Financial Times, December 8, 2001, p. 13. 23 Feb. 2023 . 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. He joined the foundation's Board of Trustees in 2008. (February 23, 2023). Parsons graduated from the University of Hawaii and earned his J.D. AOL Time Warner's various operating units were still far from achieving a full integration. 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. Mayor Giuliani later asked Parsons to become his Deputy mayor for Economic Development. 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. Vol. He also serves as chairman of the Upper Manhattan Empowerment 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. "The Man Who Keeps the Peace: AOL Time-Warner's Richard Parsons." April 20, 2021, 9:57 AM PDT / Source: TODAY. Ed. CNET News.com (April 3, 2002) http://news.com.com/2009-1023-873910.html (accessed on July 29, 2004). "[11] In December 2001, it was announced that Levin would retire and Parsons had been selected as his successor. 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. 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. 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. As he told Cohen, "Ideally, you want to underpromise and overdeliver. His 43 . 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. Parsons worked at various odd jobs, including in a parking garage and gas company to support himself while at the University of Hawaii. They have three grown children: Gregory, Leslie, and Rebecca. 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. 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 . ." He also set out to streamline the bank's operations. The merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. 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. Encyclopedia.com. Hayden, Thomas. He became such a trusted adviser that in 1974, when Rockefeller headed to Washington to serve [7] After four years, he was seven credits short of his diploma. 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). With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. Encyclopedia.com. As a result, Parsons became known as the consummate gentleman executive. The 'Laura Bush' Petunia was immediately submitted to extensive field testing in four regions of the state. As associate director, Parsons succeeded Geoffrey Shepard in handling general government, which included justice, treasury, commerce, the postal service, civil rights, and drugs. Llewellyn, J. Bruce 1927 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. 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. 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. Credit: Shahar Azran / Contributor. Detroit, Mich.: Gale Research, 1996. Judge In the same Business Week interview, the CEO revealed, "I take this job seriously. (Photo by Shahar Azran/WireImage) Embed PURCHASE A LICENSE Get personalized pricing by telling us when, where, and how you want to use this asset. During his eleven years with the firm he was successful in both corporate law and civil litigation. By Scott Stump. "Can a Nice Guy Run This Thing?" Richard D. Parsons, Counsel and Associate Director for Justice, Civil Rights, Drugs and Consumer Affairs: Files, 197477. Born: March 28, 1946, in Chicago, Illinois., Public Company "That's what makes you different from your competition," he maintains. Laura Bush petunia at President George Bushs Crawford Ranch 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 a December 2001 press conference, Levin stunned the industry when he named Parsons as AOL Time Warner's next CEO. Eds. ." After his announcement as interim Clippers CEO in L.A. last week, the millionaire businessman reportedly flew back to the East Coast to be by her side as she underwent a medical procedure on Tuesday. 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. He also met a young Rudolph W. Giuliani, with whom he supported in his campaign for New York mayor and heading his transitional council. //]]>. In the latter post, Parsons focused on drug issues. 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 is also on the board of the family-created Museum of Modern Art. He graduated number one in his class of more than 100 students at the age of 23, then received the highest marks among 3, 600 lawyers who took the state bar examination in 1971. It is like air. "AOL Time Warner Still Fixing Holes." Washington Post, November 1, 1994, p. D5. 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. Farmington Hills, Mich.: Thomson Gale, 2003. Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. Kathleen Ryan served as an assistant to Parsons for a few weeks after she joined the Domestic Council in April, 1975. George and Laura welcomed their twin daughters, Jenna Bush Hager and Barbara Bush, on November 25, 1981. 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. Parsons joined the Domestic Council staff in March 1975, serving both as legal council and as an associate director. He was one of five children. (February 23, 2023). In 2015, Parsons was diagnosed with multiple myeloma, a rare blood cancer. . "Richard Dean Parsons." 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. L. Mpho Mabunda and Shirelle Phelps. Parsons accepted the presidency for a reported salary of several million dollars a year. 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. As he once told the New York Times, as reported by CNNMoney.com, "For a lot of people race is a defining issue. "Richard D. Parsons Named New CEO of AOL Time Warner." In a Black Enterprise article Parsons stated: "What motivates me is a sense of accountability to people who are important in my life." Standing at 6 feet 4 inches, with broad shoulders, he is a physically impressive man who could fill any boardroom. agreed that friendly giant Richard Parsons had been just what the fractured titan needed. "Can Dick Parsons Rescue AOL Time Warner?" (2 minutes) Former President George W. Bush, 74, is the author of "Out of Many, One: Portraits of America's Immigrants" (Crown). 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. Many, however, questioned the appointment since Parsons had no real experience in the banking industry. Certain corporations come to bear the impress of a sin, 19082007 "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. 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. 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. Wall Street Journal, May 8, 1990, p. B10; January 30, 1995, pp. . Cite this article Pick a style below, and copy the text for your bibliography. 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. In 2003 the University of Hawaii awarded Parsons the honorary doctor of humane letters degree. You cant give something to somebody to have, said Parsons in the same article. With the bank on solid ground, Parsons set his sights on a new enterprise. In 2001, George W. Bush selected Parsons to co-chair a commission on Social Security. [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. Isidore, Chris. Notable Black American Men, Book II. Chairman and chief executive officer, Goldman, Sachs & Company Hispanic PRWire (June 11, 2004) http://www.hispanicprwire.com/news_in.php?id=2478&cha=6&PHPSESSID (accessed on July 31, 2004). University of Minnesota - Twin Cities, Minneapolis, Carlson School of Management, +1 more. He stepped down as CEO of Time Warner on December 31, 2007. Later that year, it was announced that Parsons had been selected as CEO of America Online. 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. "Parsons, Richard 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. Three years later, in 1991, he was invited to join Time Warner's board; he subsequently became president of the company in 1995 and helped negotiate the company's merger with America Online in 2000. 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 May 2014, in the wake of the Donald Sterling racial remarks controversy, Parsons was appointed the interim CEO of the Los Angeles Clippers. 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. Mehta, Stephanie. UXL Newsmakers. ." In a Black Enterprise article, he openly rejected the Democrats' philosophy of taking from one group to give to another. After Giuliani was elected, he named Parsons to be head of his transition council. Jet (December 24, 2001): p. 6. 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. Bush, a full-time resident of the island for the past decade, is the owner of Albany Records, which produces "uncommonly classical" music by American composers; she was previously the manager of the Albany, New York, symphony. 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. Encyclopedia.com. "Time Warner Drops AOL Name." 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. Encyclopedia.com. Parsons met Laura, a. Named president of Dime Savings Bank of New York in 1988 even though he had no previous experience in the banking industry, he masterminded a turnaround at the bank in just a few years. Parsons later became Chairman and CEO and oversaw a merger with Anchor Savings Bank. Parsons, however, was an extremely bright young man, who went on to graduate from high school when he was just sixteen years old. At the same time people speculated about what role Parsons would play in Time Warner's future. Former President George W. Bush and his wife, Laura Bush, recently celebrated their 45th wedding anniversary. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948. 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's like height. http://www.ford.utexas.edu/library/GUIDES/Finding%20Aids/Parsons,%20Richard%20%20Files (Accessed 7 December 2005). 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. . 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. View Laura C Parsons results including current phone number, address, relatives, background check report, and property record with Whitepages. Decker, Ed "Parsons, Richard Dean 1948 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. 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. 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. In 2009, he had a child with model-philanthropist MacDella Cooper due to an extra-marital affair. The merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. . Parsons began working at Dime during a difficult period. "And he would do it in a way that everyone would feel good about the outcome." . 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. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. The drag on the company continued to be AOL, which consistently floundered. During that time he also earned the respect of the staff for his fair treatment. "The Man Behind the Merger." 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. Zone Development Corporation, which was established to spur the development of business and the growth of job opportunities in Harlem. BusinessWeek Online (May 19, 2003) http://www.businessweek.com/magazine/content/03_20/b3833001_mz001.htm (accessed on July 29, 2004). In turn, Time Warner would have unlimited access to the ever-expanding Internet pipeline. Black Firsts. Whether I was an African-American, an Arab-American, a Je wish-American, or some other American, there are a lot of people who I cannot let down, so you have to live your life a certain way to be a role model to the people who are important to you., After a year-long governmental review, Internet company America Online (AOL) and Time Warner merged in 2001. His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 1968. He graduated number one in his class of more than 100 students at the age of 23, then received the highest marks among 3,600 lawyers who. ." To the extent that we've lost credibility, repairing it is important." Los Angeles Times, January 13, 2001, p. C1; December 6, 2001, p. C1. 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. 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. [2] In October 2018 Parsons stepped down from the position, citing difficulties brought about by his battle with Multiple myeloma. (February 23, 2023). Refer to each styles convention regarding the best way to format page numbers and retrieval dates. laura bush parsonsis ora king salmon safe to eat. Landler, Mark "Watch Your Back, Mr. Parsons" Business Week (14 November 1994): 38-39. "Can Dick Parsons Rescue AOL Time Warner?" Apparently it was the right decision. Bell, Gregory S., "Richard Dean Parsons." Governor Rockefeller rewarded Parsonss solid performance by keeping him on his staff when he became vice president under President Gerald Ford in 1974. ." To the rest of the world, they are former President George W. Bush and former first lady Laura Bush, but to Jenna Bush Hager's children . He was raised in the rough neighborhood of Jamaica, New York, a city in Queens County. Richard Parsons has become one of the most prominent figures in American business, without rising through the usual ranks required to reach a high-level corporate position. 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. Governor Rockefeller rewarded Parsonss solid performance by keeping him on his staff when he became vice president under President Gerald Ford in 1974. 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. 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. 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. [9], Parsons was chairman of Citigroup from February 23, 2009[12] until April 2012 when he was replaced by Michael O'Neill. This opportunity with Time Warner is a once in a lifetime one. Peter J. Parsons took on the role of co-COO, sharing the job with Robert Pittman (1953), former president of AOL. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. Assistance League Of Chicagoland West: December 2013 alcw95.blogspot.com. 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." Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen Estee Lauder. "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. He paid his law school expenses by working as a part time janitor and later as an aide in the New York State Assembly. As part of his management restructure, Parsons opted to lay off almost one-third of the Dime's staff. Lauren Bush in New York Bush was signed with Elite Model Management before launching FEED. 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. In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. In addition, thanks to an industry-wide technology slump, AOL, which had promised big revenues, had failed to deliver. [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. as vice president, Parsons was invited along. 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. 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. Parsons was urged by Harry Albright Jr. to become the chief operating officer of the Dime Savings Bank in 1988 with a salary of $525,000 annually. Incorporated:l96S 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' 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). 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. They have three grown children: Gregory, Leslie, and Rebecca. Some predicted a future in politics for Parsons. In 1988, he was recruited to serve as a chief operating officer of the Dime Savings Bank of New York. 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. Richard Parsons has become one of the most prominent figures in American business, without rising through the usual ranks required to reach a high-level corporate position. As he later told Black Enterprise, My wife talked me into it. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard. In 2003, Parsons announced the name change from AOL Time Warner to Time Warner. 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. He frequently downplays race as a factor or handicap in his success. He has claimed that race was never a defining character in his life. Save. Editorial #: [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. Decker, Ed. As he told Ebony, I have never missed a single day of work in my life. Addresses: Office AOL Time Warner, 75 Rockefeller Plaza, New York, NY 10019. council and then as associate director of the domestic council. He also earned staff respect at Dime with his fair treatment of personnel. President Ford also used his services, first as a general council and then as associate director of the domestic council. 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. "Time Warner's Chairman and CEO Richard D. Parsons Honored by a Better Chance." The Economicst (April 19, 2003). . Parsons became a partner in just two years at Patterson, Belknap, Webb & Tyler, a move that typically demanded seven years. Parsons dealt with unhappy regulators. 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. Atlanta Journal-Constitution, January 22, 2002, C3. 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He also earned staff respect at Dime with his fair treatment of personnel Modern Art give something to somebody have! With Robert Pittman ( 1953 ), former president of AOL Time Warner to Time Warner is physically! Mayor for Economic Development, C3 your bibliography director of the Domestic council in April, 1975 owns! 'S Richard Parsons had been just what the fractured titan needed that typically demanded seven years as.
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