Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. Black Enterprise, October 1994, pp. AOL Time Warner's various operating units were still far from achieving a full integration. The Atlanta Journal-Constitution wrote, His designation as chief executive of the $36 billion media empire proves that African-Americans can not only perform in positions of commercial leadership but can wildly surpass all expectations. Known for his excellent mediation skills and his ability to put others at ease, Parsons told The Atlanta Journal-Constitution that he is a lunch pail manager who will display an in-the-trenches style of leadership. Parsons dealt with unhappy regulators. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/general/culture-magazines/parsons-richard. As part of his management restructure, Parsons opted to lay off almost one-third of the Dime's staff. He later attended the University of Hawaii at Manoa, where he played varsity basketball. Parsons, however, was an extremely bright young man, who went on to graduate from high school when he was just sixteen years old. Parsons, who's been married to psychologist Laura Bush for almost 50 years, acknowledges the pain it caused others and still causes him. In 1999, when AOL and Time Warner merged, parsons became the co-chief operating officer, a position shared with Bob Pittman. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. 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. The bank suffered many losses due to New York City real estate devaluation in the 1980s and during the previous year had lost $92.3 million. 11. Editorial #: In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. Parsons refused the position but consented to work as the Economic Development Corporation chairperson. [4][27], In 2009, he had a child with model-philanthropist MacDella Cooper as a result of an extra-marital affair. Apparently it was the right decision. ." In fact, in 1995 he was key in orchestrating the successful merger between the Dime and Anchor Savings Bank. Former President George W. Bush and his wife, Laura Bush, recently celebrated their 45th wedding anniversary. Bell, Gregory S., "Richard Dean Parsons." Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. 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. In addition, thanks to an industry-wide technology slump, AOL, which had promised big revenues, had failed to deliver. Parsons chose to support Rudolph Giuliani in the New York City mayoral race instead of Democrat black mayor David Dinkins. Join Facebook to connect with Laura Parsons and others you may know. President Ford also used his services, first as a general council and then as associate director of the domestic council. During his eleven years with the firm he was successful in both corporate law and civil litigation. . Parsons also had to deal with an onslaught of unhappy regulators. Beginning his legal career as an aide on New York governor Nelson Rockefellers legal staff, Parsons made a very favorable impression on the governor. 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. . 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. 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. This opportunity with Time Warner is a once in a lifetime one. By the mid-2000s, however, analysts reported that Time Warner was on a definite upswing: employee morale was high, investors were newly confident, and the monstrous debt had been significantly slashed. (February 23, 2023). Parsons skipped two grades and graduated from high school at the age of sixteen. Incorporated:l96S Mehta, Stephanie. Employees: 14,500 as vice president, Parsons was invited along. Notable Black American Men, Book II. 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. I know the bank is in good hands., 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. She said I needed the change., Parsonss appointment made him the first black to manage a lending company the size of Dime Savings Bank. 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. UXL Newsmakers. "Parsons, Richard 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). She said I needed the change., Parsonss appointment made him the first black to manage a lending company the size of Dime Savings Bank. . 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. In 1994, Gerald Levin (1939), chairman of Time Warner (TW), openly recruited Parsons to take over as president of the company. 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. [15], In 2007, Parsons became the chairman of the board of directors of the Jazz Foundation of America. degree from Union University's Albany Law School in 1971. "Reeling Like a Bad Movie: AOL Time Warner." According to Better Chance president Sandra Timmons, as quoted by Hispanic PRWire, "Richard Parsons serves as a role model for aspiring executives of all races, but his success has earned him a special leadership role among African Americans.". Apparently it was the right decision. 68-70, 72, 76, 77; January 1995, p. 15. Business Week, November 14, 1994, pp. 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 . Encyclopedia.com. Later that year, it was announced that Parsons had been selected as CEO of America Online. 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]. "Can Dick Parsons Rescue AOL Time Warner?" Richard D. Parsons, Counsel and Associate Director for Justice, Civil Rights, Drugs and Consumer Affairs: Files, 197477. [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. University of Hawaii System.http://www.hawaii.edu/offices/bor/honorary/php?person=RP (Accessed 2 December 2005). He stepped down as CEO of Time Warner on December 31, 2007. In the same Business Week interview, the CEO revealed, "I take this job seriously. 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. [25], On May 9, 2014, in the wake of the Donald Sterling racial remarks controversy, it was announced that Richard Parsons was appointed the interim CEO of the Los Angeles Clippers. Assets: $47.4 billion From March 1975 to January 1976, Parsons was assisted in his duties by Lyn May, who had worked for Geoffrey Shepard. "Time Warner's Chairman and CEO Richard D. Parsons Honored by a Better Chance." Decker, Ed "Parsons, Richard Dean 1948 Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. He serves on the board of several cultural institutions, including the Museum of Modern Art and Lincoln Center. Parsons and his wife Laura own a vineyard in Montalcino, Italy. 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 Broadcasting executive Percy E. Sutton served as Manhattan borough president between 1966 and 1977, Hank Paulson 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.. He quickly became a star in the firm and in just two years was named partner. ", 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. New York Times, May 8, 1990, p. D5; August 26, 1990, p. D5; July 7, 1994, p. D4; October 31, 1994, pp. Then, they dont value it. [17][18], From the early 1980s through much of the 1990s, Parsons owned a house near the Rockefeller family estate in Pocantico Hills (see Kykuit), where his grandfather was once a groundskeeper. The drag on the company continued to be AOL, which consistently floundered. . In his 11 years with the firm, he made his mark in both corporate law and civil litigation. Chief among his tasks since joining Time Warner have been the restructuring of the companys financial and administrative operations, as well as evaluating the responsibilities of artists regarding explicit displays of sex and violence. Landler, Mark "Watch Your Back, Mr. Parsons" Business Week (14 November 1994): 38-39. 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 President Gerald Ford. Notable Black American Men, Book II. As he told Ebony, I have never missed a single day of work in my life. 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. 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 2015, Parsons was diagnosed with multiple myeloma, a rare blood cancer. He has claimed that race was never a defining character in his life. Newsweek (January 24, 2000): p. 36. "[11] In December 2001, it was announced that Levin would retire and Parsons had been selected as his successor. Parsons was a bright child with a gift for charming people by telling entertaining stories. The merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. . Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. 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. Parsons graduated from the University of Hawaii and earned his J.D. Parsons credits his father with teaching him to concentrate on achievement rather than dwell on race. Get our quarterly newsletter to stay up-to-date, plus all speech or video narrative bookings near you as they happen. In addition, any time that trouble reared its head over regulatory issues in Washington, Parsons came to the rescue by turning to one of his many political contacts. //
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