DETAILS. "Parsons the Man: Public Service as Much as Private Sector Success Define AOL Time Warner's New CEO." Contemporary Black Biography. "Richard Dean Parsons." Notable Black American Men, Book II. 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. 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. True, Parsons had proven to be flexible enough to succeed in the banking world, but he had absolutely no background in media and entertainment. 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. ." 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. 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. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. 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. Smith, Jessie Carney, ed. 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 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. 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. degree from Union University's Albany Law School in 1971. McClellan, Steve. Over the years Parsons has, however, admitted the possibility of entering politics later in life. "I always knew I'd rise to the top; it never occurred to me that I couldn't.". "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. 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. 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 Parsons appointment was not without controversy at Time Warner. Its not a bad time for me to make a move. He has claimed that race was never a defining character in his life. 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. April 20, 2021, 9:57 AM PDT / Source: TODAY. Parsons assumed his post as president of Time Warner in January of 1995, a job that came with a reported multi-million dollar salary. His 43 . Parsons was named CEO for AOL Time Warner. He also serves as chairman of the Upper Manhattan Empowerment 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. President Ford also used his services, first as a general. Parsons, who owns a home on Block Island, is a child psychologist. In his spare time he enjoys shooting pool and listening to music. Notable Black American Men, Book II. Black Enterprise, 25 (October 1994): 69-76. Vol. After four years, he discovered that he could get into a law school in New York if he scored well enough on his pre-law exams. 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. 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. 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. Parsons is also on the board of the family-created Museum of Modern Art. He is a Black business executive and lawyer. It just isn't for me. Landler, Mark "Watch Your Back, Mr. Parsons" Business Week (14 November 1994): 38-39. As associate director, Parsons succeeded Geoffrey Shepard in handling general government, which included justice, treasury, commerce, the postal service, civil rights, and drugs. 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. Atlanta Journal-Constitution, January 22, 2002, C3. Parsons dealt with unhappy regulators. Encyclopedia.com. Parsons refused the position but consented to work as the Economic Development Corporation chairperson. from Ariel Williams Holloway, Northboun' , 1926, NORTHBOUND' by Ariel Williams Holloway, Street Team INNW, St. Paul, The Tullahassee Mission, and School Opens, An Act for The Gradual Abolition Of Slavery is Passed, Steven Barnes, Science Fiction Writer born, St. Phillips College, (Texas) Begins Classes, Joseph Brant, Slave Owner, and Military Officer born, Americas Articles of Confederation Are Enacted, Court Rules to Desegregate Education in California, Harry Belafonte, Entertainer, and Activist born, The State of Pennsylvania Abolishes Slavery. 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. "He intellectualizes outcomes and gets people to agree with his outcomes." Most online reference entries and articles do not have page numbers. 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. Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 [4] He was one of five children. [7] After four years, he was seven credits short of his diploma. [2] In October 2018 Parsons stepped down from the position, citing difficulties brought about by his battle with Multiple myeloma. 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. Therefore, that information is unavailable for most Encyclopedia.com content. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. "Can Dick Parsons Rescue AOL Time Warner?" 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. During that time he also earned the respect of the staff for his fair treatment. [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. But, in this case, Parsons sits at the helm of one of the largest media companies in the world, Time Warner. In this case, Parsons was forced to tap into both sides of his personality. (February 23, 2023). 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. The Dimes' nonperforming assets were nearly 11 percent of the total assets by year 1991 in addition to $1 billion in bad debt. That same year, he scored the highest marks out of the nearly four thousand lawyers who took the New York State bar examination. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. ExperienceIT, +5 more. 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. Dr. Larry Stein, another Extension horticulturist, has added further to the color scale with a glowing Purple Laura Bush. Notable Black American Men, Book II. Llewellyn, J. Bruce 1927 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. It was either you go for it, or its gone forever, claimed Parsons in Black Enterprise. In 2001, United States President George W. Bush selected Parsons to co-chair a commission on Social Security. 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 For the next six years, he served as the number-two executive "Parsons, Richard Parsons, 66, has been married for 35 years to his wife Laura, 67. 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. Apparently it was the right decision. 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." 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. He was again entering an industry that was new to him, and some doubted his qualifications. The two met when Bush was still an aimless youth with no real idea of what he would be doing with his life. 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. 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. Niece of George W. Bush, Laura Bush, Doro Bush, Marvin Bush and Jeb . But in 2008, he was less of a doting husband when he fathered a daughter, Ella . 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. [15], In 2007, Parsons became the chairman of the board of directors of the Jazz Foundation of America. [14], In September 2018, Parsons became the Interim Chairman of the Board for CBS, replacing Les Moonves. Parsons worked at various odd jobs, including in a parking garage and gas company to support himself while at the University of Hawaii. He played varsity basketball there, and was also the social chairman of his fraternity. 1946 "Reeling Like a Bad Movie: AOL Time Warner." The announcement surprised many media watchers who expected chief operating officer Robert Pittman to take the helm. 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. President Ford also used his services, first as a general council and then as associate director of the domestic council. Levin had been in negotiations with Steve Case (1958), AOL's CEO, for several years. I know the bank is in good hands.. 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. Listen to article. . 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 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. laura bush parsonsis ora king salmon safe to eat. Jet (December 24, 2001): p. 6. He was the first black president and one of the highest-ranking blacks in corporate America. Although Richard Dean Parsons regularly makes Fortune magazine's annual list of the most powerful people in business, and he is considered to be one of the most respected African American executives in the country, he came from an average working-class background. 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. However, the date of retrieval is often important. He served as assistant counsel to Governor Rockefeller from 1971 to 1974 and was called to the New York State bar in 1972. 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." Los Angeles Times, January 13, 2001, p. C1; December 6, 2001, p. C1. //]]>. It also brought Parsons to the attention of high-ranking people who later sought his services. ." 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 . At the same time people speculated about what role Parsons would play in Time Warner's future. Financial Times, December 8, 2001, p. 13. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. Parsons credits his experiences at the University of Hawaii as preparation for his future in corporate America. 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). "I didn't have to think twice about it. Join Facebook to connect with Laura Parsons and others you may know. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. And most 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. "AOL Time Warner Still Fixing Holes." (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. 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. Decker, Ed. 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. 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 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. . Business executive [6] He later attended the University of Hawaii at Manoa, where at 6'4" tall he may have played varsity basketball. To the extent that we've lost credibility, repairing it is important." [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. In African American Lives. "And he would do it in a way that everyone would feel good about the outcome." Member of the board of directors of Dime Savings Bank, Federal National Mortgage Association, Philip Morris Companies, Time Warner Inc., New York Zoological Society, and American Television & Communications Inc.; trustee of Rockefeller Brothers Fund, Howard University, and Metropolitan Museum of Art. 2008 redeem team starting 5; who is sarah davis married to; L. Mpho Mabunda and Shirelle Phelps. In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. Parsons accepted the presidency for a reported salary of several million dollars a year. 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. After Giuliani was elected, he named Parsons to be head of his transition council. 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). In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. 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. He received a B.A. This political stance was consistent with his rejection of the Democrats philosophy. University of Hawaii System.http://www.hawaii.edu/offices/bor/honorary/php?person=RP (Accessed 2 December 2005). But it was Parsons who oversaw the units that brought in the most revenue, including Warner Brothers, New Line Cinema, and Time Warner Trade Publishing. Encyclopedia.com. From March 1975 to January 1976, Parsons was assisted in his duties by Lyn May, who had worked for Geoffrey Shepard. 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 Parsons (born April 4, 1948), an American business executive, is the former chairman of Citigroup and the former chairman and CEO of Time Warner. 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. He has claimed that race was never a defining character in his life. In contrast, he embraced the Rockefeller Republicans' philosophy of equipping a group with skills so they can achieve what they need on their own. ." April 21, 2021 11:45 am ET. [24], Parsons was a member of the economic advisory team for President Barack Obama. Decker, Ed "Parsons, Richard Dean 1948 Business Week Online.http://www.buisnessweek.com/magazine/content/03_20/b3833001_m2001.htm (Accessed 2 December 2005). Observer, (London, England) December 9, 2001, p. 4. With the bank on solid ground, Parsons set his sights on a new enterprise. Chairman and chief executive officer, Goldman, Sachs & Company 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. While in Hawaii, he also met his future wife, Laura Bush. 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.. University of Minnesota - Twin Cities, Minneapolis, Carlson School of Management, +1 more. Former President George W. Bush and his wife, Laura Bush, recently celebrated their 45th wedding anniversary. His involvement with Time Warner resulted in his developing close ties with important company executives such as Robert W. Morgado, the chairman of the Warner Music Group, and Michael J. Fuchs, chairman of HBO. Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen EsteeLauder. Under his tutelage the bank staged a remarkable comeback, largely through his massive overhauling of the banks management systems and work force. The Economicst (April 19, 2003). 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. did desi arnaz jr have a stroke; moose tracks vs cow tracks ice cream In a Black Enterprise article Parsons stated: "What motivates me is a sense of accountability to people who are important in my life." Parsons also remained a committed leader in other areas of public and community service. https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard, "Parsons, Richard Washington Post, November 1, 1994, p. D5; December 6, 2001, p. EO1. As one AOL shareholder told Business Week, "Dick is the right guy to be running the company right now." Bl, B3. (2 minutes) Former President George W. Bush, 74, is the author of "Out of Many, One: Portraits of America's Immigrants" (Crown). 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. 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. Contemporary Black Biography. 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." 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 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). He became such a trusted adviser that in 1974, when Rockefeller headed to Washington to serve UXL Newsmakers. 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. [6], 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. (September 18, 2003) http://money.cnn.com/2003/09/18/technology/aol_name (accessed on July 31, 2004). 23 Feb. 2023
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