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) The merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. 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.". In 2001, George W. Bush selected Parsons to co-chair a commission on Social Security. This opportunity with Time Warner is a once in a lifetime one. Chairman and chief executive officer, Goldman, Sachs & Company Parsons skipped two grades and graduated from high school at the age of sixteen. degree from Union University's Albany Law School in 1971. But, in this case, Parsons sits at the helm of one of the largest media companies in the world, Time Warner. Still, when Levin announced, in late 2001, that Decker, Ed "Parsons, Richard Dean 1948 Parsons began his career working as a lawyer and counsel for former New York governor Nelson Rockefeller. "Parsons the Man: Public Service as Much as Private Sector Success Define AOL Time Warner's New CEO." He became an advisory trustee of the family's principal philanthropy, the Rockefeller Brothers Fund, and he sits with David Rockefeller on the board of the World Trade Center Memorial Foundation. 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. Cite this article Pick a style below, and copy the text for your bibliography. Black Enterprise, October 1994, pp. 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." as vice president, Parsons was invited along. 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. 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. Parsons met Laura, a. As one AOL shareholder told Business Week, "Dick is the right guy to be running the company right now." Value is associated with hard work.. 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. 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. Black Enterprise, 25 (October 1994): 69-76. Parsons took on the role of co-COO, sharing the job with Robert Pittman (1953), former president of AOL. Again, the business community was rocked by the news. 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). In September 2018, Parsons became the Interim Chairman of the Board for CBS replacing Les Moonves. Parsons, who owns a home on Block Island, is a child psychologist. 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. 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. Then, they dont value it. He was again entering an industry that was new to him, and some doubted his qualifications. Listen to article. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. "The Man Who Keeps the Peace: AOL Time-Warner's Richard Parsons." 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 African American Lives. agreed that friendly giant Richard Parsons had been just what the fractured titan needed. Wall Street Journal, May 8, 1990, p. B10; January 30, 1995, pp. He received a juris doctorate from the Union University, University of Albany Law School in 1971. He became such a trusted adviser that in 1974, when Rockefeller headed to Washington to serve "Getting your team together is the more important thing." He later attended the University of Hawaii at Manoa, where he played varsity basketball. X. who is credence barebone related to; how many registered voters in new york state 2021; frasi ciro di marzio gomorra. Errol Garner and Miles Davis are his favorite musicians. Bianco, Anthony, and Tom Lowry. (February 23, 2023). The two met when Bush was still an aimless youth with no real idea of what he would be doing with his life. Parsons also inherited a number of problems when he assumed his new post in January of 1995. In 2001 Parsons was named the successor to AOL Time Warners CEO, Gerald Levin, who was retired in May of 2002. Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. According toEbony, Parsons said that the woman I was dating [Bush] told me, You like to argue so much you ought to become a lawyer and get paid for it., 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. Just before Parsons officially took over from Levin in May of 2002, the company posted a quarterly loss of $54 billion, the largest in U.S. history. After all, Parsons had sat on the company's board of directors for several years, and had developed close ties with top TW executives. 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. 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. 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. George and Laura welcomed their twin daughters, Jenna Bush Hager and Barbara Bush, on November 25, 1981. ." Later that year, it was announced that Parsons had been selected as CEO of America Online. Addresses: Office AOL Time Warner, 75 Rockefeller Plaza, New York, NY 10019. council and then as associate director of the domestic council. 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. ." CNNMoney.com (December 5, 2001) http://money.cnn.com/2001/12/05/ceos/parsons_profile (accessed on July 29, 2004). In Contemporary Black Biography. 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 Save. 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 doing so, he became the first African American to head a lending institution of such proportion. Thanks in part to such associations Parsons became what he frequently describes as a Rockefeller Republican, a person who is conservative when it comes to economic matters, and more liberal concerning social issues. *Richard Parsons was born on this date in 1948. Three years later, in 1991, on the recommendation of Nelson's brother Laurance Rockefeller to the then CEO Steve Ross, Parsons was invited to join Time Warner's board; he subsequently became president of the company in 1995, recruited by chief executive Gerald Levin. Contemporary Black Biography. Therefore, that information is unavailable for most Encyclopedia.com content. [6] He skipped a grade in elementary school and another in high school. As he once told the New York Times, as reported by CNNMoney.com, "For a lot of people race is a defining issue. He frequently downplays race as a factor or handicap in his success. In May 2014, in the wake of the Donald Sterling racial remarks controversy, Parsons was appointed the interim CEO of the Los Angeles Clippers. UXL Newsmakers. Parsons chose to support Rudolph Giuliani in the New York City mayoral race instead of Democrat black mayor David Dinkins. They have three grown children: Gregory, Leslie, and Rebecca. 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's a collaboration," he told Anthony Bianco and Tom Lowry of Business Week. Parsons remained optimistic, but he proceeded cautiously. 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." In his 11 years with the firm, he made his mark in both corporate law and civil litigation. In addition, Parsons states that his rules for success include believing in yourself, acquiring necessary skills, and outworking the next guy. Apparently it was the right decision. It was a drastic move, but he also kept communications open with his employees every step of the way. 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. . In his spare time he enjoys shooting pool and listening to music. In the same Business Week interview, the CEO revealed, "I take this job seriously. ExperienceIT, +5 more. The merger was made official in 2001, when AOL purchased Time Warner for a reported $168 billion. Member of the board of directors of Dime Savings Bank, Federal National Mortgage Association, Philip Morris Companies, Time Warner lnc., New York Zoological Society, and American Television & Communications Inc.; trustee of Rockefeller Brothers Fund, Howard University, and Metropolitan Museum of Art. By Scott Stump. 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. Mayor Giuliani later asked Parsons to become his Deputy mayor for Economic Development. Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. After attaining her master's degree in library science at the University of Texas at Austin, she was employed as a librarian. Governor Rockefeller rewarded Parsonss solid performance by keeping him on his staff when he became vice president under President Gerald Ford in 1974. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948. https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0, Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 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. . 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. Regardless, Parsons is consistently applauded by various groups for the inspiration he provides to young people everywhere. [27], In 2015, Parsons was diagnosed with multiple myeloma, a rare form of blood cancer. In a December 2001 press conference, Levin stunned the industry when he named Parsons as AOL Time Warner's next CEO. With the bank on solid ground, Parsons set his sights on a new enterprise. Then, copy and paste the text into your bibliography or works cited list. 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