Addresses: Office AOL Time Warner, 75 Rockefeller Plaza, New York, NY 10019. council and then as associate director of the domestic council. Skeptics also wondered how Parsons would fare in his new job considering the bank was facing financial ruin. 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. [15], In 2007, Parsons became the chairman of the board of directors of the Jazz Foundation of America. Born: March 28, 1946, in Chicago, Illinois., Public Company [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. He also set out to streamline the bank's operations. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. Parsons is due to mark his 31st wedding anniversary with his wife, the former Laura Ann Bush, in August. In 2007, he became the chairman of the board of directors of the Jazz Foundation of America. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. They have three grown children: Gregory, Leslie and Rebecca. 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. As a result, the company struggled to maintain its credibility, its stock prices tumbled, and it faced $27 billion in debt. 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. on August 30, 1968. It's like height. Laura Lane Welch Bush (ne Welch; born November 4, 1946) is an American teacher, librarian, memoirist and author who was First Lady of the United States from 2001 to 2009. He also expanded his web of connections, taking on such high-profile clients as Happy Rockefeller (1926), the widow of Nelson Rockefeller, and cosmetics giant Este Lauder. He stepped down as CEO of Time Warner on December 31, 2007. Encyclopedia.com. He also serves as chairman of the Upper Manhattan Empowerment With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. During his eleven years with the firm he was successful in both corporate law and civil litigation. Notable Black American Men, Book II. In turn, Time Warner would have unlimited access to the ever-expanding Internet pipeline. During that time he also earned the respect of the staff for his fair treatment. J. Bruce Llewellyns career history might be viewed as a virtual microcosm of twentieth-century minority, Attorney, broadcasting executive, elected official "Richard Parsons: Profile." Decker, Ed "Parsons, Richard Dean 1948 [5] 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. 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. The drag on the company continued to be AOL, which consistently floundered. Training And Servicing Center. They have three grown children: Gregory, Leslie, and Rebecca. 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. "Parsons, Richard In the latter post, Parsons focused on drug issues. 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]. ." He was replaced by Strauss Zelnick. Within the Cite this article tool, pick a style to see how all available information looks when formatted according to that style. In 2003 the University of Hawaii awarded Parsons the honorary doctor of humane letters degree. He also earned staff respect at Dime with his fair treatment of personnel. Certain corporations come to bear the impress of a sin, 19082007 2019Encyclopedia.com | All rights reserved. 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. . Parsons later became Chairman and CEO and oversaw a merger with Anchor Savings Bank. In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the well-being of humanity worldwide. Color her surprised! "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. 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." Dr. Larry Stein, another Extension horticulturist, has added further to the color scale with a glowing Purple Laura Bush. In 2006, Parsons was selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. They have three grown children: Gregory, Leslie, and Rebecca. He has claimed that race was never a defining character in his life. To the extent that we've lost credibility, repairing it is important." window.__mirage2 = {petok:"Olb1PN4AOYQxfgUm1EldB37uVPcj4uBa8eBE3X8k2lQ-86400-0"}; Chairman and chief executive officer, Goldman, Sachs & Company As a result, Dime Bancorp became the largest thrift institution on the East Coast and the fourth largest in the United States. The Parsons appointment was not without controversy at Time Warner. 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. "Time Warner's Chairman and CEO Richard D. Parsons Honored by a Better Chance." [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. Hu, Jim. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. Parsons became a partner in just two years at Patterson, Belknap, Webb & Tyler, a move that typically demanded seven years. Landler, Mark "Watch Your Back, Mr. Parsons" Business Week (14 November 1994): 38-39. 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. Parsons became a board member for Time Warner, Inc., Phillip Morris, Tristar Pictures, Harvard University, and the Metropolitan Museum of Art. Encyclopedia.com. 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. His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 1968. 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 . 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. "The Man Behind the Merger." laura bush parsonsis ora king salmon safe to eat. ." 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. 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. Pick a style below, and copy the text for your bibliography. As he once told the New York Times, as reported by CNNMoney.com, "For a lot of people race is a defining issue. Contemporary Black Biography. Laura Bush petunia at President George Bushs Crawford Ranch "Parsons, Richard Jet (December 24, 2001): p. 6. //]]>. 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. UXL Newsmakers. She is also credited with creating a national initiative called "Ready to Read, Ready to Learn", which promotes reading at a young age. Eds. Parsons also had to deal with an onslaught of unhappy regulators. Apparently it was the right decision. It was a drastic move, but he also kept communications open with his employees every step of the way. "I always knew I'd rise to the top; it never occurred to me that I couldn't.". 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." He later attended the University of Hawaii at Manoa, where he played varsity basketball. "Richard Dean Parsons." He ruminates for some time before addressing the. Hard work has been a crucial component of the Parsons success story, a value he claims to have learned from his father. President Ford also used his services, first as a general council and then as associate director of the domestic council. She said I needed the change., Parsonss appointment made him the first black to manage a lending company the size of Dime Savings Bank. Never. He was again entering an industry that was new to him, and some doubted his qualifications. Parsons later lived in a guesthouse on the estate. Its not a bad time for me to make a move. UXL Newsmakers. He was born on April 4, 1948, in the Bedford-Stuyvesant section of Brooklyn, New York, and was raised in the New York borough of Queens. 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. [8] He helped negotiate the company's merger with America Online in 2000, creating a $165-billion media conglomerate[10] that is "usually described as the worst merger of all time. Farmington Hills, Mich.: Thomson Gale, 2003. Standing at 6 feet 4 inches, with broad shoulders, he is a physically impressive man who could fill any boardroom. 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 . 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. Restrictions: Contact your local office for all commercial or promotional uses. 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. Credit: Shahar Azran / Contributor. http://www.ford.utexas.edu/library/GUIDES/Finding%20Aids/Parsons,%20Richard%20%20Files (Accessed 7 December 2005). Parsons served with the Domestic Council until the end of the Ford administration and returned to New York to work for Governor Nelson Rockefeller. [6] He later attended the University of Hawaii at Manoa, where at 6'4" tall he may have played varsity basketball. 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. During his 11 years at the firm Parsons took on Happy Rockefeller, the widow of Nelson (who had died in 1979) as a high-profile client. 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 Laura C Parsons results including current phone number, address, relatives, background check report, and property record with Whitepages. 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. 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. Parsons was chairman of Citigroup from 2009 until 2012. In addition, thanks to an industry-wide technology slump, AOL, which had promised big revenues, had failed to deliver. It is like air. 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. https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0, Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 In Washington, the young lawyer also worked directly with President Gerald Ford (1913), first as general counsel and then as an associate director of the domestic council. [16], In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the wellbeing of humanity all over the world. 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 took on the role of co-COO, sharing the job with Robert Pittman (1953), former president of AOL. It also brought Parsons to the attention of high-ranking people who later sought his services. True, Parsons had proven to be flexible enough to succeed in the banking world, but he had absolutely no background in media and entertainment. He was the first black president and one of the highest-ranking blacks in corporate America. 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. "He intellectualizes outcomes and gets people to agree with his outcomes." "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. Bianco, Anthony, and Tom Lowry. Lauren Bush in New York Bush was signed with Elite Model Management before launching FEED. As a result of the savings and loan crisis of the mid-1980s, the Dime had lost some $92.3 million; it was also under scrutiny from federal regulators. Still, when Levin announced, in late 2001, that [2] On October 21, 2018, he resigned for health reasons from CBS and was replaced by Strauss Zelnick. In the May 1975 reorganization, his area of responsibility was divided, and Parsons became associate director for justice, crime, civil rights, and communications (communications was transferred to F. Lynn May in January of 1976). In this case, Parsons was forced to tap into both sides of his personality. In a Black Enterprise article Parsons stated: "What motivates me is a sense of accountability to people who are important in my life." His 43 . Stock Index: New York She said I needed the change., Parsonss appointment made him the first black to manage a lending company the size of Dime Savings Bank. Parsons's critics were not impressed by this middle-of-the-road philosophy, but his supporters pointed out that underlying the nice-guy image was a savvy businessman. "Reeling Like a Bad Movie: AOL Time Warner." Henry Louis Gates Jr. New York: Oxford University Press, 2004. CNNMoney.com (December 5, 2001) http://money.cnn.com/2001/12/05/ceos/parsons_profile (accessed on July 29, 2004). 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. He served as assistant counsel to Governor Rockefeller from 1971 to 1974 and was called to the New York State bar in 1972. . While in Hawaii, he also met his future wife, Laura Bush. However, the date of retrieval is often important. The world's most influential media company, however, was struggling. On October 1, 1995, Parsons was appointed president of Time Warner with a salary of several million dollars per year. "[11] In December 2001, it was announced that Levin would retire and Parsons had been selected as his successor. [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. It just isn't for me. Encyclopedia.com. Notable Black American Men, Book II. "And he would do it in a way that everyone would feel good about the outcome." 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. As he later told Black En terprise, My wife talked me into it. He joined the foundation's board of trustees in 2008. 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. Parsons assumed his post as president of Time Warner in January of 1995, a job that came with a reported multi-million dollar salary. Therefore, its best to use Encyclopedia.com citations as a starting point before checking the style against your school or publications requirements and the most-recent information available at these sites: http://www.chicagomanualofstyle.org/tools_citationguide.html. 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. 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. 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. Under his tutelage the bank staged a remarkable comeback, largely through his massive overhauling of the banks management systems and work force. Employees: 14,500 In his 11 years with the firm, he made his mark in both corporate law and civil litigation. 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.. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. 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. 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 In contrast, he embraced the Rockefeller Republicans' philosophy of equipping a group with skills so they can achieve what they need on their own. 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. Former President George W. Bush and his wife, Laura Bush, recently celebrated their 45th wedding anniversary. Then, copy and paste the text into your bibliography or works cited list. Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. Notable Black American Men, Book II. [CDATA[ 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. from Ariel Williams Holloway, Northboun' , 1926, NORTHBOUND' by Ariel Williams Holloway, Street Team INNW, St. Paul, The Tullahassee Mission, and School Opens, An Act for The Gradual Abolition Of Slavery is Passed, Steven Barnes, Science Fiction Writer born, St. Phillips College, (Texas) Begins Classes, Joseph Brant, Slave Owner, and Military Officer born, Americas Articles of Confederation Are Enacted, Court Rules to Desegregate Education in California, Harry Belafonte, Entertainer, and Activist born, The State of Pennsylvania Abolishes Slavery. 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. (February 23, 2023). He became such a trusted adviser that in 1974, when Rockefeller headed to Washington to serve President Ford also used his services, first as a general. Richard Dean Parsons was born on April 4, 1948, in Brooklyn, New York. Errol Garner and Miles Davis are his favorite musicians. [3], Parsons was born to an African-American family in Brooklyn, New York City, on April 4, 1948. While in Hawaii, he also met his future wife, Laura Bush. In April 1976 when Kathleen Ryan left the Domestic Council, responsibility for consumer affairs was given to Parsons' office. 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. 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. degree from Union University's Albany Law School in 1971. Wall Street Journal, May 8, 1990, p. BIO; January 30, 1995, pp. Detroit, Mich.: Gale Research, 1996. By the mid-1970s Parsons was noted as a rising star among black professionals, and he was profiled inBlack Enterprises Under 30 & Moving Up series in 1975. Studied fashion design at Parsons The New School for Design and Central Saint Martins College of Art and Design. Financial Times, December 8, 2001, p. 13. From March 1975 to January 1976, Parsons was assisted in his duties by Lyn May, who had worked for Geoffrey Shepard. 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