L. Mpho Mabunda and Shirelle Phelps. 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. 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. (her sister, Ashley, graduated from Kincaid in 2007). In 2006, Parsons selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. He has claimed that race was never a defining character in his life. "I always knew I'd rise to the top; it never occurred to me that I couldn't.". Parsons assumed his post as president of Time Warner in January of 1995, a job that came with a reported multi-million dollar salary. He ruminates for some time before addressing the. 1946 On May 16, 2001, Parsons replaced Gerald Levin as CEO of the AOL-Time Warner Corporation. Governor Rockefeller rewarded Parsonss solid performance by keeping him on his staff when he became vice president under President Gerald Ford in 1974. lauren bush david laura miranda kerr coocoo coconut oil marries models. At the same time people speculated about what role Parsons would play in Time Warner's future. Barbara Pierce Bush, daughter of former President George W. Bush and former First Lady Laura Bush, welcomed daughter Cora Georgia in September 2021 with husband Craig Coyne. Lauren Bush Lauren was born on June 25, 1984 in Texas, USA. Parsons also had to deal with an onslaught of unhappy regulators. As a result, Parsons became known as the consummate gentleman executive. The Dimes' nonperforming assets were nearly 11 percent of the total assets by year 1991 in addition to $1 billion in bad debt. Then, they dont value it. Listen to article. "Honorary Degrees Conferred by the University of Hawaii." ." In addition to his work for Rockefeller and the Ford administration, the lawyer-turned-banker-turned media executive served in various political roles throughout his career. Many, however, questioned the appointment since Parsons had no real experience in the banking industry. 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. 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. Parsons is also on the board of the family-created Museum of Modern Art. 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. 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 joined the foundation's Board of Trustees in 2008. During that time he also earned the respect of the staff for his fair treatment. Standing at 6 feet 4 inches, with broad shoulders, he is a physically impressive man who could fill any boardroom. View the profiles of people named Laura Parsons. "The Man Who Keeps the Peace: AOL Time-Warner's Richard Parsons." 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. While in Hawaii, he also met his future wife, Laura Bush. 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. 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.. As he once told the New York Times, as reported by CNNMoney.com, "For a lot of people race is a defining issue. 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. Parsons also remained a committed leader in other areas of public and community service. 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 . 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. Parsons joined the Domestic Council staff in March 1975, serving both as legal council and as an associate director. ." . Cite this article Pick a style below, and copy the text for your bibliography. [9], Parsons was chairman of Citigroup from February 23, 2009[12] until April 2012 when he was replaced by Michael O'Neill. In April 1976 when Kathleen Ryan left the Domestic Council, responsibility for consumer affairs was given to Parsons' office. In 2001, George W. Bush selected Parsons to co-chair a commission on Social Security. Career: Served as assistant counsel to Governor Nelson Rockefeller, Albany, NY, 1971-74; 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, 1975-77; Patterson, Belknap, Webb & Tyler (law firm), New York, NY, attorney, 1977-88, became partner, 1979; Dime Savings Bank of New York (became Dime Bancorp, 1995), chief operating officer, 1988-90, chairman and chief executive officer, 1990-95; named head of mayor-elect transition council, 1993; served as chairman of New York Citys Economic Development Corporation; Time Warner Inc., president, 1995-99; AOL Time Warner, co-chief operating officer, 1999-2002, AOL Time Warner, CEO, 2002-. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. Parsons was accepted by Albany Law School of Union University, New York, earning a Juris Doctor in 1971, finishing at the top of his class. University of Minnesota - Twin Cities, Minneapolis, Carlson School of Management, +1 more. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/general/culture-magazines/parsons-richard. Parsons dealt with unhappy regulators. Errol Garner and Miles Davis are his favorite musicians. Whether he remains with Time Warner or runs for public office, or goes in a totally different direction, Parsons will continue to be a role model in the African American community. . It is like air. Los Angeles Times, January 13, 2001, p. C1; December 6, 2001, p. C1. [2] In October 2018 Parsons stepped down from the position, citing difficulties brought about by his battle with Multiple myeloma. "He intellectualizes outcomes and gets people to agree with his outcomes." 23 Feb. 2023 . 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). They have three grown children: Gregory, Leslie, and Rebecca. 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. [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. Parsons credits his father with teaching him to concentrate on achievement rather than dwell on race. Therefore, that information is unavailable for most Encyclopedia.com content. Observer, (London, England) December 9, 2001, p. 4. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. in history from the University of Hawaii in 1968. Parsons was chosen by Mayor Giuliani to head the Transition Council and later in 1993 to be the deputy mayor for economic development. She is also credited with creating a national initiative called "Ready to Read, Ready to Learn", which promotes reading at a young age. Parsons became chairman emeritus of the Partnership for New York City,[19] established by David Rockefeller in 1979,[20] who has known him for many years. The merger was made official in 2001, when AOL purchased Time Warner for a reported $168 billion. Parsons began his career as a member of New York governor Nelson Rockefeller's legal staff where he served when Rockefeller became vice president of the United States under President Gerald Ford in 1974. . 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." In 2001 Parsons was named the successor to AOL Time Warners CEO, Gerald Levin, who was retired in May of 2002. I like to be with the troops.. Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 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. His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 1968. 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. In 1988, he was recruited to serve as a chief operating officer of the Dime Savings Bank of New York. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. 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. His involvement with Time Warner resulted in his developing close ties with important company executives such as Robert W. Morgado, the chairman of the Warner Music Group, and Michael J. Fuchs, chairman of HBO. His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 1968. Over the years Parsons has, however, admitted the possibility of entering politics later in life. 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. Encyclopedia.com. UXL Newsmakers. . 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. (September 18, 2003) http://money.cnn.com/2003/09/18/technology/aol_name (accessed on July 31, 2004). . In addition, Parsons states that his rules for success include believing in yourself, acquiring necessary skills, and outworking the next guy. 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. Encyclopedia.com. O de wurl aint flat,An de wurl aint roun,Hits one long stripHangin up an downJes Souf an Norf;Jes Norf an Souf. Contemporary Black Biography. With the bank on solid ground, Parsons set his sights on a new enterprise. When Robert Pittman stepped down as COO in June of 2002, Parsons quickly reorganized the company's top ranks by promoting some of Time Warner's former division chiefs. He was also in charge of the legal department and human resources. Parsons answered these reservations by promising to devote his full attention to his new $525, 000-a-year post. 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. Richard Dean "Dick" Parsons was born in Brooklyn, New York. Atlanta Journal-Constitution, January 22, 2002, C3. Parsons, 66, has been married for 35 years to his wife Laura, 67. The conglomerate was also saddled with significant debt. 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. In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. 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." UXL Newsmakers. The most he did at the time was to learn to . 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. 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. University of Hawaii System.http://www.hawaii.edu/offices/bor/honorary/php?person=RP (Accessed 2 December 2005). Could fill any boardroom left the Domestic Council staff in March 1975, serving both as Council! 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