https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948, Decker, Ed "Parsons, Richard Dean 1948 The merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948. Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen EsteeLauder. AOL Time Warner's various operating units were still far from achieving a full integration. In 2009, he had a child with model-philanthropist MacDella Cooper due to an extra-marital affair. Birthplace: Brooklyn, NY Gender: Male Race or Ethnicity: Black Sexual orientation: Straight Occupation: Business Nationality: United States Executive summary: CEO of Time Warner, 2002-07 Wife: Laura Bush Parsons (three children) Mistress: MacDella Cooper (model, one daughter) Daughter: Ella (b. Aug-2008 with Cooper) He also serves as chairman of the Upper Manhattan Empowerment 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. His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 1968. [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. True, Parsons had proven to be flexible enough to succeed in the banking world, but he had absolutely no background in media and entertainment. Therefore, its best to use Encyclopedia.com citations as a starting point before checking the style against your school or publications requirements and the most-recent information available at these sites: http://www.chicagomanualofstyle.org/tools_citationguide.html. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. In the latter post, Parsons focused on drug issues. Get our quarterly newsletter to stay up-to-date, plus all speech or video narrative bookings near you as they happen. "Time Warner's Chairman and CEO Richard D. Parsons Honored by a Better Chance." [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. Education: Graduated from University of Hawaii, 1968; Union University, University of Albany Law School, J.D., 1971. In 1999, when AOL and Time Warner merged, parsons became the co-chief operating officer, a position shared with Bob Pittman. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. Levin had been in negotiations with Steve Case (1958), AOL's CEO, for several years. Hayden, Thomas. Training And Servicing Center. McClellan, Steve. "Getting your team together is the more important thing." Broadcasting & Cable (July 28, 2003): p. 8. 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. 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. "Parsons, Richard 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. April 21, 2021 11:45 am ET. Right after graduating in 1968, Bush wasn't doing anything concrete. In a December 2001 press conference, Levin stunned the industry when he named Parsons as AOL Time Warner's next CEO. In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the well-being of humanity worldwide. 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. He stepped down as CEO of Time Warner on December 31, 2007. 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. ", Analysts wondered about the future of AOL even as Parsons continued to play peacemaker, overseeing Monday morning meetings with his various managers and promising harmony between teams. ", "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. Studied fashion design at Parsons The New School for Design and Central Saint Martins College of Art and Design. ." 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 Llewellyn, J. Bruce 1927 George and Laura welcomed their twin daughters, Jenna Bush Hager and Barbara Bush, on November 25, 1981. He ruminates for some time before addressing the. 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. Bell, Gregory S., "Richard Dean Parsons." 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. 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. Cite this article Pick a style below, and copy the text for your bibliography. Addresses: Office Time-Warner Inc., 75 Rockefeller Plaza, New York, NY. Contemporary Black Biography. They credit him with keeping employees informed every step of the way, producing videos for employee distribution. Assistance League Of Chicagoland West: December 2013 alcw95.blogspot.com. In this case, Parsons was forced to tap into both sides of his personality. 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. Mayor Giuliani later asked Parsons to become his Deputy mayor for Economic Development. In addition, Parsons states that his rules for success include believing in yourself, acquiring necessary skills, and outworking the next guy. While in Hawaii, he also met his future wife, Laura Bush. Credit: Shahar Azran / Contributor. So, in 1976, when President Ford lost his re-election bid to Jimmy Carter (1924), Parsons did not lack for opportunities. He stepped down as CEO of Time Warner on December 31, 2007. 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. Then, they dont value it. CNNMoney.com. 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. 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. DETAILS. 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. The merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. Parsons was chairman of Citigroup from 2009 until 2012. I know the bank is in good hands.. [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. In 2007, he became the chairman of the board of directors of the Jazz Foundation of America. It was either you go for it, or its gone forever, claimed Parsons mBlack Enterprise.Its not a bad time for me to make a move. (February 23, 2023). 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). 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 I dont do anything differently than I would otherwise because I have that responsibility to my family, he told the New York Times in 1994. 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. Encyclopedia.com. In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 "Can a Nice Guy Run This Thing?" 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-. [16], In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the wellbeing of humanity all over the world. "Time Warner Drops AOL Name." [21], In August 2006, an article in New York Magazine reported that Parsons would likely run for Mayor of New York City in the 2009 New York mayoral election. New York Times, May 8, 1990, p. D5; August 26, 1990, p. D5; July 7, 1994, p. D4; October 31, 1994, pp. In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. In 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." He paid his law school expenses by working as a part time janitor and later as an aide in the New York State Assembly. He was raised in the rough neighborhood of Jamaica, New York, a city in Queens County. 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. A gregarious and thoughtful man, Mr. Parsons has risen by winning the affection and loyalty of influential mentors, wrote Laurence Zuckerman in the New York Times. 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. Value is associated with hard work.. ." 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. 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. 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. ." "Richard Dean Parsons." 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." He graduated at the age of twenty-three, number one of more than 100 students and received the highest score among 3,600 lawyers in 1971 who took the state bar exam. Once again, Parsons made history, becoming what Adam Cohen of Time called the "first African American to lead the world's most influential media company." Decker, Ed "Parsons, Richard Dean 1948 Under his tutelage the bank staged a remarkable comeback, largely through his massive overhauling of the banks management systems and work force. Again, the business community was rocked by the news. [9], Parsons was chairman of Citigroup from February 23, 2009[12] until April 2012 when he was replaced by Michael O'Neill. (her sister, Ashley, graduated from Kincaid in 2007). Parsons also inherited a number of problems when he assumed his new post in January of 1995. He also met a young Rudolph W. Giuliani, with whom he supported in his campaign for New York mayor and heading his transitional council. He has claimed that race was never a defining character in his life. Parsons joined the Domestic Council staff in March 1975, serving both as legal council and as an associate director. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. Parsons answered these reservations by promising to devote his full attention to his new $525,000-a-year post. Parsons began working at Dime during a difficult period. Ed Decker and Christine Miner Minderovic. During his eleven years with the firm he was successful in both corporate law and civil litigation. Certain corporations come to bear the impress of a sin, 19082007 A lawyer and politician, John Vliet Lindsay (born 1921) was a member of the U.S. Congress from 1959 to 1965 and mayor of New York, https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948, https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0, http://news.com.com/2009-1023-873910.html, http://money.cnn.com/2003/09/18/technology/aol_name, http://money.cnn.com/2001/12/05/ceos/parsons_profile, https://www.encyclopedia.com/general/culture-magazines/parsons-richard, http://www.hawaii.edu/offices/bor/honorary/php?person=RP, https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard. Still, when Levin announced, in late 2001, that "Honorary Degrees Conferred by the University of Hawaii." Encyclopedia.com. Memberships: Member of presidential Drug Task Force; chairman, Wildcat Service Organization. He became such a trusted adviser that in 1974, when Rockefeller headed to Washington to serve The two met when Bush was still an aimless youth with no real idea of what he would be doing with his life. in history from the University of Hawaii in 1968. 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. Errol Garner and Miles Davis are his favorite musicians. After all, Parsons had sat on the company's board of directors for several years, and had developed close ties with top TW executives. 23 Feb. 2023
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