In his eleven years with Patterson, Parsons cemented his reputation as a skilled negotiator. Richard D. Parsons, Counsel and Associate Director for Justice, Civil Rights, Drugs and Consumer Affairs: Files, 197477. She has been featured on the covers of Vogue and Vanity Fair and has frequently modelled for Tommy Hilfiger, as well as for Abercrombie & Fitch and designers Gai Mattiolo and Isaac Mizrahi. It is like air. 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. 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. In 1988, he was recruited to serve as a chief operating officer of the Dime Savings Bank of New York. [CDATA[ 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. In 2003, Parsons made the announcement of the name change from AOL Time Warner to simply Time Warner. 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. 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. Parsons was chosen by Mayor Giuliani to head the Transition Council and later in 1993 to be the deputy mayor for economic development. //. Parsons joined the Domestic Council staff in March 1975, serving both as legal council and as an associate director. "The Man Behind the Merger." Washington Post, November 1, 1994, p. D5. As he later told Black Enterprise, My wife talked me into it. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. 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. Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. True, Parsons had proven to be flexible enough to succeed in the banking world, but he had absolutely no background in media and entertainment. 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. 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. University of Minnesota - Twin Cities, Minneapolis, Carlson School of Management, +1 more. ." 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. Greater Minneapolis-St. Paul Area. "I always knew I'd rise to the top; it never occurred to me that I couldn't.". (September 18, 2003) http://money.cnn.com/2003/09/18/technology/aol_name (accessed on July 31, 2004). 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. Parsons, however, was an extremely bright young man, who went on to graduate from high school when he was just sixteen years old. 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.. 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. To this union three children were born (Gregory, Leslie, and Rebecca). Hard work has been a crucial component of the Parsons success story, a value he claims to have learned from his father. 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 . 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. It just isn't for me. 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. It did make history as the largest corporate purchase ever, but it also became known as perhaps the most failed megamerger on record. 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. Parsons later lived in a guesthouse on the estate. On October 1, 1995, Parsons was appointed president of Time Warner with a salary of several million dollars per year. [16], In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the wellbeing of humanity all over the world. They have three grown children: Gregory, Leslie and Rebecca. While in Hawaii, he also met his future wife, Laura Bush. O de wurl aint flat,An de wurl aint roun,Hits one long stripHangin up an downJes Souf an Norf;Jes Norf an Souf. "Parsons, Richard He serves on the board of several cultural institutions, including the Museum of Modern Art and Lincoln Center. 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. 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). Skeptics also wondered how Parsons would fare in his new job considering the bank was facing financial ruin. Parsons and his wife Laura own a vineyard in Montalcino, Italy. Parsons was named CEO for AOL Time Warner. He stepped down as CEO of Time Warner on December 31, 2007. He ruminates for some time before addressing the. Restrictions: Contact your local office for all commercial or promotional uses. Levin had been in negotiations with Steve Case (1958), AOL's CEO, for several years. He paid his law school expenses by working as a part time janitor and later as an aide in the New York State Assembly. 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. Mayor Giuliani later asked Parsons to become his deputy mayor for Economic Development. As a result, Parsons became known as the consummate gentleman executive. Not one. Also fueling his rise were connections he has made with important people over the years. 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. After his announcement as interim Clippers CEO in L.A. last week, the millionaire businessman reportedly flew back to the East Coast to be by her side as she underwent a medical procedure on Tuesday. Contemporary Black Biography. 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. Assistance League Of Chicagoland West: December 2013 alcw95.blogspot.com. Encyclopedia.com. He played varsity basketball there, and was also the social chairman of his fraternity. 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. His 43 . . [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 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. Parsons was urged by Harry Albright Jr. to become the chief operating officer of the Dime Savings Bank in 1988 with a salary of $525,000 annually. For a brief time he worked for Nelson Rockefeller at the family office, "Room 5600", at Rockefeller Center.[8]. 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. . 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 Since the first marketing of Laura Bush, Dr. Parsons has selected and produced a pink version of the original bright violet-pink hue, known as Pink Laura Bush. 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.. [30][31], Last edited on 10 February 2023, at 21:13, Donald Sterling racial remarks controversy, "Time Warner Confirms Parsons Stepping Down", "UH alumnus replacing Les Moonves as interim chairman of CBS", "Parsons Resigns From CBS Board due to Health Reasons: Dick Parsons resigns from CBS board, Strauss Zelnick steps into role of interim chairman", "Citigroup Chairman Richard Parsons TIME", "Did New Clippers CEO Dick Parsons Really Play College Basketball? April 21, 2021 11:45 am ET. Parsons served with the Domestic Council until the end of the Ford administration and returned to New York to work for Governor Nelson Rockefeller. From March 1975 to January 1976, Parsons was assisted in his duties by Lyn May, who had worked for Geoffrey Shepard. He received a juris doctorate from the Union University, University of Albany Law School in 1971. Jet (December 24, 2001): p. 6. ." Notable Black American Men, Book II. In Contemporary Black Biography. As he told Cohen, "Ideally, you want to underpromise and overdeliver. He received a B.A. Parson changed his attitude dramatically (from negative to positive) and reached a turning point when he met and later married Laura Ann Bush, a child psychologist, Judge During that time he also earned the respect of the staff for his fair treatment. Landler, Mark "Watch Your Back, Mr. Parsons" Business Week (14 November 1994): 38-39. https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948, Decker, Ed "Parsons, Richard Dean 1948 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. 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. Career: Served as assistant counsel to Governor Nelson Rockefeller, Albany, NY, 1971-74; called to the New York State Bar, 1972; appointed deputy counsel to the vice president, Washington, DC, 1975; general counsel and associate director of the White House Domestic Council, 1975-77; Patterson, Belknap, Webb & Tyler (law firm), New York, NY, attorney, 1977-88, became partner, 1979; Dime Savings Bank of New York (became Dime Bancorp, 1995), chief operating officer, 1988-90, chairman and chief executive officer, 1990-95; named head of mayor-elect transition council, 1993; served as chairman of New York Citys Economic Development Corporation; Time Warner Inc., president, 1995-99; AOL Time Warner, co-chief operating officer, 1999-2002, AOL Time Warner, CEO, 2002-. Over the years Parsons has, however, admitted the possibility of entering politics later in life. UXL Newsmakers. Errol Garner and Miles Davis are his favorite musicians. 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 . In a Black Enterprise article Parsons stated: "What motivates me is a sense of accountability to people who are important in my life." "Honorary Degrees Conferred by the University of Hawaii." I know the bank is in good hands.. 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. Education: Graduated from University of Hawaii, 1968; Union University, University of Albany Law School, J.D., 1971. After Giuliani was elected, he named Parsons to be head of his transition council. Over the years Parsons has, however, admitted the possibility of entering politics later in life. 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. Save. 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. Value is associated with hard work.. [13] He is chairman of the advisory board of Feigen Advisors, a CEO advisory firm run by Marc Feigen. Fortune (August 8, 2004). Farmington Hills, Mich.: Thomson Gale, 2003. Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen EsteeLauder. [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. 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. 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. Dl, D6. Thanks in part to such associations Parsons became what he frequently describes as a Rockefeller Republican, a person who is conservative when it comes to economic matters, and more liberal concerning social issues. President Ford also used his services, first as a general council and then as associate director of the domestic council. After taking on the job of chairman and chief executive officer (CEO) of the Dime in 1990, Parsons continued to set the bank on its comeback course. Parsons skipped two grades and graduated from high school at the age of sixteen. 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. Decker, Ed. New York Times, May 8, 1990, p. D5; August 26, 1990, p. D5; July 7, 1994, p. D4; October 31, 1994, pp. 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. , I have other things I 'm focused on. for Geoffrey Shepard Twin Cities Minneapolis! Union three children were born ( Gregory, Leslie, and Rebecca skilled negotiator also worked on the estate as. Rebecca ) to the extent that we 've lost credibility, repairing it is important. was elected, was! Any compulsion to strive, he became the first African American to head the transition team for Michael Bloomberg who... 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