Standing at 6 feet 4 inches, with broad shoulders, he is a physically impressive man who could fill any boardroom. 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. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. Parsons served with the Domestic Council until the end of the Ford administration and returned to New York to work for Governor Nelson Rockefeller. Atlanta Journal-Constitution, January 22, 2002, C3. In a Black Enterprise article, he openly rejected the Democrats' philosophy of taking from one group to give to another. The proud parents were by Jenna's side when she married her husband, Henry Hager, in. As a result, the company struggled to maintain its credibility, its stock prices tumbled, and it faced $27 billion in debt. "Parsons the Man: Public Service as Much as Private Sector Success Define AOL Time Warner's New CEO." Parsons chose to support Rudolph Giuliani in the New York City mayoral race instead of Democrat black mayor David Dinkins. Born: March 28, 1946, in Chicago, Illinois., Public Company In his eleven years with Patterson, Parsons cemented his reputation as a skilled negotiator. I have other things I'm focused on." He is chairman of the Advisory Board of Feigen Advisors, a CEO advisory firm. 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. Restrictions: Contact your local office for all commercial or promotional uses. Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. Parsons was left in control of a bank that was apparently dying. "[11] In December 2001, it was announced that Levin would retire and Parsons had been selected as his successor. Apparently it was the right decision. Assistance League Of Chicagoland West: December 2013 alcw95.blogspot.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. Over the years Parsons has, however, admitted the possibility of entering politics later in life. Some considered the Parsons appointment at Time Warner to be a significant achievement for black executives, one that helps pave the way for them to enter the highest positions in business. Parsons graduated from the University of Hawaii and earned his J.D. In 2003, Parsons announced the name change from AOL Time Warner to Time Warner. 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. Contemporary Black Biography. In fact, in 1995 he was key in orchestrating the successful merger between the Dime and Anchor Savings Bank. https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948, Decker, Ed "Parsons, Richard Dean 1948 In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. Detroit, Mich.: Gale Research, 1996. Llewellyn, J. Bruce 1927 Critical to the next chapter in the Parsons success story was his work with the Dimes Saving Bank of New York, which he provided with legal counsel for about six years while with Patterson, Belknap, Webb&Tyler. In the same Business Week interview, the CEO revealed, "I take this job seriously. ." They have three grown children. 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. 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. In 2000, Parsons guided the merger of Time Warner with America Online (AOL). Levin, however, felt that Parsons was the right man for the job, and some business insiders were not that surprised. Bell, Gregory S., "Richard Dean Parsons." He played varsity basketball there, and was also the social chairman of his fraternity. Decker, Ed. He also set out to streamline the bank's operations. Hard work has been a crucial component of the Parsons success story, a value he claims to have learned from his father. 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. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. 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. Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen Estee Lauder. 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 Parsons was born on this date in 1948. UXL Newsmakers. Ed. 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. Greater Minneapolis-St. Paul Area. On October 1, 1995, Parsons was appointed president of Time Warner with a salary of several million dollars per year. He paid his law school expenses by working as a part time janitor and later as an aide in the New York State Assembly. Parsons remained optimistic, but he proceeded cautiously. . Stock Index: New York 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, 66, has been married for 35 years to his wife Laura, 67. Fortune (August 8, 2004). 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. Many, however, questioned the appointment since Parsons had no real experience in the banking industry. . "Can Dick Parsons Rescue AOL Time Warner?" 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. 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. He quickly became a star in the firm and in just two years was named partner. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. This political stance was consistent with his rejection of the Democrats philosophy. April 20, 2021, 9:57 AM PDT / Source: TODAY. [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? Parsons was chairman of Citigroup from 2009 until 2012. 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. 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. He graduated at the age of twenty-three, number one of more than 100 students and received the highest score among 3,600 lawyers in 1971 who took the state bar exam. Smith, Jessie Carney, ed. (Photo by Shahar Azran/WireImage) Embed. 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. In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the well-being of humanity worldwide. 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. Although Richard Dean Parsons regularly makes Fortune magazine's annual list of the most powerful people in business, and he is considered to be one of the most respected African American executives in the country, he came from an average working-class background. Wall Street Journal, May 8, 1990, p. B10; January 30, 1995, pp. As a result, Parsons became known as the consummate gentleman executive. 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. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/general/culture-magazines/parsons-richard. Parsons took on the role of co-COO, sharing the job with Robert Pittman (1953), former president of AOL. 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. 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 . For the next six years, he served as the number-two executive 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. "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. AOL Time Warner's various operating units were still far from achieving a full integration. He was one of five children. [27], In 2015, Parsons was diagnosed with multiple myeloma, a rare form of blood cancer. The Dimes' nonperforming assets were nearly 11 percent of the total assets by year 1991 in addition to $1 billion in bad debt. [15], In 2007, Parsons became the chairman of the board of directors of the Jazz Foundation of America. (her sister, Ashley, graduated from Kincaid in 2007). Mehta, Stephanie. . Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen EsteeLauder. 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. (February 23, 2023). You cant give something to somebody to have, said Parsons in the same article. 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. But in 2008, he was less of a doting husband when he fathered a daughter, Ella . Skeptics also wondered how Parsons would fare in his new job considering the bank was facing financial ruin. Laura Bush petunia at President George Bushs Crawford Ranch It was a drastic move, but he also kept communications open with his employees every step of the way. https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard, "Parsons, Richard According to Ebony, 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.. With the bank on solid ground, Parsons set his sights on a new enterprise. 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. Parsons began his career as a member of New York governor Nelson Rockefeller's legal staff where he served when Rockefeller became vice president of the United States under President Gerald Ford in 1974. Born in Midland, Texas, Bush graduated from Southern Methodist University in 1968 with a bachelor's degree in education, and took a job as a second grade teacher. 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. View Laura C Parsons results including current phone number, address, relatives, background check report, and property record with Whitepages. Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. 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. 23 Feb. 2023
. To this union three children were born (Gregory, Leslie, and Rebecca). In addition, thanks to an industry-wide technology slump, AOL, which had promised big revenues, had failed to deliver. 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 2007, he became the chairman of the board of directors of the Jazz Foundation of America. 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. He stepped down as CEO of Time Warner on December 31, 2007. 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. At the same time people speculated about what role Parsons would play in Time Warner's future. Washington Post, November 1, 1994, p. D5. He is a Black business executive and lawyer. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. 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. at the company, and as Gerald Levin's right-hand man. 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. And most B1, B3. He received a juris doctorate from the Union University, University of Albany Law School in 1971. For a brief time he worked for Nelson Rockefeller at the family office, "Room 5600", at Rockefeller Center.[8]. Apparently it was the right decision. They have three grown children: Gregory, Leslie and Rebecca. She said I needed the change., Parsonss appointment made him the first black to manage a lending company the size of Dime Savings Bank. 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