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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) In a Black Enterprise article Parsons stated: "What motivates me is a sense of accountability to people who are important in my life." Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. "Honorary Degrees Conferred by the University of Hawaii." But, in this case, Parsons sits at the helm of one of the largest media companies in the world, Time Warner. "Reeling Like a Bad Movie: AOL Time Warner." ." Parsons became a board member for Time Warner, Inc., Phillip Morris, Tristar Pictures, Harvard University, and the Metropolitan Museum of Art. . Bl, B3. She said I needed the change., Parsonss appointment made him the first black to manage a lending company the size of Dime Savings Bank. They have three grown children. In his eleven years with Patterson, Parsons cemented his reputation as a skilled negotiator. Save. Cite this article Pick a style below, and copy the text for your bibliography. (her sister, Ashley, graduated from Kincaid in 2007). In 1994, Gerald Levin (1939), chairman of Time Warner (TW), openly recruited Parsons to take over as president of the company. 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. 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. Encyclopedia.com. He quickly became a star in the firm and in just two years was named partner. Greater Minneapolis-St. Paul Area. agreed that friendly giant Richard Parsons had been just what the fractured titan needed. 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. The biggest boost came from the film division, which had experienced an enormous success because of the Harry Potter and The Lord of the Rings series. Parsons, who's been married to psychologist Laura Bush for almost 50 years, acknowledges the pain it caused others and still causes him. Llewellyn, J. Bruce 1927 Parsons also remained a committed leader in other areas of public and community service. 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. 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. Henry Louis Gates Jr. New York: Oxford University Press, 2004. Born: March 28, 1946, in Chicago, Illinois., Public Company as vice president, Parsons was invited along. In a December 2001 press conference, Levin stunned the industry when he named Parsons as AOL Time Warner's next CEO. Zone Development Corporation, which was established to spur the development of business and the growth of job opportunities in Harlem. 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. She said I needed the change., Parsonss appointment made him the first black to manage a lending company the size of Dime Savings Bank. Cohen, Adam. 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. Peter J. Notable Black American Men, Book II. Parsons skipped two grades and graduated from high school at the age of sixteen. (Photo by Shahar Azran/WireImage) Embed. 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." 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. 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. She has been featured on the covers of Vogue and Vanity Fair and has frequently modelled for Tommy Hilfiger, as well as for Abercrombie & Fitch and designers Gai Mattiolo and Isaac Mizrahi. 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. . ." Its not a bad time for me to make a move. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. Former First Lady Laura Bush told TV host Kelly Clarkson that she was "very surprised" to find out her husband, former President George W. Bush, was taking up painting as his . Richard D. Parsons, Counsel and Associate Director for Justice, Civil Rights, Drugs and Consumer Affairs: Files, 197477. Encyclopedia.com. Time (December 17, 2001). [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. DETAILS. He has claimed that race was never a defining character in his life. Parsons was chosen by Mayor Giuliani to head the Transition Council and later in 1993 to be the deputy mayor for economic development. The Parsons appointment was not without controversy at Time Warner. Growing up in the Bedford-Stuyvesant area of Brooklyn, Parsons's father, Lorenzo Locklair Parsons, was an electrical technician and his mother, Isabelle (ne Judd), was a homemaker. 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. 23 Feb. 2023 . "Richard Dean Parsons." There are a number of other black executives who have elevated positions in corporate America, said Parsons inBlack Enterprise.The process is rolling forward, even if it isnt moving as fast as some of us would like. Despite his distinction as a high-ranking black in business, Parsons downplays the racial aspects of his success. My wife became my focus and the person to whom I owed my best. His plans to become a fighter pilot were redirected to law school largely due to Bushs influence. Addresses: Office AOL Time Warner, 75 Rockefeller Plaza, New York, NY 10019. council and then as associate director of the domestic council. NEW YORK, NY - FEBRUARY 18: Laura Bush Parsons and Richard Parsons attend Apollo Club Harlem at The Apollo Theater on February 18, 2013 in New York City. View the profiles of people named Laura Parsons. Parsons, who owns a home on Block Island, is a child psychologist. Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 Fortune (August 8, 2004). "That's what makes you different from your competition," he maintains. 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. He was involved in sports at the University of Hawaii; the six-foot-four-inch Parsons played basketball, was the social chairman of his fraternity, but was unenthusiastic about academics. [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. Stock Index: New York 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. As he later told Black Enterprise, My wife talked me into it. 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. Ed. Over the years Parsons has, however, admitted the possibility of entering politics later in life. Richard Dean "Dick" Parsons was born in Brooklyn, New York. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. CNNMoney.com (December 5, 2001) http://money.cnn.com/2001/12/05/ceos/parsons_profile (accessed on July 29, 2004). 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.. Parsons met Laura, a. To this union three children were born (Gregory, Leslie, and Rebecca). In the same Business Week interview, the CEO revealed, "I take this job seriously. Parsons remained optimistic, but he proceeded cautiously. 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. As a result, Dime Bancorp became the largest thrift institution on the East Coast and the fourth largest in the United States. 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. "Parsons, Richard It is like air. 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. I know the bank is in good hands.. Parsons is due to mark his 31st wedding anniversary with his wife, the former Laura Ann Bush, in August. Apparently it was the right decision. Parsons took on the role of co-COO, sharing the job with Robert Pittman (1953), former president of AOL. lauren bush david laura miranda kerr coocoo coconut oil marries models. Detroit, Mich.: Gale Research, 1996. In the latter post, Parsons focused on drug issues. http://www.ford.utexas.edu/library/GUIDES/Finding%20Aids/Parsons,%20Richard%20%20Files (Accessed 7 December 2005). In September 2018, Parsons became the Interim Chairman of the Board for CBS replacing Les Moonves. I exist apart from this job.". In 1999, when AOL and Time Warner merged, parsons became the co-chief operating officer, a position shared with Bob Pittman. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. Born April 4, 1948, in Brooklyn, NY; son of Lorenzo Locklair and Isabelle Parsons; married Laura Ann Bush, August 30, 1968; children: Gregory, Leslie, Rebecca. President Ford also used his services, first as a general council and then as associate director of the domestic council. Lloyd, Fonda Marie, and Mark Lowery. "AOL Time Warner Still Fixing Holes." He joined the foundation's Board of Trustees in 2008. window.__mirage2 = {petok:"Olb1PN4AOYQxfgUm1EldB37uVPcj4uBa8eBE3X8k2lQ-86400-0"}; Assets: $47.4 billion Parsons began working at Dime during a difficult period. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. Mehta, Stephanie. 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). Nationality: American. 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. It was a drastic move, but he also kept communications open with his employees every step of the way. Parsons later became Chairman and CEO and oversaw a merger with Anchor Savings Bank. Farmington Hills, Mich.: Thomson Gale, 2003. Parsons chose to support Rudolph Giuliani in the New York City mayoral race instead of Democrat black mayor David Dinkins. In 2009, he had a child with model-philanthropist MacDella Cooper due to an extra-marital affair. Advertisement. And most 23 Feb. 2023 . Under President Gerald Ford, Parsons became a senior White House aide and served as a general counsel and an associate director of the Domestic Council. 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. Bell, Gregory S., "Richard Dean Parsons." Regardless, Parsons is consistently applauded by various groups for the inspiration he provides to young people everywhere. On May 16, 2001, Parsons replaced Gerald Levin as CEO of the AOL-Time Warner Corporation. Incorporated:l96S In 2006, Parsons selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. . Parsons answered these reservations by promising to devote his full attention to his new $525,000-a-year post. Observer, (London, England) December 9, 2001, p. 4. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/general/culture-magazines/parsons-richard. Lauren Bush Lauren was born on June 25, 1984 in Texas, USA. In 2001, United States President George W. Bush selected Parsons to co-chair a commission on Social Security. Some predicted a future in politics for Parsons. Parsons assumed his post as president of Time Warner in January of 1995, a job that came with a reported multi-million dollar salary. 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. [13] He is chairman of the advisory board of Feigen Advisors, a CEO advisory firm run by Marc Feigen. Parsons was born in the economically disadvantaged Bedford-Stuyvesant neighborhood of Brooklyn, New York on April 14, 1948 to Lorenzo Locklair, an airline technician (who installed and repaired electronic navigation systems for the Sperry Rand Company), and Isabelle Judd Parsons (a homemaker). 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. ." [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. Lauren Bush in New York Bush was signed with Elite Model Management before launching FEED. Encyclopedia.com. (February 23, 2023). 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. April 20, 2021, 9:57 AM PDT / Source: TODAY. It did make history as the largest corporate purchase ever, but it also became known as perhaps the most failed megamerger on record. Over the years Parsons has, however, admitted the possibility of entering politics later in life. Parsons later lived in a guesthouse on the estate. In the latter post, Parsons focused on drug issues. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. Governor Rockefeller rewarded Parsonss solid performance by keeping him on his staff when he became vice president under President Gerald Ford in 1974. Richard Dean Parsons was born on April 4, 1948, in Brooklyn, New York. [4] He was one of five children. My wife became my focus and the person to whom I owed my best. His plans to become a fighter pilot were redirected to law school largely due to Bushs influence. AOL Time Warner's various operating units were still far from achieving a full integration. 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-. Parsons worked at various odd jobs, including in a parking garage and gas company to support himself while at the University of Hawaii. ", 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. Just when he seemed poised to become the first black to head a major law firm, shock waves rippled through the New York corporate world in 1988 when Parsons was appointed chief operating officer of the Dime by chairman and CEO Harry Albright, Jr. Before being offered the position, Parsons had never even considered entering the banking business. This degree is awarded by the Board of Regents to individuals distinguished by their national or international reputation or accomplishments in scholarship, public service, profession, industry, or other areas. 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. 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. Most online reference entries and articles do not have page numbers. 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. Eds. In 2015, Parsons was diagnosed with multiple myeloma, a rare blood cancer. 11. The drag on the company continued to be AOL, which consistently floundered. University of Hawaii System.http://www.hawaii.edu/offices/bor/honorary/php?person=RP (Accessed 2 December 2005). in history from the University of Hawaii in 1968. "He intellectualizes outcomes and gets people to agree with his outcomes." In his spare time he enjoys shooting pool and listening to music. As a result, Parsons became known as the consummate gentleman executive. . Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen EsteeLauder. 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 . ." He also earned staff respect at Dime with his fair treatment of personnel. 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. Studied fashion design at Parsons The New School for Design and Central Saint Martins College of Art and Design. Parsons refused the position but consented to work as the Economic Development Corporation chairperson. Black Firsts. Get our quarterly newsletter to stay up-to-date, plus all speech or video narrative bookings near you as they happen. Director of Business Operations at ExperienceIT. Employees: 14,500 In contrast, he embraced the Rockefeller Republicans' philosophy of equipping a group with skills so they can achieve what they need on their own. The conglomerate was also saddled with significant debt. Memberships: Member of presidential Drug Task Force; chairman, Wildcat Service Organization. To the extent that we've lost credibility, repairing it is important." He frequently downplays race as a factor or handicap in his success. In 2003, Parsons made the announcement of the name change from AOL Time Warner to simply Time Warner. . In April 1976 when Kathleen Ryan left the Domestic Council, responsibility for consumer affairs was given to Parsons' office. 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.". By the mid-1970s Parsons was noted as a rising star among black professionals, and he was profiled inBlack Enterprises Under 30 & Moving Up series in 1975. 1946 He received a B.A. Parsons was named CEO for AOL Time Warner. It also brought Parsons to the attention of high-ranking people who later sought his services. Parsons also had to deal with an onslaught of unhappy regulators. . In addition, any time that trouble reared its head over regulatory issues in Washington, Parsons came to the rescue by turning to one of his many political contacts. Beginning his legal career as an aide on New York governor Nelson Rockefellers legal staff, Parsons made a very favorable impression on the governor. Encyclopedia.com. did desi arnaz jr have a stroke; moose tracks vs cow tracks ice cream 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." 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. 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. New York Times, May 8, 1990, p. D5; August 26, 1990, p. D5; July 7, 1994, p. D4; October 31, 1994, pp. Atlanta Journal-Constitution, January 22, 2002, C3. They credit him with keeping employees informed every step of the way, producing videos for employee distribution. 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. 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. ." In addition, thanks to an industry-wide technology slump, AOL, which had promised big revenues, had failed to deliver. While in Hawaii, he also met his future wife, Laura Bush. In 1988, he was recruited to serve as a chief operating officer of the Dime Savings Bank of New York. In just a few years he reduced the Dimes $1 billion in bad debts to $335 million. 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. 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