April 21, 2021 11:45 am ET. [2] In October 2018 Parsons stepped down from the position, citing difficulties brought about by his battle with Multiple myeloma. They have three grown children: Gregory, Leslie, and Rebecca. Parsons was a member of the economic advisory team for President Barack Obama in 2008. 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. 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. After four years, he discovered that he could get into a law school in New York if he scored well enough on his pre-law exams. 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. Atlanta Journal-Constitution, January 22, 2002, C3. In September of 2003, Parsons made a surprising announcement: AOL Time Warner was undergoing a name change, and would in the future be known as simply 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. "Parsons, Richard ." True, Parsons had proven to be flexible enough to succeed in the banking world, but he had absolutely no background in media and entertainment. Parsons became a board member for Time Warner, Inc., Phillip Morris, Tristar Pictures, Harvard University, and the Metropolitan Museum of Art. In 1977, he returned to New York, and at the request of former U.S. Deputy Attorney General Harold R. Tyler Jr., he joined the law firm of Patterson, Belknap, Webb & Tyler. 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 Parsons later lived in a guesthouse on the estate. In 2001, United States President George W. Bush selected Parsons to co-chair a commission on Social Security. He played varsity basketball there, and was also the social chairman of his fraternity. His maternal grandfather had been head groundskeeper at the John D. Rockefeller estate, Kykuit. In 2003 the University of Hawaii awarded Parsons the honorary doctor of humane letters degree. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. Encyclopedia.com. This opportunity with Time Warner is a once in a lifetime one. He joined the foundation's Board of Trustees in 2008. "Honorary Degrees Conferred by the University of Hawaii." Not one. Also fueling his rise were connections he has made with important people over the years. 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. He was raised in the rough neighborhood of Jamaica, New York, a city in Queens County. Then, they dont value it. With a calm, cool-headed resolve, he doggedly tackled the problems that lay ahead. Encyclopedia.com. Parsons credits his father with teaching him to concentrate on achievement rather than dwell on race. Lloyd, Fonda Marie, and Mark Lowery. As he told Ebony, I have never missed a single day of work in my life. Parsons, who's been married to psychologist Laura Bush for almost 50 years, acknowledges the pain it caused others and still causes him. He paid his law school expenses by working as a part time janitor and later as an aide in the New York State Assembly. 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. . The announcement surprised many media watchers who expected chief operating officer Robert Pittman to take the helm. ." 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. 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. "And he would do it in a way that everyone would feel good about the outcome." As he once told the New York Times, as reported by CNNMoney.com, "For a lot of people race is a defining issue. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. In doing so, he became the first African American to head a lending institution of such proportion. cronin friend betty barb grand cortopassi 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. 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. Standing at 6 feet 4 inches, with broad shoulders, he is a physically impressive man who could fill any boardroom. He stepped down as CEO of Time Warner on December 31, 2007. During that time he also earned the respect of the staff for his fair treatment. In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. In spite of its debt, the company reported an overall increase in revenue (6 percent) in early 2004, thanks to three of the Time Warner divisions: film, cable, and network advertising. His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 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. In April 1976 when Kathleen Ryan left the Domestic Council, responsibility for consumer affairs was given to Parsons' office. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. as vice president, Parsons was invited along. You cant give something to somebody to have, said Parsons in the same article. Governor Rockefeller rewarded Parsonss solid performance by keeping him on his staff when he became vice president under President Gerald Ford in 1974. (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. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. He was replaced by Strauss Zelnick. 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. . In 2004, he was awarded the Better Chance Corporate Award, an annual honor bestowed by the organization A Better Chance, which, according to Hispanic PRWire, "identifies, recruits, and develops leaders among academically gifted students of color." [9] In 1988, he was recruited to serve as chief operating officer of the Dime Savings Bank of New York by CEO Harry W. Albright Jr., who was a former Rockefeller aide. Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. Bush, a full-time resident of the island for the past decade, is the owner of Albany Records, which produces "uncommonly classical" music by American composers; she was previously the manager of the Albany, New York, symphony. 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 2006, Parsons was selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. 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. In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. View the profiles of people named Laura Parsons. In Contemporary Black Biography. UXL Newsmakers. . They have three grown children. Parsons answered these reservations by promising to devote his full attention to his new $525, 000-a-year post. CNET News.com (April 3, 2002) http://news.com.com/2009-1023-873910.html (accessed on July 29, 2004). The Parsons appointment was not without controversy at Time Warner. Lauren Bush Lauren was born on June 25, 1984 in Texas, USA. He skipped a grade in elementary school and another in high school. Encyclopedia.com. He was one of five children. degree from Union University's Albany Law School in 1971. 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 is also on the board of the family-created Museum of Modern Art. Get our quarterly newsletter to stay up-to-date, plus all speech or video narrative bookings near you as they happen. Apparently it was the right decision. Landler, Mark "Watch Your Back, Mr. Parsons" Business Week (14 November 1994): 38-39. 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. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. After Giuliani was elected, he named Parsons to be head of his transition council. Farmington Hills, Mich.: Thomson Gale, 2003. In a Black Enterprise article Parsons stated: "What motivates me is a sense of accountability to people who are important in my life." 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. "Can a Nice Guy Run This Thing?" Parsons answered these reservations by promising to devote his full attention to his new $525,000-a-year post. Right after graduating in 1968, Bush wasn't doing anything concrete. 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." Save. "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. Parsons, who owns a home on Block Island, is a child psychologist. Parsons was named CEO for AOL Time Warner. Parsons accepted the presidency for a reported salary of several million dollars a year. As a result, the company struggled to maintain its credibility, its stock prices tumbled, and it faced $27 billion in debt. In addition, thanks to an industry-wide technology slump, AOL, which had promised big revenues, had failed to deliver. 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. Washington Post, November 1, 1994, p. D5; December 6, 2001, p. EO1. *Richard Parsons was born on this date in 1948. 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. Contemporary Black Biography. Education: Graduated from University of Hawaii, 1968; Union University, University of Albany Law School, J.D., 1971. 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. Since the first marketing of Laura Bush, Dr. Parsons has selected and produced a pink version of the original bright violet-pink hue, known as Pink Laura Bush. On May 16, 2001, Parsons replaced Gerald Levin as CEO of the AOL-Time Warner Corporation. Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen EsteeLauder. 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. Newsweek (January 24, 2000): p. 36. 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.. 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. 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. [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. 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. 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. 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. Parsons worked part-time as a janitor to pay his way through the University of Albany Law School in New York, and when he graduated in 1971, it was at the top of his class. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. 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. 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). His 43 . Just before Parsons officially took over from Levin in May of 2002, the company posted a quarterly loss of $54 billion, the largest in U.S. history. To this union three children were born (Gregory, Leslie, and Rebecca). Cohen, Adam. 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. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948. 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. The merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. That same year, he scored the highest marks out of the nearly four thousand lawyers who took the New York State bar examination. Henry Louis Gates Jr. New York: Oxford University Press, 2004. Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. The two met when Bush was still an aimless youth with no real idea of what he would be doing with his life. Fortune (August 8, 2004). So, in 1976, when President Ford lost his re-election bid to Jimmy Carter (1924), Parsons did not lack for opportunities. 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. Parsons credits his experiences at the University of Hawaii as preparation for his future in corporate America. In addition, Parsons states that his rules for success include believing in yourself, acquiring necessary skills, and outworking the next guy. //]]>. ." [4][27], In 2009, he had a child with model-philanthropist MacDella Cooper as a result of an extra-marital affair. McClellan, Steve. 2008 redeem team starting 5; who is sarah davis married to; 23 Feb. 2023 . 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). https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0, Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 on August 30, 1968. Parsons was accepted by Albany Law School of Union University, New York, where he earned a Juris Doctor in 1971, finishing at the top of his class. ." "Can Dick Parsons Rescue AOL Time Warner?" . Value is associated with hard work.. 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." 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. Parsons' grandfather, Judd, was a groundskeeper on Pocantico, part of the Rockefeller estate, long before Parsons became a protg of Nelson Rockefeller. Laura Bush petunia at President George Bushs Crawford Ranch In September 2018, Parsons became the Interim Chairman of the Board for CBS replacing Les Moonves. 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. ", "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. Parsons also had to deal with an onslaught of unhappy regulators. Parsons and his wife Laura own a vineyard in Montalcino, Italy. [15], In 2007, Parsons became the chairman of the board of directors of the Jazz Foundation of America. [2] On October 21, 2018, he resigned for health reasons from CBS and was replaced by Strauss Zelnick. As counsel to the Domestic Council, he worked closely with the Counsel to the President in providing legal guidance in the formulation of domestic policy. The Economicst (April 19, 2003). Greater Minneapolis-St. Paul Area. 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. 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 . In his eleven years with Patterson, Parsons cemented his reputation as a skilled negotiator. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. 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. Some predicted a future in politics for Parsons. Assets: $47.4 billion 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. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. 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) But in 2008, he was less of a doting husband when he fathered a daughter, Ella . 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." "Time Warner Drops AOL Name." http://www.ford.utexas.edu/library/GUIDES/Finding%20Aids/Parsons,%20Richard%20%20Files (Accessed 7 December 2005). 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.. In 1988, he was recruited to serve as a chief operating officer of the Dime Savings Bank of New York. Former President George W. Bush and his wife, Laura Bush, recently celebrated their 45th wedding anniversary. 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. In addition to his work for Rockefeller and the Ford administration, the lawyer-turned-banker-turned media executive served in various political roles throughout his career. Black Firsts. Parsons was a bright child with a gift for charming people by telling entertaining stories. (Photo by Shahar Azran/WireImage) Embed. L. Mpho Mabunda and Shirelle Phelps. 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. 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. In a December 2001 press conference, Levin stunned the industry when he named Parsons as AOL Time Warner's next CEO. In 1994, Gerald Levin (1939), chairman of Time Warner (TW), openly recruited Parsons to take over as president of the company. . Three years later, in 1991, he was invited to join Time Warner's board; he subsequently became president of the company in 1995 and helped negotiate the company's merger with America Online in 2000. Facebook gives people the power to. [27], In 2015, Parsons was diagnosed with multiple myeloma, a rare form of blood cancer. //