Not one. Also fueling his rise were connections he has made with important people over the years. (her sister, Ashley, graduated from Kincaid in 2007). Color her surprised! 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. Wall Street Journal, May 8, 1990, p. BIO; January 30, 1995, pp. Parsons later became chairman and CEO[8] and oversaw a merger with Anchor Savings Bank, gaining a substantial sum when the Dime Bank was demutualized. . 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 stepped down as CEO of Time Warner on December 31, 2007. Mayor Giuliani later asked Parsons to become his Deputy mayor for Economic Development. 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. Birthplace: Brooklyn, NY Gender: Male Race or Ethnicity: Black Sexual orientation: Straight Occupation: Business Nationality: United States Executive summary: CEO of Time Warner, 2002-07 Wife: Laura Bush Parsons (three children) Mistress: MacDella Cooper (model, one daughter) Daughter: Ella (b. Aug-2008 with Cooper) "Getting your team together is the more important thing." In a Black Enterprise article Parsons stated: "What motivates me is a sense of accountability to people who are important in my life." Smith, Jessie Carney, ed. 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. 2019Encyclopedia.com | All rights reserved. 11. (February 23, 2023). 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. Encyclopedia.com. [14], In September 2018, Parsons became the Interim Chairman of the Board for CBS, replacing Les Moonves. I like to be with the troops.. Born April 4, 1948, in Brooklyn, NY; son of Lorenzo Locklair and Isabelle Parsons; married Laura Ann Bush, August 30, 1968; children: Gregory, Leslie, Rebecca. But, in this case, Parsons sits at the helm of one of the largest media companies in the world, Time Warner. 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. [16], In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the wellbeing of humanity all over the world. However, the date of retrieval is often important. 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. 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. After graduation, he attended college at the University of Hawaii, where he excelled both academically and socially; Parsons was a varsity basketball player and the social chairman of his fraternity. As part of his management restructure, Parsons opted to lay off almost one-third of the Dime's staff. According to an article in Black Enterprise, Parsons feels that the Democrats believe in taking from one group to give to another one, while the Rockefeller Republicans espouse a policy of equipping a group with skills so that they can achieve what they need on their own. . 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. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. (February 23, 2023). In 2003 the University of Hawaii awarded Parsons the honorary doctor of humane letters degree. Parsons worked part-time as a janitor to pay his way through the University of Albany Law School in New York, and when he graduated in 1971, it was at the top of his class. Parsons took on the role of co-COO, sharing the job with Robert Pittman (1953), former president of AOL. Fortune (August 8, 2004). Errol Garner and Miles Davis are his favorite musicians. Cohen, Adam. Business Week Online.http://www.buisnessweek.com/magazine/content/03_20/b3833001_m2001.htm (Accessed 2 December 2005). //]]>. His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 1968. Parsons answered these reservations by promising to devote his full attention to his new $525, 000-a-year post. A gregarious and thoughtful man, Mr. Parsons has risen by winning the affection and loyalty of influential mentors, wrote Laurence Zuckerman in the New York Times. 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. He skipped a grade in elementary school and another in high school. 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. 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. He is a Black business executive and lawyer. "Can Dick Parsons Rescue AOL Time Warner?" Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. (Photo by Shahar Azran/WireImage) Embed PURCHASE A LICENSE Get personalized pricing by telling us when, where, and how you want to use this asset. 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. Zone Development Corporation, which was established to spur the development of business and the growth of job opportunities in Harlem. Parsons served with the Domestic Council until the end of the Ford administration and returned to New York to work for Governor Nelson Rockefeller. "Richard Parsons: Profile." 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. 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. 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. He was replaced by Strauss Zelnick. Beginning his legal career as an aide on New York governor Nelson Rockefellers legal staff, Parsons made a very favorable impression on the governor. (Photo by Shahar Azran/WireImage) Embed. In his eleven years with Patterson, Parsons cemented his reputation as a skilled negotiator. Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 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. ." I exist apart from this job.". His maternal grandfather had been head groundskeeper at the John D. Rockefeler estate, Kykuit. [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. In 2015, Parsons was diagnosed with multiple myeloma, a rare blood cancer. They credit him with keeping employees informed every step of the way, producing videos for employee distribution. Parsons and his staff were responsible for providing advice to the president and formulating domestic policy in the areas of affirmative action, busing, civil rights, communication, consumer affairs, crime, drugs, illegal aliens, Indians, justice, postal service, Puerto Rico, privacy, regulatory reform, sex discrimination, and voting rights. As reported in Jet magazine, Levin commented, "I have the greatest confidence in Dick Parsons' ability to lead the company forward, coalesce its diverse interests, and work with our strategic partners to achieve our ambitious goals." Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. 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. After Giuliani was elected, he named Parsons to be head of his transition council. Parsons was profiled in Black Enterprise's "Under 30 & Moving Up"' series in 1975. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. Parsons joined the Domestic Council staff in March 1975, serving both as legal council and as an associate director. 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. "Time Warner Drops AOL Name." In his 11 years with the firm, he made his mark in both corporate law and civil litigation. University of Hawaii System.http://www.hawaii.edu/offices/bor/honorary/php?person=RP (Accessed 2 December 2005). at the company, and as Gerald Levin's right-hand man. (2 minutes) Former President George W. Bush, 74, is the author of "Out of Many, One: Portraits of America's Immigrants" (Crown). Incorporated:l96S "Richard Dean Parsons." It did make history as the largest corporate purchase ever, but it also became known as perhaps the most failed megamerger on record. 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 2006, Parsons selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. [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. (February 23, 2023). 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. Parsons also inherited a number of problems when he assumed his new post in January of 1995. 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. Levin, however, felt that Parsons was the right man for the job, and some business insiders were not that surprised. Peter J. Parsons chose to support Rudolph Giuliani in the New York City mayoral race instead of Democrat black mayor David Dinkins. . Cite this article Pick a style below, and copy the text for your bibliography. he would be leaving AOL Time Warner, the assumption was that Pittman would be his likely successor. 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. McClellan, Steve. [24], Parsons was a member of the economic advisory team for President Barack Obama. 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. The announcement surprised many media watchers who expected chief operating officer Robert Pittman to take the helm. He quickly became a star in the firm and in just two years was named partner. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948. ." 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). Washington Post, November 1, 1994, p. D5. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. Its not a bad time for me to make a move. 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 graduated high school at the age of 16, then devoted much of his attention to sports as a student at the University of Hawaii. 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. UXL Newsmakers. This opportunity with Time Warner is a once in a lifetime one. Whether I was an African-American, an Arab-American, a Jewish-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.. As a result, Dime Bancorp became the largest thrift institution on the East Coast and the fourth largest in the United States. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia.com cannot guarantee each citation it generates. Credit: Shahar Azran / Contributor. https://www.encyclopedia.com/general/culture-magazines/parsons-richard, "Parsons, Richard Washington Post, November 1, 1994, p. D5; December 6, 2001, p. EO1. J. Bruce Llewellyns career history might be viewed as a virtual microcosm of twentieth-century minority, Attorney, broadcasting executive, elected official Parsons was born in the economically disadvantaged Bedford-Stuyvesant neighborhood of Brooklyn, New York on April 14, 1948 to Lorenzo Locklair, an airline technician (who installed and repaired electronic navigation systems for the Sperry Rand Company), and Isabelle Judd Parsons (a homemaker). The proud parents were by Jenna's side when she married her husband, Henry Hager, in. Later that year, it was announced that Parsons had been selected as CEO of America Online. Parsons, however, was an extremely bright young man, who went on to graduate from high school when he was just sixteen years old. Parsons is due to mark his 31st wedding anniversary with his wife, the former Laura Ann Bush, in August. 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. 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. His maternal grandfather had been head groundskeeper at the John D. Rockefeller estate, Kykuit. High school chief operating officer Robert Pittman to take the helm expected chief officer... 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