Parsons assumed his post as president of Time Warner in January of 1995, a job that came with a reported multi-million dollar salary. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. It's like height. 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. He later attended the University of Hawaii at Manoa, where he played varsity basketball. In 2001, United States President George W. Bush selected Parsons to co-chair a commission on Social Security. In African American Lives. "Parsons, Richard ", 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. Parsons was asked to become the new president of Time Warner by its chairman, Gerald M. Levin, in the fall of 1994. Parsons also inherited a number of problems when he assumed his new post in January of 1995. window.__mirage2 = {petok:"Olb1PN4AOYQxfgUm1EldB37uVPcj4uBa8eBE3X8k2lQ-86400-0"}; AOL Time Warner's various operating units were still far from achieving a full integration. 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. 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. Lauren Bush in New York Bush was signed with Elite Model Management before launching FEED. Hispanic PRWire (June 11, 2004) http://www.hispanicprwire.com/news_in.php?id=2478&cha=6&PHPSESSID (accessed on July 31, 2004). In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. . Bianco, Anthony, and Tom Lowry. True, Parsons had proven to be flexible enough to succeed in the banking world, but he had absolutely no background in media and entertainment. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. Parsons is also on the board of the family-created Museum of Modern Art. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard. DETAILS. He joined the foundation's board of trustees in 2008. CNET News.com (April 3, 2002) http://news.com.com/2009-1023-873910.html (accessed on July 29, 2004). Richard Dean Parsons was born on April 4, 1948, in Brooklyn, New York. Mehta, Stephanie. I know the bank is in good hands.. He was again entering an industry that was new to him, and some doubted his qualifications. Memberships: Member of presidential Drug Task Force; chairman, Wildcat Service Organization. . "And he would do it in a way that everyone would feel good about the outcome." I have other things I'm focused on." . at the company, and as Gerald Levin's right-hand man. 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. As a result, Parsons became known as the consummate gentleman executive. While in Hawaii, he also met his future wife, Laura Bush. 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. on August 30, 1968. 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. Hu, Jim. 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." 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. 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. 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. Graduated from Princeton University in 2006 . 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. As associate director, Parsons succeeded Geoffrey Shepard in handling general government, which included justice, treasury, commerce, the postal service, civil rights, and drugs. Kathleen Ryan served as an assistant to Parsons for a few weeks after she joined the Domestic Council in April, 1975. Parsons became a partner in just two years at Patterson, Belknap, Webb & Tyler, a move that typically demanded seven years. 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. [CDATA[ "The Man Who Keeps the Peace: AOL Time-Warner's Richard Parsons." Financial Times, December 8, 2001, p. 13. Parsons took on the role of co-COO, sharing the job with Robert Pittman (1953), former president of AOL. In 2001, President George W. Bush appointed Parsons along with former U.S. senator Daniel Moynihan to a commission to strengthen Social Security Program changes. Newsweek (January 24, 2000): p. 36. After Giuliani was elected, he named Parsons to be head of his transition council. UXL Newsmakers. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. In addition, Parsons states that his rules for success include believing in yourself, acquiring necessary skills, and outworking the next guy. [14], In September 2018, Parsons became the Interim Chairman of the Board for CBS, replacing Les Moonves. [26], In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. Most online reference entries and articles do not have page numbers. They have three grown children: Gregory, Leslie, and Rebecca. To this union three children were born (Gregory, Leslie, and Rebecca). [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. 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 . 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. Under his tutelage the bank staged a remarkable comeback, largely through his massive overhauling of the banks management systems and work force. 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. [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 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. 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." . Bell, Gregory S., "Richard Dean Parsons." Addresses: Office Time-Warner Inc., 75 Rockefeller Plaza, New York, NY. Parsons credits his experiences at the University of Hawaii as preparation for his future in corporate America. In 1994, Gerald Levin (1939), chairman of Time Warner (TW), openly recruited Parsons to take over as president of the company. Parsons, 66, has been married for 35 years to his wife Laura, 67. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. 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). The drag on the company continued to be AOL, which consistently floundered. He also serves as chairman of the Upper Manhattan Empowerment His maternal grandfather had been head groundskeeper at the John D. Rockefeler estate, Kykuit. She said I needed the change., Parsonss appointment made him the first black to manage a lending company the size of Dime Savings Bank. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. 68-70, 72, 76, 77; January 1995, p. 15. Business Week, November 14, 1994, pp. did desi arnaz jr have a stroke; moose tracks vs cow tracks ice cream Restrictions: Contact your local office for all commercial or promotional uses. He was involved in sports at the University of Hawaii; the six-foot-four-inch Parsons played basketball, was the social chairman of his fraternity, but was unenthusiastic about academics. Decker, Ed "Parsons, Richard Dean 1948 It did make history as the largest corporate purchase ever, but it also became known as perhaps the most failed megamerger on record. Former President George W. Bush and his wife, Laura Bush, recently celebrated their 45th wedding anniversary. Contemporary Black Biography. ." Contemporary Black Biography. Black Enterprise, 25 (October 1994): 69-76. Nationality: American. Dl, D6. The merger was made official in 2001, when AOL purchased Time Warner for a reported $168 billion. "I didn't have to think twice about it. "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. Llewellyn, J. Bruce 1927 ." Parsons is due to mark his 31st wedding anniversary with his wife, the former Laura Ann Bush, in August. Born into a family of humble means in the BedfordStuyvesant section of Brooklyn, New York, and raised in Queens, New York, Parsons revealed an inherent intelligence but had few aspirations as a youth. 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. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. 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. (her sister, Ashley, graduated from Kincaid in 2007). Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen EsteeLauder. In this case, Parsons was forced to tap into both sides of his personality. X. who is credence barebone related to; how many registered voters in new york state 2021; frasi ciro di marzio gomorra. 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. Parsons later lived in a guesthouse on the estate. President Ford also used his services, first as a general council and then as associate director of the domestic council. CNNMoney.com. During that time he also earned the respect of the staff for his fair treatment. In 1999, when AOL and Time Warner merged, parsons became the co-chief operating officer, a position shared with Bob Pittman. http://www.ford.utexas.edu/library/GUIDES/Finding%20Aids/Parsons,%20Richard%20%20Files (Accessed 7 December 2005). 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 O de wurl aint flat,An de wurl aint roun,Hits one long stripHangin up an downJes Souf an Norf;Jes Norf an Souf. "He intellectualizes outcomes and gets people to agree with his outcomes." In the latter post, Parsons focused on drug issues. But it's not my life. Parsons' grandfather, Judd, was a groundskeeper on Pocantico, part of the Rockefeller estate, long before Parsons became a protg of Nelson Rockefeller. It was a drastic move, but he also kept communications open with his employees every step of the way. In 2003 the University of Hawaii awarded Parsons the honorary doctor of humane letters degree. Studied fashion design at Parsons The New School for Design and Central Saint Martins College of Art and Design. 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. 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. 38, 39. 23 Feb. 2023 . agreed that friendly giant Richard Parsons had been just what the fractured titan needed. Decker, Ed "Parsons, Richard Dean 1948 Governor Rockefeller rewarded Parsonss solid performance by keeping him on his staff when he became vice president under President Gerald Ford in 1974. . . "Parsons, Richard L. Mpho Mabunda and Shirelle Phelps. He also met a young Rudolph W. Giuliani, with whom he supported in his campaign for New York mayor and heading his transitional council. Parsons also remained a committed leader in other areas of public and community service. The Parsons appointment was not without controversy at Time Warner. Parsons was chairman of Citigroup from 2009 until 2012. "Time Warner's Chairman and CEO Richard D. Parsons Honored by a Better Chance." Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. It was either you go for it, or its gone forever, claimed Parsons in Black Enterprise. Henry Louis Gates Jr. New York: Oxford University Press, 2004. In 2000, Parsons guided the merger of Time Warner with America Online (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. View the profiles of people named Laura Parsons. There are a number of other black executives who have elevated positions in corporate America, said Parsons in Black Enterprise. 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. As he later told Black Enterprise, My wife talked me into it. Hayden, Thomas. 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. Richard Dean "Dick" Parsons was born in Brooklyn, New York. 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. Peter J. Dr. Larry Stein, another Extension horticulturist, has added further to the color scale with a glowing Purple Laura Bush. Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 Parsons later became Chairman and CEO and oversaw a merger with Anchor Savings Bank. 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. warren central student killed 2022. Here, the little . Parsons, who's been married to psychologist Laura Bush for almost 50 years, acknowledges the pain it caused others and still causes him. UXL Newsmakers. Time (December 17, 2001). Notable Black American Men, Book II. He was one of five children. Certain corporations come to bear the impress of a sin, 19082007 In 2006, Parsons selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. Broadcasting & Cable (July 28, 2003): p. 8. Parsons, who owns a home on Block Island, is a child psychologist. "[11] In December 2001, it was announced that Levin would retire and Parsons had been selected as his successor. Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. Then, copy and paste the text into your bibliography or works cited list. McClellan, Steve. Parsons began his career working as a lawyer and counsel for former New York governor Nelson Rockefeller. A lawyer and politician, John Vliet Lindsay (born 1921) was a member of the U.S. Congress from 1959 to 1965 and mayor of New York, https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948, https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0, http://news.com.com/2009-1023-873910.html, http://money.cnn.com/2003/09/18/technology/aol_name, http://money.cnn.com/2001/12/05/ceos/parsons_profile, https://www.encyclopedia.com/general/culture-magazines/parsons-richard, http://www.hawaii.edu/offices/bor/honorary/php?person=RP, https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard. 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. 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