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 . Parsons became a partner in just two years at Patterson, Belknap, Webb & Tyler, a move that typically demanded seven years. 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. But in 2008, he was less of a doting husband when he fathered a daughter, Ella . (February 23, 2023). Education: Graduated from University of Hawaii, 1968; Union University, University of Albany Law School, J.D., 1971. //]]>. Parsons assumed his post as president of Time Warner in January of 1995, a job that came with a reported multi-million dollar salary. By Scott Stump. Just twenty-three years old, and fresh out of law school, Parsons landed a job as an aide on the legal staff of Nelson Rockefeller (19081979), the governor of New York. 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. 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. 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. Never. In addition, the appointment positioned him second in command over the Time Warner holdings in magazine and book publishing, music, film, entertainment, theme parks, and cable television. "Parsons Faces Major Test in Unifying AOL Time Warner." Parsons, 66, has been married for 35 years to his wife Laura, 67. "Parsons, Richard 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. He joined the foundation's board of trustees in 2008. New York Times, May 8, 1990, p. D5; August 26, 1990, p. D5; July 7, 1994, p. D4; October 31, 1994, pp. ", "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. 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. Advertisement. . "Can Dick Parsons Rescue AOL Time Warner?" [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. I know the bank is in good hands.. . Hayden, Thomas. Encyclopedia.com. 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. [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. In the same Business Week interview, the CEO revealed, "I take this job seriously. 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. 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. He became such a trusted adviser that in 1974, when Rockefeller headed to Washington to serve 23 Feb. 2023 . Right after graduating in 1968, Bush wasn't doing anything concrete. To the extent that we've lost credibility, repairing it is important." . Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. Contemporary Black Biography. As a result, the company struggled to maintain its credibility, its stock prices tumbled, and it faced $27 billion in debt. 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' grandfather, Judd, was a groundskeeper on Pocantico, part of the Rockefeller estate, long before Parsons became a protg of Nelson Rockefeller. He stepped down as CEO of Time Warner on December 31, 2007. He stepped down as CEO of Time Warner on December 31, 2007. The proud parents were by Jenna's side when she married her husband, Henry Hager, in. 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." Lauren Bush in New York Bush was signed with Elite Model Management before launching FEED. . 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. In 2000, Parsons guided the merger of Time Warner with America Online (AOL). (2 minutes) Former President George W. Bush, 74, is the author of "Out of Many, One: Portraits of America's Immigrants" (Crown). . According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. 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. "Honorary Degrees Conferred by the University of Hawaii." Born: March 28, 1946, in Chicago, Illinois., Public Company 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. 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. That same year, he scored the highest marks out of the nearly four thousand lawyers who took the New York State bar examination. Contemporary Black Biography. Los Angeles Times, January 13, 2001, p. C1; December 6, 2001, p. C1. 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." 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. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. window.__mirage2 = {petok:"Olb1PN4AOYQxfgUm1EldB37uVPcj4uBa8eBE3X8k2lQ-86400-0"}; It's like height. As part of his management restructure, Parsons opted to lay off almost one-third of the Dime's staff. 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. Ed Decker and Christine Miner Minderovic. Parsons was a bright child with a gift for charming people by telling entertaining stories. Again, the business community was rocked by the news. ExperienceIT, +5 more. . He was one of five children. [27][28][29] Being of Liberian ethnicity, Cooper founded the MacDella Cooper Foundation in 2004 to help orphans and abandoned children in Liberia following the Second Liberian Civil War. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. "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. Whether I was an African-American, an Arab-American, a Je wish-American, or some other American, there are a lot of people who I cannot let down, so you have to live your life a certain way to be a role model to the people who are important to you., After a year-long governmental review, Internet company America Online (AOL) and Time Warner merged in 2001. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. 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 vice president, Parsons was invited along. Kathleen Ryan served as an assistant to Parsons for a few weeks after she joined the Domestic Council in April, 1975. As he told Ebony, I have never missed a single day of work in my life. Parsons, who owns a home on Block Island, is a child psychologist. University of Hawaii System.http://www.hawaii.edu/offices/bor/honorary/php?person=RP (Accessed 2 December 2005). After Giuliani was elected, he named Parsons to be head of his transition council. As he told Cohen, "Ideally, you want to underpromise and overdeliver. [7] After four years, he was seven credits short of his diploma. In May 2014, in the wake of the Donald Sterling racial remarks controversy, Parsons was appointed the interim CEO of the Los Angeles Clippers. In doing so, he became the first African American to head a lending institution of such proportion. 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. On May 16, 2001, Parsons replaced Gerald Levin as CEO of the AOL-Time Warner Corporation. "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. Financial Times, December 8, 2001, p. 13. 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." Business executive But, in this case, Parsons sits at the helm of one of the largest media companies in the world, Time Warner. Parsons became a partner in just two years at Patterson, Belknap, Webb & Tyler, a move that typically demanded seven years. In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the well-being of humanity worldwide. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. There are a number of other black executives who have elevated positions in corporate America, said Parsons in Black Enterprise. And most 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. Eds. 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). George and Laura welcomed their twin daughters, Jenna Bush Hager and Barbara Bush, on November 25, 1981. They have three grown children: Gregory, Leslie and Rebecca. Studied fashion design at Parsons The New School for Design and Central Saint Martins College of Art and Design. 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. Incorporated:l96S 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 Parsons refused the position but consented to work as the Economic Development Corporation chairperson. This degree is awarded by the Board of Regents to individuals distinguished by their national or international reputation or accomplishments in scholarship, public service, profession, industry, or other areas. Encyclopedia.com. [2] In October 2018 Parsons stepped down from the position, citing difficulties brought about by his battle with Multiple myeloma. Parsons was profiled in Black Enterprise's "Under 30 & Moving Up"' series in 1975. Niece of George W. Bush, Laura Bush, Doro Bush, Marvin Bush and Jeb . Pick a style below, and copy the text for your bibliography. Parsons and his wife Laura own a vineyard in Montalcino, Italy. 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 a December 2001 press conference, Levin stunned the industry when he named Parsons as AOL Time Warner's next CEO. BusinessWeek Online (May 19, 2003) http://www.businessweek.com/magazine/content/03_20/b3833001_mz001.htm (accessed on July 29, 2004). Bell, Gregory S., "Richard Dean Parsons." He later attended the University of Hawaii at Manoa, where he played varsity basketball. [6] He later attended the University of Hawaii at Manoa, where at 6'4" tall he may have played varsity basketball. (February 23, 2023). Henry Louis Gates Jr. New York: Oxford University Press, 2004. In 2003 the University of Hawaii awarded Parsons the honorary doctor of humane letters degree. He was raised in the rough neighborhood of Jamaica, New York, a city in Queens County. I have other things I'm focused on." The announcement surprised many media watchers who expected chief operating officer Robert Pittman to take the helm. Observer, (London, England) December 9, 2001, p. 4. He quickly became a star in the firm and in just two years was named partner. 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.. 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. 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. He skipped a grade in elementary school and another in high school. Wall Street Journal, May 8, 1990, p. BIO; January 30, 1995, pp. Graduated from Princeton University in 2006 . After Giuliani was elected, he named Parsons to be head of his transition council. Credit: Shahar Azran / Contributor. It was either you go for it, or its gone forever, claimed Parsons in Black Enterprise. 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. They have three grown children: Gregory, Leslie, and Rebecca. 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. Farmington Hills, Mich.: Thomson Gale, 2003. ." He was also in charge of the legal department and human resources. 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. According toEbony, 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., 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. 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. I like to be with the troops.. Time Warner faced its biggest challenge in 2000 when it announced plans to merge with America Online (AOL), which by the late 1990s had evolved into the nation's leading Internet provider. Parsons was asked to become the new president of Time Warner by its chairman, Gerald M. Levin, in the fall of 1994. 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 B1, B3. Parsons was a member of the economic advisory team for President Barack Obama in 2008. "Reeling Like a Bad Movie: AOL Time Warner." In 1988, he was recruited to serve as a chief operating officer of the Dime Savings Bank of New York. In 2006, Parsons was selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. Dr. Larry Stein, another Extension horticulturist, has added further to the color scale with a glowing Purple Laura Bush. 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. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. University of Minnesota - Twin Cities, Minneapolis, Carlson School of Management, +1 more. However, the date of retrieval is often important. The Parsons appointment was not without controversy at Time Warner. cronin friend betty barb grand cortopassi Standing at 6 feet 4 inches, with broad shoulders, he is a physically impressive man who could fill any boardroom. "I didn't have to think twice about it. 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. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. Parsons answered these reservations by promising to devote his full attention to his new $525,000-a-year post. [14], In September 2018, Parsons became the Interim Chairman of the Board for CBS, replacing Les Moonves. Restrictions: Contact your local office for all commercial or promotional uses. Encyclopedia.com. Dawn Bennett-Alexander assisted Parsons from March 1976 until the end of the administration. As a result, Parsons became known as the consummate gentleman executive. Isidore, Chris. In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. [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. Lauren Bush Lauren was born on June 25, 1984 in Texas, USA. Assets: $47.4 billion Rockefellers influence on Parsons remained strong and prompted him to become a Republican whose views were liberal on social issues and conservative on economic ones. 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. 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. DI, D6. 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." https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard, "Parsons, Richard 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. "The Man Behind the Merger." Black Enterprise, 25 (October 1994): 69-76. Memberships: Member of presidential Drug Task Force; chairman, Wildcat Service Organization. As he once told the New York Times, as reported by CNNMoney.com, "For a lot of people race is a defining issue. View the profiles of people named Laura Parsons. Cite this article Pick a style below, and copy the text for your bibliography. . Contemporary Black Biography. Washington Post, November 1, 1994, p. D5; December 6, 2001, p. EO1. Addresses: Office Time-Warner Inc., 75 Rockefeller Plaza, New York, NY. Encyclopedia.com. Parsons met Laura, a. In September 2018, Parsons became the Interim Chairman of the Board for CBS replacing Les Moonves. 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. "Getting your team together is the more important thing." During his eleven years with the firm he was successful in both corporate law and civil litigation. 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. 1946 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. 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