(her sister, Ashley, graduated from Kincaid in 2007). Parsons credits his father with teaching him to concentrate on achievement rather than dwell on race. Governor Rockefeller rewarded Parsonss solid performance by keeping him on his staff when he became vice president under President Gerald Ford in 1974. As he once told the New York Times, as reported by CNNMoney.com, "For a lot of people race is a defining issue. He is also Chair of the Apollo Theater Foundation and co-chair of the advisory board of the Smithsonian National Museum of African American History and Culture. 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. [30][31], Last edited on 10 February 2023, at 21:13, Donald Sterling racial remarks controversy, "Time Warner Confirms Parsons Stepping Down", "UH alumnus replacing Les Moonves as interim chairman of CBS", "Parsons Resigns From CBS Board due to Health Reasons: Dick Parsons resigns from CBS board, Strauss Zelnick steps into role of interim chairman", "Citigroup Chairman Richard Parsons TIME", "Did New Clippers CEO Dick Parsons Really Play College Basketball? CNNMoney.com (December 5, 2001) http://money.cnn.com/2001/12/05/ceos/parsons_profile (accessed on July 29, 2004). The drag on the company continued to be AOL, which consistently floundered. For a brief time he worked for Nelson Rockefeller at the family office, "Room 5600", at Rockefeller Center.[8]. Smith, Jessie Carney, ed. as vice president, Parsons was invited along. Parsons also remained a committed leader in other areas of public and community service. Contemporary Black Biography. https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0, Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. He met with the then President-elect on Friday, November 7, 2008, along with many other economic experts, to discuss measures to solve the current economic crisis. They have three grown children: Gregory, Leslie, and Rebecca. 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]. Not one. Also fueling his rise were connections he has made with important people over the years. [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. 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. . Parsons was a member of the economic advisory team for President Barack Obama in 2008. 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 September 2018, Parsons became the Interim Chairman of the Board for CBS replacing Les Moonves. At the same time people speculated about what role Parsons would play in Time Warner's future. 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. [4][27], In 2009, he had a child with model-philanthropist MacDella Cooper as a result of an extra-marital affair. Financial Times, December 8, 2001, p. 13. Editorial #: 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. Mehta, Stephanie. 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. Farmington Hills, Mich.: Thomson Gale, 2003. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. 1946 Regardless, Parsons is consistently applauded by various groups for the inspiration he provides to young people everywhere. Hu, Jim. 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. https://www.encyclopedia.com/general/culture-magazines/parsons-richard, "Parsons, Richard 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. The hope was that by combining forces they would make the most successful merger in history: AOL would have access to Time Warner's massive media content and it would be able to reach even more users thanks to TW's cable television operations. [3], Parsons was born to an African-American family in Brooklyn, New York City, on April 4, 1948. In a December 2001 press conference, Levin stunned the industry when he named Parsons as AOL Time Warner's next CEO. 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. Some predicted a future in politics for Parsons. 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. Richard D. Parsons, Counsel and Associate Director for Justice, Civil Rights, Drugs and Consumer Affairs: Files, 197477. 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. L. Mpho Mabunda and Shirelle Phelps. ." He received a B.A. 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. 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. [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. In turn, Time Warner would have unlimited access to the ever-expanding Internet pipeline. Niece of George W. Bush, Laura Bush, Doro Bush, Marvin Bush and Jeb . Beginning his legal career as an aide on New York governor Nelson Rockefellers legal staff, Parsons made a very favorable impression on the governor. 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 also earned staff respect at Dime with his fair treatment of personnel. Richard Dean "Dick" Parsons was born in Brooklyn, New York. "Can Dick Parsons Rescue AOL Time Warner?" "It's a collaboration," he told Anthony Bianco and Tom Lowry of Business Week. Black Enterprise, 25 (October 1994): 69-76. April 21, 2021 11:45 am ET. [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. 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. 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. By Scott Stump. Notable Black American Men, Book II. Parsons dealt with unhappy regulators. 23 Feb. 2023 . "America Online is an important part of our company and we expect it to continue to make major contributions to our success in the future. Parsons, who's been married to psychologist Laura Bush for almost 50 years, acknowledges the pain it caused others and still causes him. Nationality: American. . He was again entering an industry that was new to him, and some doubted his qualifications. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. "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. 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 contrast, he embraced the Rockefeller Republicans' philosophy of equipping a group with skills so they can achieve what they need on their own. Birthday: April 4, 1948 ( Aries) Born In: New York, New York, United States 1 0 Bankers #114 CEOs #466 Business People #1921 Quick Facts Also Known As: Richard Dean Parsons, Dick Parsons Age: 74 Years, 74 Year Old Males Family: Spouse/Ex-: Laura Bush Parsons children: Gregory Allen Parsons CEOs Bankers Height: 6'4" (193 cm ), 6'4" Males It's like height. George and Laura welcomed their twin daughters, Jenna Bush Hager and Barbara Bush, on November 25, 1981. There are a number of other black executives who have elevated positions in corporate America, said Parsons in Black Enterprise. 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. 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. Notable Black American Men, Book II. That same year, he scored the highest marks out of the nearly four thousand lawyers who took the New York State bar examination. Time (December 17, 2001). Born: March 28, 1946, in Chicago, Illinois., Public Company As associate director, Parsons succeeded Geoffrey Shepard in handling general government, which included justice, treasury, commerce, the postal service, civil rights, and drugs. . Isidore, Chris. In 2001, United States President George W. Bush selected Parsons to co-chair a commission on Social Security. He later attended the University of Hawaii at Manoa, where he played varsity basketball. Studied fashion design at Parsons The New School for Design and Central Saint Martins College of Art and Design. Wall Street Journal, May 8, 1990, p. B10; January 30, 1995, pp. *Richard Parsons was born on this date in 1948. He is also Chair of the Apollo Theater Foundation and Co-Chair of the Advisory Board of the Smithsonian National Museum of African American History and Culture. Encyclopedia.com gives you the ability to cite reference entries and articles according to common styles from the Modern Language Association (MLA), The Chicago Manual of Style, and the American Psychological Association (APA). "The Man Who Keeps the Peace: AOL Time-Warner's Richard Parsons." Business executive Richard Parsons has been called a teddy bear, a master diplomat, and a charmer, but perhaps the best description that has been applied to him is "friendly giant." Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. 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. McClellan, Steve. He ruminates for some time before addressing the. 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. "That's what makes you different from your competition," he maintains. He stepped down as CEO of Time Warner on December 31, 2007. 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) 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. 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." 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. Later that year, it was announced that Parsons had been selected as CEO of America Online. BusinessWeek Online (May 19, 2003) http://www.businessweek.com/magazine/content/03_20/b3833001_mz001.htm (accessed on July 29, 2004). 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. Encyclopedia.com. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. "AOL Time Warner Still Fixing Holes." In a Black Enterprise article, he openly rejected the Democrats' philosophy of taking from one group to give to another. 11. Business executive Encyclopedia.com. Cohen, Adam. Observer, (London, England) December 9, 2001, p. 4. Cite this article Pick a style below, and copy the text for your bibliography. Ed. 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. Parsons worked at various odd jobs, including in a parking garage and gas company to support himself while at the University of Hawaii. Decker, Ed "Parsons, Richard Dean 1948 He also set out to streamline the bank's operations. With the bank on solid ground, Parsons set his sights on a new enterprise. DI, D6. 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. 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 and his wife Laura own a vineyard in Montalcino, Italy. Greater Minneapolis-St. Paul Area. 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. Parsons refused the position but consented to work as the Economic Development Corporation chairperson. 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). Director of Business Operations at ExperienceIT. 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. 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. "He intellectualizes outcomes and gets people to agree with his outcomes." 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. It was a drastic move, but he also kept communications open with his employees every step of the way. Encyclopedia.com. This opportunity with Time Warner is a once in a lifetime one. Newzjunky - JCC Releases President's And Dean's Lists For Fall 2013 m.facebook.com. 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. "Can a Nice Guy Run This Thing?" "I always knew I'd rise to the top; it never occurred to me that I couldn't.". In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. 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 (September 18, 2003) http://money.cnn.com/2003/09/18/technology/aol_name (accessed on July 31, 2004). His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 1968. 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