He played varsity basketball there, and was also the social chairman of his fraternity. His 43 . 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). 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 Encyclopedia.com gives you the ability to cite reference entries and articles according to common styles from the Modern Language Association (MLA), The Chicago Manual of Style, and the American Psychological Association (APA). 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. Still, when Levin announced, in late 2001, that Parsons dealt with unhappy regulators. 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." Ed Decker and Christine Miner Minderovic. The Economicst (April 19, 2003). As he later told Black Enterprise, My wife talked me into it. 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. On May 16, 2001, Parsons replaced Gerald Levin as CEO of the AOL-Time Warner Corporation. Incorporated:l96S He frequently downplays race as a factor or handicap in his success. 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." 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. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. After all, Parsons had sat on the company's board of directors for several years, and had developed close ties with top TW executives. Judge Parsons graduated from the University of Hawaii and earned his J.D. [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. In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. The Dimes' nonperforming assets were nearly 11 percent of the total assets by year 1991 in addition to $1 billion in bad debt. He received a B.A. Under his tutelage the bank staged a remarkable comeback, largely through his massive overhauling of the banks management systems and work force. . As part of his management restructure, Parsons opted to lay off almost one-third of the Dime's staff. [4][27], In 2009, he had a child with model-philanthropist MacDella Cooper as a result of an extra-marital affair. [2] On October 21, 2018, he resigned for health reasons from CBS and was replaced by Strauss Zelnick. 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. [14], In September 2018, Parsons became the Interim Chairman of the Board for CBS, replacing Les Moonves. Parsons later lived in a guesthouse on the estate. In turn, Time Warner would have unlimited access to the ever-expanding Internet pipeline. Parsons skipped two grades and graduated from high school at the age of sixteen. Encyclopedia.com. ." In 2006, Parsons was selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. True, Parsons had proven to be flexible enough to succeed in the banking world, but he had absolutely no background in media and entertainment. I exist apart from this job.". Pick a style below, and copy the text for your bibliography. Dr. Larry Stein, another Extension horticulturist, has added further to the color scale with a glowing Purple Laura Bush. 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. Parsons assumed his post as president of Time Warner in January of 1995, a job that came with a reported multi-million dollar salary. 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. After taking on the job of chairman and chief executive officer (CEO) of the Dime in 1990, Parsons continued to set the bank on its comeback course. 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 . 2019Encyclopedia.com | All rights reserved. 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. Parsons is also on the board of the family-created Museum of Modern Art. 23 Feb. 2023 . Former President George W. Bush and his wife, Laura Bush, recently celebrated their 45th wedding anniversary. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. The two met when Bush was still an aimless youth with no real idea of what he would be doing with his life. 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. "I always knew I'd rise to the top; it never occurred to me that I couldn't.". 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. He paid his law school expenses by working as a part time janitor and later as an aide in the New York State Assembly. cronin friend betty barb grand cortopassi Parsons was profiled in Black Enterprise's "Under 30 & Moving Up"' series in 1975. To many, it seemed that Pittman took on most of the plum assignments in the company, considering he was in charge of the high-profile AOL operations. It's like height. Bianco, Anthony, and Tom Lowry. They have three grown children: Gregory, Leslie and Rebecca. 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 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. 68-70, 72, 76, 77; January 1995, p. 15. Business Week, November 14, 1994, pp. . . 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." In 1994, Gerald Levin (1939), chairman of Time Warner (TW), openly recruited Parsons to take over as president of the company. And most Editorial #: "Time Warner Drops AOL Name." Parsons began his career working as a lawyer and counsel for former New York governor Nelson Rockefeller. 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. [15], In 2007, Parsons became the chairman of the board of directors of the Jazz Foundation of America. [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. 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. He stepped down as CEO of Time Warner on December 31, 2007. [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. https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0, Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. Jet (December 24, 2001): p. 6. Named president of Dime Savings Bank of New York in 1988 even though he had had no previous experience in the banking industry, he masterminded a turnaround at the bank in just a few years. The proud parents were by Jenna's side when she married her husband, Henry Hager, in. In May 2014, in the wake of the Donald Sterling racial remarks controversy, Parsons was appointed the interim CEO of the Los Angeles Clippers. Parsons also had to deal with an onslaught of unhappy regulators. Richard Dean "Dick" Parsons was born in Brooklyn, New York. 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. BusinessWeek Online (May 19, 2003) http://www.businessweek.com/magazine/content/03_20/b3833001_mz001.htm (accessed on July 29, 2004). He also expanded his web of connections, taking on such high-profile clients as Happy Rockefeller (1926), the widow of Nelson Rockefeller, and cosmetics giant Este Lauder. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0. He later attended the University of Hawaii at Manoa, where he played varsity basketball. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. He was raised in the rough neighborhood of Jamaica, New York, a city in Queens County. This opportunity with Time Warner is a once in a lifetime one. 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. Niece of George W. Bush, Laura Bush, Doro Bush, Marvin Bush and Jeb . 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. Served as assistant counsel to Governor Nelson Rockefeller, Albany, NY, 197174; 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, 197577; Patterson, Belknap, Webb & Tyler (law firm), New York, NY, attorney, 197788, became partner, 1979; Dime Savings Bank of New York (became Dime Bancorp, 1995), New York, NY, chief operating officer, 198890, chairman and chief executive officer, 199095; named head of mayor-elect transition council, New York, NY, 1993; served as chairman of New York Citys Economic Development Corporation; Time Warner Inc., New York, NY, president, 1995 Member of presidential Drug Task Force; chairman, Wildcat Service Organization. http://www.ford.utexas.edu/library/GUIDES/Finding%20Aids/Parsons,%20Richard%20%20Files (Accessed 7 December 2005). After Giuliani was elected, he named Parsons to be head of his transition council. 23 Feb. 2023 . Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/general/culture-magazines/parsons-richard. Parsons was a bright child with a gift for charming people by telling entertaining stories. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. Nationality: American. 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. In the latter post, Parsons focused on drug issues. Decker, Ed. When Parsons was named chief executive officer (CEO) in 2002 and chairman in 2003, he became one of the most powerful executives in the United States, but he also inherited a mountain of problems. Encyclopedia.com. 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. Hu, Jim. During his 11 years at the firm Parsons took on Happy Rockefeller, the widow of Nelson (who had died in 1979) as a high-profile client. Henry Louis Gates Jr. New York: Oxford University Press, 2004. J. Bruce Llewellyns career history might be viewed as a virtual microcosm of twentieth-century minority, Attorney, broadcasting executive, elected official As he told Cohen, "Ideally, you want to underpromise and overdeliver. She has been featured on the covers of Vogue and Vanity Fair and has frequently modelled for Tommy Hilfiger, as well as for Abercrombie & Fitch and designers Gai Mattiolo and Isaac Mizrahi. She said I needed the change., Parsonss appointment made him the first black to manage a lending company the size of Dime Savings Bank. 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. In 1999, when AOL and Time Warner merged, parsons became the co-chief operating officer, a position shared with Bob Pittman. Advertisement. Parsons also inherited a number of problems when he assumed his new post in January of 1995. Farmington Hills, Mich.: Thomson Gale, 2003. Llewellyn, J. Bruce 1927 "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. After attaining her master's degree in library science at the University of Texas at Austin, she was employed as a librarian. 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. [2] In October 2018 Parsons stepped down from the position, citing difficulties brought about by his battle with Multiple myeloma. Errol Garner and Miles Davis are his favorite musicians. From March 1975 to January 1976, Parsons was assisted in his duties by Lyn May, who had worked for Geoffrey Shepard. Contemporary Black Biography. In his eleven years with Patterson, Parsons cemented his reputation as a skilled negotiator. He joined the foundation's board of trustees in 2008. He also serves as chairman of the Upper Manhattan Empowerment . Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. ExperienceIT, +5 more. https://www.encyclopedia.com/general/culture-magazines/parsons-richard, "Parsons, Richard In September 2018, Parsons became the Interim Chairman of the Board for CBS replacing Les Moonves. on August 30, 1968. 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. [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. 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. In the latter post, Parsons focused on drug issues. Later that year, it was announced that Parsons had been selected as CEO of America Online. (her sister, Ashley, graduated from Kincaid in 2007). 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. The merger was made official in 2001, when AOL purchased Time Warner for a reported $168 billion. In 2006, Parsons selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. With a calm, cool-headed resolve, he doggedly tackled the problems that lay ahead. Parsons, who's been married to psychologist Laura Bush for almost 50 years, acknowledges the pain it caused others and still causes him. 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. "Parsons, Richard . 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 became a partner in just two years at Patterson, Belknap, Webb & Tyler, a move that typically demanded seven years. "The Man Behind the Merger." However, the date of retrieval is often important. Peter J. It just isn't for me. 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. Ed. 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. In 1988, he was recruited to serve as a chief operating officer of the Dime Savings Bank of New York. 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