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. Facebook gives people the power to. 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. The merger was made official in 2001, when AOL purchased Time Warner for a reported $168 billion. Parsons was chairman of Citigroup from 2009 until 2012. During that time he also earned the respect of the staff for his fair treatment. This opportunity with Time Warner is a once in a lifetime one. 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. [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. I know the bank is in good hands., 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. He quickly became a star in the firm and in just two years was named partner. . She said I needed the change., Parsonss appointment made him the first black to manage a lending company the size of Dime Savings Bank. Bell, Gregory S., "Richard Dean Parsons." [2] On October 21, 2018, he resigned for health reasons from CBS and was replaced by Strauss Zelnick. He served as assistant counsel to Governor Rockefeller from 1971 to 1974 and was called to the New York State bar in 1972. Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 Contemporary Black Biography. 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 two met when Bush was still an aimless youth with no real idea of what he would be doing with his life. "Whenever we had a problem with one of the units, Parsons was always the guy who would solve it," former co-chairman of Warner Brothers Robert Daly explained to Business Week. But it's not my life. Mayor Giuliani later asked Parsons to become his Deputy mayor for Economic Development. ." New York Times, May 8, 1990, p. D5; August 26, 1990, p. D5; July 7, 1994, p. D4; October 31, 1994, pp. Parsons met Laura, a. After graduation, he attended college at the University of Hawaii, where he excelled both academically and socially; Parsons was a varsity basketball player and the social chairman of his fraternity. 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. Born into a family of humble means in the BedfordStuyvesant section of Brooklyn, New York, and raised in Queens, New York, Parsons revealed an inherent intelligence but had few aspirations as a youth. They have three grown children: Gregory, Leslie, and Rebecca. Parsons took on the role of co-COO, sharing the job with Robert Pittman (1953), former president of AOL. Levin, however, felt that Parsons was the right man for the job, and some business insiders were not that surprised. His 43 . Parsons was left in control of a bank that was apparently dying. Parsons began his career as a member of New York governor Nelson Rockefeller's legal staff where he served when Rockefeller became vice president of the United States under President Gerald Ford in 1974. Parsons was chosen by Mayor Giuliani to head the Transition Council and later in 1993 to be the deputy mayor for economic development. 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. Save. Parsons was a member of the economic advisory team for President Barack Obama in 2008. Parsons credits his father with teaching him to concentrate on achievement rather than dwell on race. President Ford also used his services, first as a general council and then as associate director of the domestic council. The proud parents were by Jenna's side when she married her husband, Henry Hager, in. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. 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. Time Warners record division was experiencing difficulty, and company officials were suspicious about the designs of Edgar Bronfman of the Seagram Companies, which owned 15 percent of the companys stock. Restrictions: Contact your local office for all commercial or promotional uses. 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. "I didn't have to think twice about it. This political stance was consistent with his rejection of the Democrats philosophy. 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. In 1988, he was recruited to serve as a chief operating officer of the Dime Savings Bank of New York. In 1999, when AOL and Time Warner merged, parsons became the co-chief operating officer, a position shared with Bob Pittman. cronin friend betty barb grand cortopassi Parsons, who owns a home on Block Island, is a child psychologist. So, in 1976, when President Ford lost his re-election bid to Jimmy Carter (1924), Parsons did not lack for opportunities. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. Parsons joined the Domestic Council staff in March 1975, serving both as legal council and as an associate director. 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." Decker, Ed. "I always knew I'd rise to the top; it never occurred to me that I couldn't.". [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. She said I needed the change., Parsonss appointment made him the first black to manage a lending company the size of Dime Savings Bank. 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. 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. 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. ." Zone Development Corporation, which was established to spur the development of business and the growth of job opportunities in Harlem. In fact, in 1995 he was key in orchestrating the successful merger between the Dime and Anchor Savings Bank. But, in this case, Parsons sits at the helm of one of the largest media companies in the world, Time Warner. . Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948. Some predicted a future in politics for Parsons. Decker, Ed "Parsons, Richard Dean 1948 Parsons assumed his post as president of Time Warner in January of 1995, a job that came with a reported multi-million dollar salary. Peter J. [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. 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." Peter J. "Can Dick Parsons Rescue AOL Time Warner?" In May 2014, in the wake of the Donald Sterling racial remarks controversy, Parsons was appointed the interim CEO of the Los Angeles Clippers. . They have three grown children. 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. Chairman and chief executive officer, Goldman, Sachs & Company 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 his biggest move to trim the $27 billion debt, Parsons sold Warner Music Group in November of 2003 for a reported $2.6 billion. With the bank on solid ground, Parsons set his sights on a new enterprise. As he told Ebony, I have never missed a single day of work in my life. "Parsons, Richard Farmington Hills, Mich.: Thomson Gale, 2003. window.__mirage2 = {petok:"Olb1PN4AOYQxfgUm1EldB37uVPcj4uBa8eBE3X8k2lQ-86400-0"}; Then, copy and paste the text into your bibliography or works cited list. [4][27], In 2009, he had a child with model-philanthropist MacDella Cooper as a result of an extra-marital affair. "Parsons Faces Major Test in Unifying AOL Time Warner." Then, they dont value it. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. Parsons became a board member for Time Warner, Inc., Phillip Morris, Tristar Pictures, Harvard University, and the Metropolitan Museum of Art. 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. For the next six years, he served as the number-two executive "Richard D. Parsons Named New CEO of AOL Time Warner." 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. Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen Estee Lauder. . Since the first marketing of Laura Bush, Dr. Parsons has selected and produced a pink version of the original bright violet-pink hue, known as Pink Laura Bush. It was a drastic move, but he also kept communications open with his employees every step of the way. Its not a bad time for me to make a move. Laura Bush petunia at President George Bushs Crawford Ranch he would be leaving AOL Time Warner, the assumption was that Pittman would be his likely successor. He also earned staff respect at Dime with his fair treatment of personnel. Dawn Bennett-Alexander assisted Parsons from March 1976 until the end of the administration. ." To this union three children were born (Gregory, Leslie, and Rebecca). Hayden, Thomas. 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. 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. 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 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. In contrast, he embraced the Rockefeller Republicans' philosophy of equipping a group with skills so they can achieve what they need on their own. Former President George W. Bush and his wife, Laura Bush, recently celebrated their 45th wedding anniversary. Encyclopedia.com. Kathleen Ryan served as an assistant to Parsons for a few weeks after she joined the Domestic Council in April, 1975. 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. 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. Wall Street Journal, May 8, 1990, p. BIO; January 30, 1995, pp. Atlanta Journal-Constitution, January 22, 2002, C3. 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. April 20, 2021, 9:57 AM PDT / Source: TODAY. Advertisement. 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. By the end of 1999, it was certified as a Texas Superstar which means it will show superior performance under Texas tough growing conditions in the Earth-Kind landscape. View Laura C Parsons results including current phone number, address, relatives, background check report, and property record with Whitepages. as vice president, Parsons was invited along. 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. 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 African American Lives. Parson changed his attitude dramatically (from negative to positive) and reached a turning point when he met and later married Laura Ann Bush, a child psychologist, Employees: 14,500 "Can a Nice Guy Run This Thing?" The Economicst (April 19, 2003). In just a few years he reduced the Dimes $1 billion in bad debts to $335 million. Born: March 28, 1946, in Chicago, Illinois., Public Company 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. Cohen, Adam. 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. The most he did at the time was to learn to . He is chairman of the Advisory Board of Feigen Advisors, a CEO advisory firm. In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the well-being of humanity worldwide. In 2006, Parsons selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. 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. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. [7] After four years, he was seven credits short of his diploma. Director of Business Operations at ExperienceIT. Hispanic PRWire (June 11, 2004) http://www.hispanicprwire.com/news_in.php?id=2478&cha=6&PHPSESSID (accessed on July 31, 2004). 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. 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. 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. 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. In the same Business Week interview, the CEO revealed, "I take this job seriously. Lauren Bush in New York Bush was signed with Elite Model Management before launching FEED. McClellan, Steve. 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. Addresses: Office AOL Time Warner, 75 Rockefeller Plaza, New York, NY 10019. council and then as associate director of the domestic council. 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. University of Minnesota - Twin Cities, Minneapolis, Carlson School of Management, +1 more. ExperienceIT, +5 more. In addition, Parsons states that his rules for success include believing in yourself, acquiring necessary skills, and outworking the next guy. (2 minutes) Former President George W. Bush, 74, is the author of "Out of Many, One: Portraits of America's Immigrants" (Crown). 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. ." 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. In 2007, he became the chairman of the board of directors of the Jazz Foundation of America. 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. 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.. ", "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. "Parsons, Richard 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. 68-70, 72, 76, 77; January 1995, p. 15. Business Week, November 14, 1994, pp. Parsons credits his experiences at the University of Hawaii as preparation for his future in corporate America. 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. Levin had been in negotiations with Steve Case (1958), AOL's CEO, for several years. Ed. He became such a trusted adviser that in 1974, when Rockefeller headed to Washington to serve On October 1, 1995, Parsons was appointed president of Time Warner with a salary of several million dollars per year. Get our quarterly newsletter to stay up-to-date, plus all speech or video narrative bookings near you as they happen. (February 23, 2023). Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. 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. 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