They have three grown children. He stepped down as CEO of Time Warner on December 31, 2007. 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. https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard, "Parsons, Richard 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. "Can a Nice Guy Run This Thing?" In 1988, he was recruited to serve as a chief operating officer of the Dime Savings Bank of New York. Parsons later lived in a guesthouse on the estate. In 2001, United States President George W. Bush selected Parsons to co-chair a commission on Social Security. "Can Dick Parsons Rescue AOL Time Warner?" 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. 23 Feb. 2023 . He joined the foundation's board of trustees in 2008. Parsons met Laura, a. It's like height. He paid his law school expenses by working as a part time janitor and later as an aide in the New York State Assembly. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard. The world's most influential media company, however, was struggling. 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. Many, however, questioned the appointment since Parsons had no real experience in the banking industry. But it's not my life. Parsons was named CEO for AOL Time Warner. "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. Parsons worked at various odd jobs, including in a parking garage and gas company to support himself while at the University of Hawaii. Newsweek (January 24, 2000): p. 36. 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 . 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. Encyclopedia.com. UXL Newsmakers. Under his tutelage the bank staged a remarkable comeback, largely through his massive overhauling of the banks management systems and work force. "I didn't have to think twice about it. [15], In 2007, Parsons became the chairman of the board of directors of the Jazz Foundation of America. Eds. During that time he also earned the respect of the staff for his fair treatment. After Giuliani was elected, he named Parsons to be head of his transition council. Governor Rockefeller rewarded Parsonss solid performance by keeping him on his staff when he became vice president under President Gerald Ford in 1974. They have three grown children: Gregory, Leslie, and Rebecca. Ed Decker and Christine Miner Minderovic. Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen EsteeLauder. Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. 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. As part of his management restructure, Parsons opted to lay off almost one-third of the Dime's staff. 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. Graduated from Princeton University in 2006 . His maternal grandfather had been head groundskeeper at the John D. Rockefeler estate, Kykuit. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. 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. In the latter post, Parsons focused on drug issues. *Richard Parsons was born on this date in 1948. 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. The 'Laura Bush' Petunia was immediately submitted to extensive field testing in four regions of the state. ." Parsons credits his father with teaching him to concentrate on achievement rather than dwell on race. UXL Newsmakers. ." as vice president, Parsons was invited along. In 2003, Parsons announced the name change from AOL Time Warner to Time Warner. 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. View the profiles of people named Laura Parsons. window.__mirage2 = {petok:"Olb1PN4AOYQxfgUm1EldB37uVPcj4uBa8eBE3X8k2lQ-86400-0"}; Contemporary Black Biography. 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. In a December 2001 press conference, Levin stunned the industry when he named Parsons as AOL Time Warner's next CEO. Parsons and his wife Laura own a vineyard in Montalcino, Italy. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. Contemporary Black Biography. Certain corporations come to bear the impress of a sin, 19082007 Mehta, Stephanie. "Parsons the Man: Public Service as Much as Private Sector Success Define AOL Time Warner's New CEO." 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 just a few years he reduced the Dimes $1 billion in bad debts to $335 million. 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. warren central student killed 2022. To the extent that we've lost credibility, repairing it is important." (February 23, 2023). 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. 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 In a Black Enterprise article Parsons stated: "What motivates me is a sense of accountability to people who are important in my life." It was either you go for it, or its gone forever, claimed Parsons in Black Enterprise. Some predicted a future in politics for Parsons. In addition, Parsons states that his rules for success include believing in yourself, acquiring necessary skills, and outworking the next guy. newzjunky louise bartholomew nicole edward. "Richard Parsons: Profile." In his spare time he enjoys shooting pool and listening to music. He received a juris doctorate from the Union University, University of Albany Law School in 1971. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. 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. 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. [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. http://www.ford.utexas.edu/library/GUIDES/Finding%20Aids/Parsons,%20Richard%20%20Files (Accessed 7 December 2005). 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. Laura Lane Welch Bush (ne Welch; born November 4, 1946) is an American teacher, librarian, memoirist and author who was First Lady of the United States from 2001 to 2009. [3], Parsons was born to an African-American family in Brooklyn, New York City, on April 4, 1948. Parsons also remained a committed leader in other areas of public and community service. 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. 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. 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. Later that year, it was announced that Parsons had been selected as CEO of America Online. Over the years Parsons has, however, admitted the possibility of entering politics later in life. 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. Value is associated with hard work.. 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. 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. (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. Washington Post, November 1, 1994, p. D5. Birthplace: Brooklyn, NY Gender: Male Race or Ethnicity: Black Sexual orientation: Straight Occupation: Business Nationality: United States Executive summary: CEO of Time Warner, 2002-07 Wife: Laura Bush Parsons (three children) Mistress: MacDella Cooper (model, one daughter) Daughter: Ella (b. Aug-2008 with Cooper) 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. Credit: Shahar Azran / Contributor. Employees: 14,500 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. It also brought Parsons to the attention of high-ranking people who later sought his services. In African American Lives. Richard Dean Parsons was born on April 4, 1948, in Brooklyn, New York. Save. In 2003, Parsons made the announcement of the name change from AOL Time Warner to simply Time Warner. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. As he told Ebony, I have never missed a single day of work in my life. He ruminates for some time before addressing the. "It's a collaboration," he told Anthony Bianco and Tom Lowry of Business Week. Parsons, 66, has been married for 35 years to his wife Laura, 67. Parsons credits his experiences at the University of Hawaii as preparation for his future in corporate America. Whether I was an African-American, an Arab-American, a Jewish-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.. 2008 redeem team starting 5; who is sarah davis married to; Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. Hispanic PRWire (June 11, 2004) http://www.hispanicprwire.com/news_in.php?id=2478&cha=6&PHPSESSID (accessed on July 31, 2004). His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 1968. In doing so, he became the first African American to head a lending institution of such proportion. 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. "And he would do it in a way that everyone would feel good about the outcome." [24], Parsons was a member of the economic advisory team for President Barack Obama. In the latter post, Parsons focused on drug issues. 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. 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. Editorial #: [6] He later attended the University of Hawaii at Manoa, where at 6'4" tall he may have played varsity basketball. ", Analysts wondered about the future of AOL even as Parsons continued to play peacemaker, overseeing Monday morning meetings with his various managers and promising harmony between teams. Parsons was a member of the economic advisory team for President Barack Obama in 2008.

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