimes Savings Bank of New York, the largest savings and loan institution in the state. [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. Broadcasting executive Percy E. Sutton served as Manhattan borough president between 1966 and 1977, Hank Paulson 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. Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 When Rockefeller was appointed Vice President of the United States in 1974, Parsons followed him to Washington, D.C., where he worked directly with Gerald Ford. agreed that friendly giant Richard Parsons had been just what the fractured titan needed. Ed Decker and Christine Miner Minderovic. https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard, "Parsons, Richard His 43 . Parsons, who's been married to psychologist Laura Bush for almost 50 years, acknowledges the pain it caused others and still causes him. Not one. Also fueling his rise were connections he has made with important people over the years. Never. [24], Parsons was a member of the economic advisory team for President Barack Obama. The conglomerate was also saddled with significant debt. Peter J. "Parsons, Richard O de wurl aint flat,An de wurl aint roun,Hits one long stripHangin up an downJes Souf an Norf;Jes Norf an Souf. In contrast, he embraced the Rockefeller Republicans' philosophy of equipping a group with skills so they can achieve what they need on their own. [2] In October 2018 Parsons stepped down from the position, citing difficulties brought about by his battle with Multiple myeloma. 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. Its not a bad time for me to make a move. Parsons served with the Domestic Council until the end of the Ford administration and returned to New York to work for Governor Nelson Rockefeller. "Getting your team together is the more important thing." In turn, Time Warner would have unlimited access to the ever-expanding Internet pipeline. In the same Business Week interview, the CEO revealed, "I take this job seriously. He also set out to streamline the bank's operations. [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. 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