[24], Parsons was a member of the economic advisory team for President Barack Obama. 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, 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. Chairman and chief executive officer, Goldman, Sachs & Company ", "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. The drag on the company continued to be AOL, which consistently floundered. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard, "Parsons, Richard Addresses: Office Time-Warner Inc., 75 Rockefeller Plaza, New York, NY. Standing at 6 feet 4 inches, with broad shoulders, he is a physically impressive man who could fill any boardroom. 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. ." http://www.ford.utexas.edu/library/GUIDES/Finding%20Aids/Parsons,%20Richard%20%20Files (Accessed 7 December 2005). Hard work has been a crucial component of the Parsons success story, a value he claims to have learned from his father. In 2003 the University of Hawaii awarded Parsons the honorary doctor of humane letters degree. Kathleen Ryan served as an assistant to Parsons for a few weeks after she joined the Domestic Council in April, 1975. 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. According to Better Chance president Sandra Timmons, as quoted by Hispanic PRWire, "Richard Parsons serves as a role model for aspiring executives of all races, but his success has earned him a special leadership role among African Americans.". 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. Parsons was chosen by Mayor Giuliani to head the Transition Council and later in 1993 to be the deputy mayor for economic development. April 21, 2021 11:45 am ET. In just a few years he reduced the Dimes $1 billion in bad debts to $335 million. Levin, however, felt that Parsons was the right man for the job, and some business insiders were not that surprised. 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. Editorial #: For the next six years, he served as the number-two executive 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. 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. Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 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. Parsons answered these reservations by promising to devote his full attention to his new $525, 000-a-year post. 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. This opportunity with Time Warner is a once in a lifetime one. Parsons became a board member for Time Warner, Inc., Phillip Morris, Tristar Pictures, Harvard University, and the Metropolitan Museum of Art. After Giuliani was elected, he named Parsons to be head of his transition council. Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen EsteeLauder. Parsons was a bright child with a gift for charming people by telling entertaining stories. 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. Dawn Bennett-Alexander assisted Parsons from March 1976 until the end of the administration. (February 23, 2023). "Parsons, Richard . . 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. . Farmington Hills, Mich.: Thomson Gale, 2003. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. You cant give something to somebody to have, said Parsons in the same article. Contemporary Black Biography. [27], In 2015, Parsons was diagnosed with multiple myeloma, a rare form of blood cancer. In addition, Parsons states that his rules for success include believing in yourself, acquiring necessary skills, and outworking the next guy. Parsons accepted the presidency for a reported salary of several million dollars a year. Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. Just twenty-three years old, and fresh out of law school, Parsons landed a job as an aide on the legal staff of Nelson Rockefeller (19081979), the governor of New York. Parsons credits his experiences at the University of Hawaii as preparation for his future in corporate America. University of Hawaii System.http://www.hawaii.edu/offices/bor/honorary/php?person=RP (Accessed 2 December 2005). As he later told Black En terprise, My wife talked me into it. 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." They have three grown children: Gregory, Leslie and Rebecca. "The Man Behind the Merger." 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 addition, thanks to an industry-wide technology slump, AOL, which had promised big revenues, had failed to deliver. Hu, Jim. Although she never cared to think in these terms, Jane Bolin would often have her name followed with the descriptive, "first black wo, John Vliet Lindsay Landler, Mark "Watch Your Back, Mr. Parsons" Business Week (14 November 1994): 38-39. 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. ." Parsons, however, was an extremely bright young man, who went on to graduate from high school when he was just sixteen years old. 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. CNNMoney.com (December 5, 2001) http://money.cnn.com/2001/12/05/ceos/parsons_profile (accessed on July 29, 2004). Parsons was chairman of Citigroup from 2009 until 2012. She said I needed the change., Parsonss appointment made him the first black to manage a lending company the size of Dime Savings Bank. 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 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. By the mid-1970s Parsons was noted as a rising star among black professionals, and he was profiled in Black Enterprises Under 30 & Moving Up series in 1975. 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. On October 1, 1995, Parsons was appointed president of Time Warner with a salary of several million dollars per year. https://www.encyclopedia.com/general/culture-magazines/parsons-richard, "Parsons, Richard He later attended the University of Hawaii at Manoa, where he played varsity basketball. in history from the University of Hawaii in 1968. In turn, Time Warner would have unlimited access to the ever-expanding Internet pipeline. [17][18], From the early 1980s through much of the 1990s, Parsons owned a house near the Rockefeller family estate in Pocantico Hills (see Kykuit), where his grandfather was once a groundskeeper. 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. ." 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. It is like air. [27][28][29] Being of Liberian ethnicity, Cooper founded the MacDella Cooper Foundation in 2004 to help orphans and abandoned children in Liberia following the Second Liberian Civil War. ." "Richard D. Parsons Named New CEO of AOL Time Warner." He received a juris doctorate from the Union University, University of Albany Law School in 1971. 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). As a result, the company struggled to maintain its credibility, its stock prices tumbled, and it faced $27 billion in debt. CNNMoney.com. 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. 1946 Employees: 14,500 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." While in Hawaii, he also met his future wife, Laura Bush. Parsons credits his father with teaching him to concentrate on achievement rather than dwell on race. 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. It also brought Parsons to the attention of high-ranking people who later sought his services. 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. Henry Louis Gates Jr. New York: Oxford University Press, 2004. For a brief time he worked for Nelson Rockefeller at the family office, "Room 5600", at Rockefeller Center.[8]. Then, copy and paste the text into your bibliography or works cited list. To this union three children were born (Gregory, Leslie, and Rebecca). 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. Encyclopedia.com. Parsons later became chairman and CEO[8] and oversaw a merger with Anchor Savings Bank, gaining a substantial sum when the Dime Bank was demutualized. As associate director, Parsons succeeded Geoffrey Shepard in handling general government, which included justice, treasury, commerce, the postal service, civil rights, and drugs. He serves on the board of several cultural institutions, including the Museum of Modern Art and Lincoln Center. Cohen, Adam. 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. 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. 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.. //]]>. (September 18, 2003) http://money.cnn.com/2003/09/18/technology/aol_name (accessed on July 31, 2004). "That's what makes you different from your competition," he maintains. Parsons refused the position but consented to work as the Economic Development Corporation chairperson. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. 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. 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. 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. at the company, and as Gerald Levin's right-hand man. 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. Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 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. In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. Certain corporations come to bear the impress of a sin, 19082007 Never. According to an article in Black Enterprise, Parsons feels that the Democrats believe in taking from one group to give to another one, while the Rockefeller Republicans espouse a policy of equipping a group with skills so that they can achieve what they need on their own. 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). "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. 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. Dl, D6. The Economicst (April 19, 2003). Born: March 28, 1946, in Chicago, Illinois., Public Company 68-70, 72, 76, 77; January 1995, p. 15. Business Week, November 14, 1994, pp. Within the Cite this article tool, pick a style to see how all available information looks when formatted according to that style. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. 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 . 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. The merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen Estee Lauder. "He is a persuader, not a dictator," a former colleague told CNET News.com. X. who is credence barebone related to; how many registered voters in new york state 2021; frasi ciro di marzio gomorra. Parsons remained optimistic, but he proceeded cautiously. Washington Post, November 1, 1994, p. D5; December 6, 2001, p. EO1. [4] He was one of five children. He was replaced by Strauss Zelnick. Richard D. Parsons, Counsel and Associate Director for Justice, Civil Rights, Drugs and Consumer Affairs: Files, 197477. . He was the first black president and one of the highest-ranking blacks in corporate America. He has claimed that race was never a defining character in his life. She is also credited with creating a national initiative called "Ready to Read, Ready to Learn", which promotes reading at a young age. 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. ." During that time he also earned the respect of the staff for his fair treatment. 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. Parsons, 66, has been married for 35 years to his wife Laura, 67. The merger was made official in 2001, when AOL purchased Time Warner for a reported $168 billion. 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. He stepped down as CEO of Time Warner on December 31, 2007. Parsons worked at various odd jobs, including in a parking garage and gas company to support himself while at the University of Hawaii. [2] In October 2018 Parsons stepped down from the position, citing difficulties brought about by his battle with Multiple myeloma. 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. Hayden, Thomas. 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. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0. 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