Richard Dean Parsons, CEO and president of the AOL-Time Warner Corporation, emerged through academic and corporate circles to become one of the most successful African Americans in corporate America. 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, however, was an extremely bright young man, who went on to graduate from high school when he was just sixteen years old. During that time he also earned the respect of the staff for his fair treatment. Levin, however, felt that Parsons was the right man for the job, and some business insiders were not that surprised. Never. 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. Wall Street Journal, May 8, 1990, p. B10; January 30, 1995, pp. Smith, Jessie Carney, ed. For a brief time he worked for Nelson Rockefeller at the family office, "Room 5600", at Rockefeller Center.[8]. 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. You cant give something to somebody to have, said Parsons in the same article. For the next six years, he served as the number-two executive 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. They have three grown children: Gregory, Leslie, and Rebecca. Assets: $47.4 billion Isidore, Chris. 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." Governor Rockefeller rewarded Parsonss solid performance by keeping him on his staff when he became vice president under President Gerald Ford in 1974. 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. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. 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. [30][31], Last edited on 10 February 2023, at 21:13, Donald Sterling racial remarks controversy, "Time Warner Confirms Parsons Stepping Down", "UH alumnus replacing Les Moonves as interim chairman of CBS", "Parsons Resigns From CBS Board due to Health Reasons: Dick Parsons resigns from CBS board, Strauss Zelnick steps into role of interim chairman", "Citigroup Chairman Richard Parsons TIME", "Did New Clippers CEO Dick Parsons Really Play College Basketball? Apparently it was the right decision. Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. Farmington Hills, Mich.: Thomson Gale, 2003. in history from the University of Hawaii in 1968. And, after taking over as chairman from Steve Case, who stepped down in January of 2003, Parsons went to work to repair the damage from the AOL merger. . He received a B.A. 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. He ruminates for some time before addressing the. 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. "And he would do it in a way that everyone would feel good about the outcome." . [7] After four years, he was seven credits short of his diploma. "Getting your team together is the more important thing." Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 "Honorary Degrees Conferred by the University of Hawaii." In just a few years he reduced the Dimes $1 billion in bad debts to $335 million. *Richard Parsons was born on this date in 1948. Hu, Jim. Parsons, 66, has been married for 35 years to his wife Laura, 67. Decker, Ed "Parsons, Richard Dean 1948 The Parsons appointment was not without controversy at Time Warner. Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. In 2006, Parsons selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. April 21, 2021 11:45 am ET. At the same time people speculated about what role Parsons would play in Time Warner's future. Save. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. Birthday: April 4, 1948 ( Aries) Born In: New York, New York, United States 1 0 Bankers #114 CEOs #466 Business People #1921 Quick Facts Also Known As: Richard Dean Parsons, Dick Parsons Age: 74 Years, 74 Year Old Males Family: Spouse/Ex-: Laura Bush Parsons children: Gregory Allen Parsons CEOs Bankers Height: 6'4" (193 cm ), 6'4" Males [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. Parsons took on the role of co-COO, sharing the job with Robert Pittman (1953), former president of AOL. It is like air. 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. 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. When departing Deputy Attorney General Harold R. Tyler, Jr., became a partner at a well-established New York City law firm in 1977, he asked Parsons to come on board. As he told Cohen, "Ideally, you want to underpromise and overdeliver. Addresses: Office Time-Warner Inc., 75 Rockefeller Plaza, New York, NY. 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. 68-70, 72, 76, 77; January 1995, p. 15. Business Week, November 14, 1994, pp. 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. Business executive on August 30, 1968. Encyclopedia.com. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. http://www.ford.utexas.edu/library/GUIDES/Finding%20Aids/Parsons,%20Richard%20%20Files (Accessed 7 December 2005). He joined the foundation's Board of Trustees in 2008. [2] On October 21, 2018, he resigned for health reasons from CBS and was replaced by Strauss Zelnick. . 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." Contemporary Black Biography. (2 minutes) Former President George W. Bush, 74, is the author of "Out of Many, One: Portraits of America's Immigrants" (Crown). "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 was a member of the economic advisory team for President Barack Obama in 2008. In September 2018, Parsons became the Interim Chairman of the Board for CBS replacing Les Moonves. 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. 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. ." Laura Bush petunia at President George Bushs Crawford Ranch 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. 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." 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." During that time he also earned the respect of the staff for his fair treatment. 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. Bell, Gregory S., "Richard Dean Parsons." So, in 1976, when President Ford lost his re-election bid to Jimmy Carter (1924), Parsons did not lack for opportunities. 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. 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. They have three grown children. Peter J. 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. 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. . Encyclopedia.com. UXL Newsmakers. The merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. That same year, he scored the highest marks out of the nearly four thousand lawyers who took the New York State bar examination. Parsons also had to deal with an onslaught of unhappy regulators. (September 18, 2003) http://money.cnn.com/2003/09/18/technology/aol_name (accessed on July 31, 2004). (February 23, 2023). 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." [25], On May 9, 2014, in the wake of the Donald Sterling racial remarks controversy, it was announced that Richard Parsons was appointed the interim CEO of the Los Angeles Clippers. But it's not my life. He serves on the board of several cultural institutions, including the Museum of Modern Art and Lincoln Center. In May 2014, in the wake of the Donald Sterling racial remarks controversy, Parsons was appointed the interim CEO of the Los Angeles Clippers. 23 Feb. 2023 . The Economicst (April 19, 2003). "The Man Behind the Merger." University of Hawaii System.http://www.hawaii.edu/offices/bor/honorary/php?person=RP (Accessed 2 December 2005). In the latter post, Parsons focused on drug issues. "AOL Time Warner Still Fixing Holes." He was also in charge of the legal department and human resources. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. 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. When Rudolph Giuliani (1944) was elected mayor of New York in 1993, Parsons headed his transitional council; he served on the transition team when Michael Bloomberg (1942) became the mayor of New York in 2001; and that same year, he was named co-chair of President George W. Bush's Social Security Commission. In 2015, Parsons was diagnosed with multiple myeloma, a rare blood cancer. Newsweek (January 24, 2000): p. 36. 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). [CDATA[ ." Parsons lost no time in putting his years of Washington deal-making into action. Parsons later lived in a guesthouse on the estate. He has claimed that race was never a defining character in his life. In a Black Enterprise article, he openly rejected the Democrats' philosophy of taking from one group to give to another. 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.. UXL Newsmakers. [21], In August 2006, an article in New York Magazine reported that Parsons would likely run for Mayor of New York City in the 2009 New York mayoral election. I exist apart from this job.". Governor Rockefeller rewarded Parsonss solid performance by keeping him on his staff when he became vice president under President Gerald Ford in 1974. He also set out to streamline the bank's operations. In 1988, he was recruited to serve as a chief operating officer of the Dime Savings Bank of New York. Encyclopedia.com. The Atlanta Journal-Constitution wrote, His designation as chief executive of the $36 billion media empire proves that African-Americans can not only perform in positions of commercial leadership but can wildly surpass all expectations. Known for his excellent mediation skills and his ability to put others at ease, Parsons told The Atlanta Journal-Constitution that he is a lunch pail manager who will display an in-the-trenches style of leadership. In 1977 deputy attorney general Harold R. Tyler Jr. requested Parsons to come aboard at Patterson, Belknap, Webb, & Tyler where he became a partner in two years, a move that usually demands seven years. He was raised in the rough neighborhood of Jamaica, New York, a city in Queens County. True, Parsons had proven to be flexible enough to succeed in the banking world, but he had absolutely no background in media and entertainment. Bl, B3. Contemporary Black Biography. His maternal grandfather had been head groundskeeper at the John D. Rockefeler estate, Kykuit. Under his tutelage the bank staged a remarkable comeback, largely through his massive overhauling of the banks management systems and work force. In 1993 Parsons was criticized by other blacks for supporting Rudolph Giuliani in the New York City mayoral race, instead of the incumbent Democrat, black mayor David Dinkins. 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. Lloyd, Fonda Marie, and Mark Lowery. Detroit, Mich.: Gale Research, 1996. The position placed him second in command over the entire Time Warner holdings in magazine and book publishing, music, film entertainment, theme parks, and cable television. While in Hawaii, he also met his future wife, Laura Bush. In turn, Time Warner would have unlimited access to the ever-expanding Internet pipeline. 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. Zone Development Corporation, which was established to spur the development of business and the growth of job opportunities in Harlem. Join Facebook to connect with Laura Parsons and others you may know. In this case, Parsons was forced to tap into both sides of his personality. ." X. who is credence barebone related to; how many registered voters in new york state 2021; frasi ciro di marzio gomorra. 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. It was either you go for it, or its gone forever, claimed Parsons in Black Enterprise. Parsons answered these reservations by promising to devote his full attention to his new $525, 000-a-year post. For example, during his Washington years, the social-minded Parsons was chairman of the Wildcat Service Corporation, an organization that provides job training for people who have difficulty finding work because of past criminal records, addictions, or poverty. 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. ", "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. He joined the foundation's board of trustees in 2008. . He also earned staff respect at Dime with his fair treatment of personnel. 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. New York Times, May 8, 1990, p. D5; August 26, 1990, p. D5; July 7, 1994, p. D4; October 31, 1994, pp. He has claimed that race was never a defining character in his life. Dawn Bennett-Alexander assisted Parsons from March 1976 until the end of the administration. Henry Louis Gates Jr. New York: Oxford University Press, 2004. Director of Business Operations at ExperienceIT. In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the well-being of humanity worldwide. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Michael Rogers is a salesman for Oracle software, In this segment, he shares career advice through the software industry. [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. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0. In fact, in 1995 he was key in orchestrating the successful merger between the Dime and Anchor Savings Bank. 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. Born in Midland, Texas, Bush graduated from Southern Methodist University in 1968 with a bachelor's degree in education, and took a job as a second grade teacher. Hispanic PRWire (June 11, 2004) http://www.hispanicprwire.com/news_in.php?id=2478&cha=6&PHPSESSID (accessed on July 31, 2004). 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. He was replaced by Strauss Zelnick. 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 is a Black business executive and lawyer. ." . He was the first black president and one of the highest-ranking blacks in corporate America. . 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). 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