Atlanta Journal-Constitution, January 22, 2002, C3. 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. [9], Parsons was chairman of Citigroup from February 23, 2009[12] until April 2012 when he was replaced by Michael O'Neill. From March 1975 to January 1976, Parsons was assisted in his duties by Lyn May, who had worked for Geoffrey Shepard. True, Parsons had proven to be flexible enough to succeed in the banking world, but he had absolutely no background in media and entertainment. Once again, Parsons made history, becoming what Adam Cohen of Time called the "first African American to lead the world's most influential media company." He was one of five children. AOL Time Warner's various operating units were still far from achieving a full integration. In a December 2001 press conference, Levin stunned the industry when he named Parsons as AOL Time Warner's next CEO. He is a Black business executive and lawyer. ." Again, the business community was rocked by the news. 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. ." This political stance was consistent with his rejection of the Democrats philosophy. As a result, Dime Bancorp became the largest thrift institution on the East Coast and the fourth largest in the United States. Then, copy and paste the text into your bibliography or works cited list. An article in Business Week Online stated that after accepting the Time Warner presidency, "Parsons gradually made himself indispensable to Time Warner by taking on tough assignments that the increasingly insular Levin could not do himself." Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. 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. He joined the foundation's Board of Trustees in 2008. [13] He is chairman of the advisory board of Feigen Advisors, a CEO advisory firm run by Marc Feigen. 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. Parsons' grandfather, Judd, was a groundskeeper on Pocantico, part of the Rockefeller estate, long before Parsons became a protg of Nelson Rockefeller. 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. 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.. 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. CNET News.com (April 3, 2002) http://news.com.com/2009-1023-873910.html (accessed on July 29, 2004). 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. There are a number of other black executives who have elevated positions in corporate America, said Parsons inBlack Enterprise.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. Assets: $47.4 billion 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. ", "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. 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. However, he discovered that he could get into a law school in New York without a college degree if he scored well enough on his pre-law exams. Cohen, Adam. In the latter post, Parsons focused on drug issues. "I always knew I'd rise to the top; it never occurred to me that I couldn't.". Skeptics also wondered how Parsons would fare in his new job considering the bank was facing financial ruin. 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. As he told Ebony, I have never missed a single day of work in my life. Parsons was chairman of Citigroup from 2009 until 2012. 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). Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948. 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. in history from the University of Hawaii in 1968. (February 23, 2023). 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. Business executive Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. Certain corporations come to bear the impress of a sin, 19082007 The world's most influential media company, however, was struggling. Dawn Bennett-Alexander assisted Parsons from March 1976 until the end of the administration. Judge In the Washington Post, Levin called Parsons an exceptional business leader with the broad experience, financial acumen and the knowledge of our business that will strengthen and solidify our corporate management., Parsons accepted the presidency for a reported salary of several million dollars a year. 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. In 2015, Parsons was diagnosed with multiple myeloma, a rare blood cancer. Parsons is due to mark his 31st wedding anniversary with his wife, the former Laura Ann Bush, in August. It also brought Parsons to the attention of high-ranking people who later sought his services. "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. 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. Still, when Levin announced, in late 2001, that Black Enterprise, October 1994, pp. "Richard D. Parsons Named New CEO of AOL Time Warner." Over the years Parsons has, however, admitted the possibility of entering politics later in life. 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. 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. However, the date of retrieval is often important. 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. [2] In October 2018 Parsons stepped down from the position, citing difficulties brought about by his battle with Multiple myeloma. Beginning his legal career as an aide on New York governor Nelson Rockefellers legal staff, Parsons made a very favorable impression on the governor. 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. In 2003, Parsons announced the name change from AOL Time Warner to Time Warner. Contemporary Black Biography. Time (December 17, 2001). Llewellyn, J. Bruce 1927 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. It just isn't for me. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. Standing at 6 feet 4 inches, with broad shoulders, he is a physically impressive man who could fill any boardroom. This opportunity with Time Warner is a once in a lifetime one. Parsons dealt with unhappy regulators. "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. The proud parents were by Jenna's side when she married her husband, Henry Hager, in. ." 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. Former President George W. Bush and Laura Bush's daughter Barbara Bush gave birth to her first baby with husband Craig Coyne on Monday By Mary Park Published on September 29, 2021 11:42 AM 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. 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 They have three grown children: Gregory, Leslie, and Rebecca. He played varsity basketball there, and was also the social chairman of his fraternity. Over the years Parsons has, however, admitted the possibility of entering politics later in life. His 43 . The two met when Bush was still an aimless youth with no real idea of what he would be doing with his life. 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. Parsons accepted the presidency for a reported salary of several million dollars a year. DI, D6. In 2001, United States President George W. Bush selected Parsons to co-chair a commission on Social Security. https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0, Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 Ed Decker and Christine Miner Minderovic. "Reeling Like a Bad Movie: AOL Time Warner." "[11] In December 2001, it was announced that Levin would retire and Parsons had been selected as his successor. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. B1, B3. He was raised in the rough neighborhood of Jamaica, New York, a city in Queens County. Parsons and his wife Laura own a vineyard in Montalcino, Italy. "The Man Who Keeps the Peace: AOL Time-Warner's Richard Parsons." Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 Beginning his legal career as an aide on New York governor Nelson Rockefellers legal staff, Parsons made a very favorable impression on the governor. https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948, Decker, Ed "Parsons, Richard Dean 1948 [6], 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. As one AOL shareholder told Business Week, "Dick is the right guy to be running the company right now." Under President Gerald Ford, Parsons became a senior White House aide and served as a general counsel and an associate director of the Domestic Council. BusinessWeek Online (May 19, 2003) http://www.businessweek.com/magazine/content/03_20/b3833001_mz001.htm (accessed on July 29, 2004). Hayden, Thomas. He stepped down as CEO of Time Warner on December 31, 2007. Niece of George W. Bush, Laura Bush, Doro Bush, Marvin Bush and Jeb . The merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. "He is a persuader, not a dictator," a former colleague told CNET News.com. Business Week Online.http://www.buisnessweek.com/magazine/content/03_20/b3833001_m2001.htm (Accessed 2 December 2005). This opportunity with Time Warner is a once in a lifetime one. He was replaced by Strauss Zelnick. He also serves as chairman of the Upper Manhattan Empowerment "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. Decker, Ed "Parsons, Richard Dean 1948 Dl, D6. "Parsons, Richard In 1977, Parsons in New York, a partner at the Patterson Belknap Webb & Tyler law firm. Parsons, who owns a home on Block Island, is a child psychologist. Powers, New York Citys First Deputy Mayor at the time, complemented Parsonss leadership skills in the New York Times, noting that Parsons really knows how to bring people together and find common ground. Get our quarterly newsletter to stay up-to-date, plus all speech or video narrative bookings near you as they happen. . Training And Servicing Center. 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. Errol Garner and Miles Davis are his favorite musicians. Encyclopedia.com. 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." 23 Feb. 2023 Kenneth Buckfire Net Worth,
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