In September 2018, Parsons became the Interim Chairman of the Board for CBS replacing Les Moonves. . This political stance was consistent with his rejection of the Democrats philosophy. After attaining her master's degree in library science at the University of Texas at Austin, she was employed as a librarian. After Giuliani was elected, he named Parsons to be head of his transition council. UXL Newsmakers. 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. Washington Post, November 1, 1994, p. D5; December 6, 2001, p. EO1. Contemporary Black Biography. Landler, Mark "Watch Your Back, Mr. Parsons" Business Week (14 November 1994): 38-39. Listen to article. 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 2001 Parsons was named the successor to AOL Time Warners CEO, Gerald Levin, who was retired in May of 2002. 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. 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. Most online reference entries and articles do not have page numbers. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. He received a B.A. I know the bank is in good hands.. In contrast, he embraced the Rockefeller Republicans' philosophy of equipping a group with skills so they can achieve what they need on their own. Contemporary Black Biography. 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. 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." 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. Again, the business community was rocked by the news. They have three grown children. 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. (February 23, 2023). 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. "Time Warner's Chairman and CEO Richard D. Parsons Honored by a Better Chance." With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. Right after graduating in 1968, Bush wasn't doing anything concrete. Addresses: Office Time-Warner Inc., 75 Rockefeller Plaza, New York, NY. cronin friend betty barb grand cortopassi "He is a persuader, not a dictator," a former colleague told CNET News.com. Atlanta Journal-Constitution, January 22, 2002, C3. 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. Lloyd, Fonda Marie, and Mark Lowery. Henry Louis Gates Jr. New York: Oxford University Press, 2004. McClellan, Steve. Parsons and his staff were responsible for providing advice to the president and formulating domestic policy in the areas of affirmative action, busing, civil rights, communication, consumer affairs, crime, drugs, illegal aliens, Indians, justice, postal service, Puerto Rico, privacy, regulatory reform, sex discrimination, and voting rights. L. Mpho Mabunda and Shirelle Phelps. Parsons later became Chairman and CEO and oversaw a merger with Anchor Savings Bank. Isidore, Chris. Dawn Bennett-Alexander assisted Parsons from March 1976 until the end of the administration. 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. 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. The Parsons appointment was not without controversy at Time Warner. . Therefore, that information is unavailable for most Encyclopedia.com content. The merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. Business 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. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. She is also credited with creating a national initiative called "Ready to Read, Ready to Learn", which promotes reading at a young age. (February 23, 2023). He received a juris doctorate from the Union University, University of Albany Law School in 1971. Parsons began his career working as a lawyer and counsel for former New York governor Nelson Rockefeller. 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. 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). He is chairman of the Advisory Board of Feigen Advisors, a CEO advisory firm. Encyclopedia.com. Restrictions: Contact your local office for all commercial or promotional uses. "The Man Who Keeps the Peace: AOL Time-Warner's Richard Parsons." The drag on the company continued to be AOL, which consistently floundered. Certain corporations come to bear the impress of a sin, 19082007 In 1977, Parsons in New York, a partner at the Patterson Belknap Webb & Tyler law firm. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. . 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. The world's most influential media company, however, was struggling. 23 Feb. 2023 . ." BusinessWeek Online (May 19, 2003) http://www.businessweek.com/magazine/content/03_20/b3833001_mz001.htm (accessed on July 29, 2004). With the bank on solid ground, Parsons set his sights on a new enterprise. Parsons met Laura, a. After his announcement as interim Clippers CEO in L.A. last week, the millionaire businessman reportedly flew back to the East Coast to be by her side as she underwent a medical procedure on Tuesday. . 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. O de wurl aint flat,An de wurl aint roun,Hits one long stripHangin up an downJes Souf an Norf;Jes Norf an Souf. Stock Index: New York 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. Although she never cared to think in these terms, Jane Bolin would often have her name followed with the descriptive, "first black wo, John Vliet Lindsay Parsons answered these reservations by promising to devote his full attention to his new $525,000-a-year post. lauren bush david laura miranda kerr coocoo coconut oil marries models. 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). Parsons dealt with unhappy regulators. 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. His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 1968. "Parsons Faces Major Test in Unifying AOL Time Warner." newzjunky louise bartholomew nicole edward. "Getting your team together is the more important thing." 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. 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. In just a few years he reduced the Dimes $1 billion in bad debts to $335 million. "Richard Parsons: Profile." Parsons became a partner in just two years at Patterson, Belknap, Webb & Tyler, a move that typically demanded seven years. Former President George W. Bush and his wife, Laura Bush, recently celebrated their 45th wedding anniversary. https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0, Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 After taking on the job of chairman and chief executive officer (CEO) of the Dime in 1990, Parsons continued to set the bank on its comeback course. The most he did at the time was to learn to . Black Firsts. 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 . Richard D. Parsons, Counsel and Associate Director for Justice, Civil Rights, Drugs and Consumer Affairs: Files, 197477. Here, the little . University of Hawaii System.http://www.hawaii.edu/offices/bor/honorary/php?person=RP (Accessed 2 December 2005). (September 18, 2003) http://money.cnn.com/2003/09/18/technology/aol_name (accessed on July 31, 2004). April 21, 2021 11:45 am ET. As a result, the company struggled to maintain its credibility, its stock prices tumbled, and it faced $27 billion in debt. In 2003, Parsons made the announcement of the name change from AOL Time Warner to simply Time Warner. Value is associated with hard work.. 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. "Time Warner Drops AOL Name." https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948, Decker, Ed "Parsons, Richard Dean 1948 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. Beginning his legal career as an aide on New York governor Nelson Rockefellers legal staff, Parsons made a very favorable impression on the governor. "Honorary Degrees Conferred by the University of Hawaii." Training And Servicing Center. Levin had been in negotiations with Steve Case (1958), AOL's CEO, for several years. In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. Newzjunky - JCC Releases President's And Dean's Lists For Fall 2013 m.facebook.com. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard. 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. Pick a style below, and copy the text for your bibliography. Decker, Ed "Parsons, Richard Dean 1948 "Richard D. Parsons Named New CEO of AOL Time Warner." 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. 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. 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. Parsons, who's been married to psychologist Laura Bush for almost 50 years, acknowledges the pain it caused others and still causes him. (Photo by Shahar Azran/WireImage) Embed. Parsons answered these reservations by promising to devote his full attention to his new $525, 000-a-year post. (Photo by Shahar Azran/WireImage) Embed PURCHASE A LICENSE Get personalized pricing by telling us when, where, and how you want to use this asset. It's like height. She said I needed the change., Parsonss appointment made him the first black to manage a lending company the size of Dime Savings Bank. On May 16, 2001, Parsons replaced Gerald Levin as CEO of the AOL-Time Warner Corporation. 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