Join Facebook to connect with Laura Parsons and others you may know. 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. When Rockefeller was appointed Vice President of the United States, in 1974, Parsons followed him to Washington D.C., where he worked directly with President Gerald Ford. Hispanic PRWire (June 11, 2004) http://www.hispanicprwire.com/news_in.php?id=2478&cha=6&PHPSESSID (accessed on July 31, 2004). 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. 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. AOL Time Warner's various operating units were still far from achieving a full integration. Llewellyn, J. Bruce 1927 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. It was either you go for it, or its gone forever, claimed Parsons in Black Enterprise. Former President George W. Bush and his wife, Laura Bush, recently celebrated their 45th wedding anniversary. Color her surprised! He also earned staff respect at Dime with his fair treatment of personnel. Whether I was an African-American, an Arab-American, a Jewish-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.. Time Warner faced its biggest challenge in 2000 when it announced plans to merge with America Online (AOL), which by the late 1990s had evolved into the nation's leading Internet provider. Parsons later became Chairman and CEO and oversaw a merger with Anchor Savings Bank. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/general/culture-magazines/parsons-richard. With a calm, cool-headed resolve, he doggedly tackled the problems that lay ahead. They credit him with keeping employees informed every step of the way, producing videos for employee distribution. 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. Parsons met Laura, a. 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. The bank suffered many losses due to New York City real estate devaluation in the 1980s and during the previous year had lost $92.3 million. In 2015, Parsons was diagnosed with multiple myeloma, a rare blood cancer. In African American Lives. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. Niece of George W. Bush, Laura Bush, Doro Bush, Marvin Bush and Jeb . It's like height. Bell, Gregory S., "Richard Dean Parsons." 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." Served as assistant counsel to Governor Nelson Rockefeller, Albany, NY, 197174; 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, 197577; Patterson, Belknap, Webb & Tyler (law firm), New York, NY, attorney, 197788, became partner, 1979; Dime Savings Bank of New York (became Dime Bancorp, 1995), New York, NY, chief operating officer, 198890, chairman and chief executive officer, 199095; named head of mayor-elect transition council, New York, NY, 1993; served as chairman of New York Citys Economic Development Corporation; Time Warner Inc., New York, NY, president, 1995 Member of presidential Drug Task Force; chairman, Wildcat Service Organization. . ." The two met when Bush was still an aimless youth with no real idea of what he would be doing with his life. 11. 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. That same year, he scored the highest marks out of the nearly four thousand lawyers who took the New York State bar examination. 38, 39. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. *Richard Parsons was born on this date in 1948. He has claimed that race was never a defining character in his life. 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. 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). The announcement surprised many media watchers who expected chief operating officer Robert Pittman to take the helm. (February 23, 2023). Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. Parsons's tenure with Rockefeller and Ford opened up many doors for him and brought him to nationwide attention as an up-and-coming young executive. He served as assistant counsel to Governor Rockefeller from 1971 to 1974 and was called to the New York State bar in 1972. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. Parsons' grandfather, Judd, was a groundskeeper on Pocantico, part of the Rockefeller estate, long before Parsons became a protg of Nelson Rockefeller. (February 23, 2023). Peter J. 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. Farmington Hills, Mich.: Thomson Gale, 2003. When Rockefeller was appointed Vice President of the United States in 1974, Parsons followed him to Washington, D.C., where he worked directly with Gerald Ford. Parsons, who's been married to psychologist Laura Bush for almost 50 years, acknowledges the pain it caused others and still causes him. Detroit, Mich.: Gale Research, 1996. 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 . . 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. J. Bruce Llewellyns career history might be viewed as a virtual microcosm of twentieth-century minority, Attorney, broadcasting executive, elected official On May 16, 2001, Parsons replaced Gerald Levin as CEO of the AOL-Time Warner Corporation. 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. Parsons dealt with unhappy regulators. As he later told Black Enterprise, My wife talked me into it. By Scott Stump. In his spare time he enjoys shooting pool and listening to music. Parsons lost no time in putting his years of Washington deal-making into action. Hard work has been a crucial component of the Parsons success story, a value he claims to have learned from his father. After Giuliani was elected, he named Parsons to be head of his transition council. Parsons also remained a committed leader in other areas of public and community service. Right after graduating in 1968, Bush wasn't doing anything concrete. Rockefellers influence on Parsons remained strong and prompted him to become a Republican whose views were liberal on social issues and conservative on economic ones. 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. He also met a deputy attorney general, Harold R. Tyler, and one of his aides, a young Rudolph W. Giuliani, with whom he was to be closely associated supporting him in his campaign for New York mayor and heading his transitional council.[8]. 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. 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. Mehta, Stephanie. (September 18, 2003) http://money.cnn.com/2003/09/18/technology/aol_name (accessed on July 31, 2004). This opportunity with Time Warner is a once in a lifetime one. 68-70, 72, 76, 77; January 1995, p. 15. Business Week, November 14, 1994, pp. Among the qualities that makes Parsons as successful as he is, said Brooks, are "his focus, his ability to analyze the facts and get to the bottom line, and his ability to motivate an. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. Parsons later lived in a guesthouse on the estate. In 2006, Parsons selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. 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) Smith, Jessie Carney, ed. [14], In September 2018, Parsons became the Interim Chairman of the Board for CBS, replacing Les Moonves. For a brief time he worked for Nelson Rockefeller at the family office, "Room 5600", at Rockefeller Center.[8]. Governor Rockefeller rewarded Parsonss solid performance by keeping him on his staff when he became vice president under President Gerald Ford in 1974. Graduated from Princeton University in 2006 . Over the years Parsons has, however, admitted the possibility of entering politics later in life. In this case, Parsons was forced to tap into both sides of his personality. 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 . 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). 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. Wall Street Journal, May 8, 1990, p. B10; January 30, 1995, pp. Harry Albright Jr., Rockefeller's executive assistant in Albany, New York and previous chairman of the Dime Savings Bank, cited Parsons as a great member of Rockefeller's staff and one who has great judgment and leadership skills. 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. [CDATA[ 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. Therefore, that information is unavailable for most Encyclopedia.com content. Assets: $47.4 billion In the latter post, Parsons focused on drug issues. "He intellectualizes outcomes and gets people to agree with his outcomes." 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. In 2001, United States President George W. Bush selected Parsons to co-chair a commission on Social Security. DETAILS. ." This political stance was consistent with his rejection of the Democrats philosophy. 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, As a result, Parsons became known as the consummate gentleman executive. 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. ", 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. https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948, Decker, Ed "Parsons, Richard Dean 1948 In 2003, Parsons announced the name change from AOL Time Warner to Time Warner. 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. "Renaming our company will strengthen the identity of the AOL brand name among consumers," the CEO said in a written statement reported on CNNMoney.com. In 2003 the University of Hawaii awarded Parsons the honorary doctor of humane letters degree. 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. agreed that friendly giant Richard Parsons had been just what the fractured titan needed. Parsons became a partner in just two years at Patterson, Belknap, Webb & Tyler, a move that typically demanded seven years. He was replaced by Strauss Zelnick. //. (February 23, 2023). 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. [2] In October 2018 Parsons stepped down from the position, citing difficulties brought about by his battle with Multiple myeloma. She is also credited with creating a national initiative called "Ready to Read, Ready to Learn", which promotes reading at a young age. on August 30, 1968. 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. The merger was made official in 2001, when AOL purchased Time Warner for a reported $168 billion. [8] He helped negotiate the company's merger with America Online in 2000, creating a $165-billion media conglomerate[10] that is "usually described as the worst merger of all time. (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. I exist apart from this job.". 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. [22] Parsons, however, repeatedly denied the reports,[23] supported Mayor Bloomberg's efforts to repeal the term limits law, and supported Bloomberg for a third term in office. "Parsons, Richard "The Man Behind the Merger." New York Times, May 8, 1990, p. D5; August 26, 1990, p. D5; July 7, 1994, p. D4; October 31, 1994, pp. 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. Later that year, it was announced that Parsons had been selected as CEO of America Online. Credit: Shahar Azran / Contributor. He stepped down as CEO of Time Warner on December 31, 2007. Ed. "AOL Time Warner Still Fixing Holes." Cohen, Adam. 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. 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. "Honorary Degrees Conferred by the University of Hawaii." In 2000, Parsons guided the merger of Time Warner with America Online (AOL). Hu, Jim. Parsons, 66, has been married for 35 years to his wife Laura, 67. . Parsons, however, was an extremely bright young man, who went on to graduate from high school when he was just sixteen years old. The Parsons appointment was not without controversy at Time Warner. In just a few years he reduced the Dimes $1 billion in bad debts to $335 million. (February 23, 2023). Parsons accepted the presidency for a reported salary of several million dollars a year. Ed Decker and Christine Miner Minderovic. 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. 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. Cite this article Pick a style below, and copy the text for your bibliography. Zone Development Corporation, which was established to spur the development of business and the growth of job opportunities in Harlem. . Parsons was urged by Harry Albright Jr. to become the chief operating officer of the Dime Savings Bank in 1988 with a salary of $525,000 annually. As associate director, Parsons succeeded Geoffrey Shepard in handling general government, which included justice, treasury, commerce, the postal service, civil rights, and drugs. Decker, Ed. DI, D6. 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. 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. Stock Index: New York Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard. During that time he also earned the respect of the staff for his fair treatment. Lauren Bush Lauren was born on June 25, 1984 in Texas, USA. Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 Incorporated:l96S UXL Newsmakers. Errol Garner and Miles Davis are his favorite musicians. Newzjunky - JCC Releases President's And Dean's Lists For Fall 2013 m.facebook.com. 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. In doing so, he became the first African American to head a lending institution of such proportion. His maternal grandfather had been head groundskeeper at the John D. Rockefeller estate, Kykuit. ." 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). https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0, Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 As a result of his involvement with Time Warner, he developed close ties with Robert W. Morgado, the chairman of the Warner Music Group, and Michael J. Fuchs, chairman of HBO.In the fall of 1994, Parsons was requested by Gerald M. Levin to become the president of Time Warner. CNET News.com (April 3, 2002) http://news.com.com/2009-1023-873910.html (accessed on July 29, 2004). "That's what makes you different from your competition," he maintains. Here, the little . Apparently it was the right decision. Notable Black American Men, Book II. 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.. 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. UXL Newsmakers. He later attended the University of Hawaii at Manoa, where he played varsity basketball. Hayden, Thomas. newzjunky louise bartholomew nicole edward. "Parsons, Richard The most he did at the time was to learn to . As one AOL shareholder told Business Week, "Dick is the right guy to be running the company right now." [5] 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. 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. To the extent that we've lost credibility, repairing it is important." Vol. As he told Ebony, I have never missed a single day of work in my life. Peter J. [27][28][29] Being of Liberian ethnicity, Cooper founded the MacDella Cooper Foundation in 2004 to help orphans and abandoned children in Liberia following the Second Liberian Civil War. The conglomerate was also saddled with significant debt. Memberships: Member of presidential Drug Task Force; chairman, Wildcat Service Organization. You cant give something to somebody to have, said Parsons in the same article. In 2007, he became the chairman of the board of directors of the Jazz Foundation of America. ", "15 years later, lessons from the failed AOL-Time Warner merger", "Sir Win Bischoff to leave early from chairmanship of Citigroup", "Citi Chairman Is Said to Have Planned Chief's Exit Over Months (Published 2012)", "Richard Parsons resigns as CBS chairman due to complications from cancer", "Richard Parsons to Become Chairman of Rockefeller Foundation", "Richard D. Parsons The Rockefeller Foundation", Partnership Members Assist Spitzer Transition Team, "Time Warner Chairman Richard Parsons Says He Won't Run for Mayor New York Magazine", "Ex-Time Warner chairman named interim Clippers CEO", "Love tangle for power broker: Citigroup's Richard Parsons has love child with model MacDella Cooper", "How Time Warner's Former CEO Is Helping Democratize Cancer Research", "Richard Parsons Steps Down as Interim Chairman of CBS", https://en.wikipedia.org/w/index.php?title=Richard_Parsons_(businessman)&oldid=1138654142, This page was last edited on 10 February 2023, at 21:13. He also met a young Rudolph W. Giuliani, with whom he supported in his campaign for New York mayor and heading his transitional council. Los Angeles Times, January 13, 2001, p. C1; December 6, 2001, p. C1. In mid-2003, he sold off parts of the company that were considered to be noncore assets, including the sports teams, the Atlanta Hawks and Atlanta Thrashers. Skeptics also wondered how Parsons would fare in his new job considering the bank was facing financial ruin. 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. Therefore, that information is unavailable for most Encyclopedia.com content Anchor Savings Bank to Dime... Selected Parsons to co-chair a commission on Social Security bad debts to $ 335 million nationwide as. Belknap, Webb & Tyler, a move that typically demanded seven years was to learn to Chairman. The position, citing difficulties brought about by his battle with multiple myeloma, a value claims. You go for it, or its gone forever, claimed Parsons in the article! In 1972 ( December 5, 2001, when AOL purchased Time Warner December. 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