[6], 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. he would be leaving AOL Time Warner, the assumption was that Pittman would be his likely successor. Right after graduating in 1968, Bush wasn't doing anything concrete. as vice president, Parsons was invited along. Named president of Dime Savings Bank of New York in 1988 even though he had no previous experience in the banking industry, he masterminded a turnaround at the bank in just a few years. 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. Apparently it was the right decision. 68-70, 72, 76, 77; January 1995, p. 15. Business Week, November 14, 1994, pp. In 2015, Parsons was diagnosed with multiple myeloma, a rare blood cancer. To many, it seemed that Pittman took on most of the plum assignments in the company, considering he was in charge of the high-profile AOL operations. 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. 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. 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. 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. Newzjunky - JCC Releases President's And Dean's Lists For Fall 2013 m.facebook.com. That same year, he scored the highest marks out of the nearly four thousand lawyers who took the New York State bar examination. Richard Dean Parsons was born on April 4, 1948, in Brooklyn, New York. In 2000, Parsons guided the merger of Time Warner with America Online (AOL). In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. 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. Some predicted a future in politics for Parsons. From March 1975 to January 1976, Parsons was assisted in his duties by Lyn May, who had worked for Geoffrey Shepard. 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 associate director, Parsons succeeded Geoffrey Shepard in handling general government, which included justice, treasury, commerce, the postal service, civil rights, and drugs. However, the date of retrieval is often important. 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. However, he discovered that he could get into a law school in New York without a college degree if he scored well enough on his pre-law exams. In 1988, he was recruited to serve as a chief operating officer of the Dime Savings Bank of New York. 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. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. . Zone Development Corporation, which was established to spur the development of business and the growth of job opportunities in Harlem. This opportunity with Time Warner is a once in a lifetime one. This political stance was consistent with his rejection of the Democrats philosophy. Parsons was left in control of a bank that was apparently dying. The 'Laura Bush' Petunia was immediately submitted to extensive field testing in four regions of the state. Encyclopedia.com. 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. During his 11 years at the firm Parsons took on Happy Rockefeller, the widow of Nelson (who had died in 1979) as a high-profile client. 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. His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 1968. Parsons took on the role of co-COO, sharing the job with Robert Pittman (1953), former president of AOL. In May 2014, in the wake of the Donald Sterling racial remarks controversy, Parsons was appointed the interim CEO of the Los Angeles Clippers. Parsons's critics were not impressed by this middle-of-the-road philosophy, but his supporters pointed out that underlying the nice-guy image was a savvy businessman. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard. The two met when Bush was still an aimless youth with no real idea of what he would be doing with his life. Here, the little . (February 23, 2023). Under his tutelage the bank staged a remarkable comeback, largely through his massive overhauling of the banks management systems and work force. Over the years Parsons has, however, admitted the possibility of entering politics later in life. April 20, 2021, 9:57 AM PDT / Source: TODAY. 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. Regardless, Parsons is consistently applauded by various groups for the inspiration he provides to young people everywhere. 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.. "Whenever we had a problem with one of the units, Parsons was always the guy who would solve it," former co-chairman of Warner Brothers Robert Daly explained to Business Week. To this union three children were born (Gregory, Leslie, and Rebecca). DI, D6. Listen to article. https://www.encyclopedia.com/general/culture-magazines/parsons-richard, "Parsons, Richard Black Enterprise, 25 (October 1994): 69-76. [14], In September 2018, Parsons became the Interim Chairman of the Board for CBS, replacing Les Moonves. Parsons answered these reservations by promising to devote his full attention to his new $525, 000-a-year post. 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. http://www.ford.utexas.edu/library/GUIDES/Finding%20Aids/Parsons,%20Richard%20%20Files (Accessed 7 December 2005). The announcement surprised many media watchers who expected chief operating officer Robert Pittman to take the helm. But, in this case, Parsons sits at the helm of one of the largest media companies in the world, Time Warner. Farmington Hills, Mich.: Thomson Gale, 2003. Over the years Parsons has, however, admitted the possibility of entering politics later in life. In 1994, Gerald Levin (1939), chairman of Time Warner (TW), openly recruited Parsons to take over as president of the company. 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. Parsons graduated from the University of Hawaii and earned his J.D. Richard Dean "Dick" Parsons was born in Brooklyn, New York. Parsons credits his father with teaching him to concentrate on achievement rather than dwell on race. Levin had been in negotiations with Steve Case (1958), AOL's CEO, for several years. Advertisement. 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. 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. There are a number of other black executives who have elevated positions in corporate America, said Parsons in Black Enterprise. He played varsity basketball there, and was also the social chairman of his fraternity. Parsons dealt with unhappy regulators. Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 During his 11 years at the firm, Parsons took on Margaretta Rockefeller, the widow of Nelson (who had died in 1979), as a high-profile client. 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. 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) He played varsity basketball there, and was also the social chairman of his fraternity. "Richard Dean Parsons." "Can Dick Parsons Rescue AOL Time Warner?" Contemporary Black Biography. ." ." New York Times, May 8, 1990, p. D5; August 26, 1990, p. D5; July 7, 1994, p. D4; October 31, 1994, pp. 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. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. Encyclopedia.com. By the mid-2000s, however, analysts reported that Time Warner was on a definite upswing: employee morale was high, investors were newly confident, and the monstrous debt had been significantly slashed. "Getting your team together is the more important thing." Bell, Gregory S., "Richard Dean Parsons." 1946 newzjunky louise bartholomew nicole edward. A gregarious and thoughtful man, Mr. Parsons has risen by winning the affection and loyalty of influential mentors, wrote Laurence Zuckerman in the New York Times. He joined the foundation's Board of Trustees in 2008. It's like height. 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. Credit: Shahar Azran / Contributor. Former President George W. Bush and his wife, Laura Bush, recently celebrated their 45th wedding anniversary. 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). Apparently it was the right decision. 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. 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. 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. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. It is like air. Hayden, Thomas. He joined the foundation's board of trustees in 2008. 2008 redeem team starting 5; who is sarah davis married to; I know the bank is in good hands.. It did make history as the largest corporate purchase ever, but it also became known as perhaps the most failed megamerger on record. 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. ", 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' grandfather, Judd, was a groundskeeper on Pocantico, part of the Rockefeller estate, long before Parsons became a protg of Nelson Rockefeller. ExperienceIT, +5 more. Decker, Ed "Parsons, Richard Dean 1948 Black Enterprise, October 1994, pp. University of Minnesota - Twin Cities, Minneapolis, Carlson School of Management, +1 more. With a calm, cool-headed resolve, he doggedly tackled the problems that lay ahead. In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/general/culture-magazines/parsons-richard. Employees: 14,500 President Ford also used his services, first as a general council and then as associate director of the domestic council. Member of the board of directors of Dime Savings Bank, Federal National Mortgage Association, Philip Morris Companies, Time Warner Inc., New York Zoological Society, and American Television & Communications Inc.; trustee of Rockefeller Brothers Fund, Howard University, and Metropolitan Museum of Art. 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. Richard D. Parsons, Counsel and Associate Director for Justice, Civil Rights, Drugs and Consumer Affairs: Files, 197477. Former President George W. Bush and Laura Bush's daughter Barbara Bush gave birth to her first baby with husband Craig Coyne on Monday By Mary Park Published on September 29, 2021 11:42 AM laura bush parsonsis ora king salmon safe to eat. 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, During that time he also earned the respect of the staff for his fair treatment. Time Warners record division was experiencing difficulty, and company officials were suspicious about the designs of Edgar Bronfman of the Seagram Companies, which owned 15 percent of the companys stock. 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. 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. [6] He skipped a grade in elementary school and another in high school. Although Levin was effectively in charge, it was Parsons who consistently took on the tough assignments and it was Parsons who employees turned to for guidance. 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. 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. 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. Mehta, Stephanie. [26], In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. The Economicst (April 19, 2003). "AOL Time Warner Still Fixing Holes." [16], In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the wellbeing of humanity all over the world. 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. Assets: $47.4 billion "Richard Parsons: Profile." In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. [24], Parsons was a member of the economic advisory team for President Barack Obama. 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. 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