"He is a persuader, not a dictator," a former colleague told CNET News.com. Parsons began working at Dime during a difficult period. "I always knew I'd rise to the top; it never occurred to me that I couldn't.". Contemporary Black Biography. Washington Post, November 1, 1994, p. D5. 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. Encyclopedia.com. Parsons became chairman emeritus of the Partnership for New York City,[19] established by David Rockefeller in 1979,[20] who has known him for many years. She is also credited with creating a national initiative called "Ready to Read, Ready to Learn", which promotes reading at a young age. ." 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. Parsons became a partner in just two years at Patterson, Belknap, Webb & Tyler, a move that typically demanded seven years. 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. But it was Parsons who oversaw the units that brought in the most revenue, including Warner Brothers, New Line Cinema, and Time Warner Trade Publishing. Landler, Mark "Watch Your Back, Mr. Parsons" Business Week (14 November 1994): 38-39. 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.. His maternal grandfather had been head groundskeeper at the John D. Rockefeller estate, Kykuit. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. [7] After four years, he was seven credits short of his diploma. CNNMoney.com (December 5, 2001) http://money.cnn.com/2001/12/05/ceos/parsons_profile (accessed on July 29, 2004). Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. Black Enterprise, 25 (October 1994): 69-76. at the company, and as Gerald Levin's right-hand man. "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. [CDATA[ Laura Bush Remembers the First Time She Met George and When He Proposed "I knew George was going to ask," the former first lady told The Wall Street Journal. 68-70, 72, 76, 77; January 1995, p. 15. Business Week, November 14, 1994, pp. Bianco, Anthony, and Tom Lowry. ExperienceIT, +5 more. ." "Can Dick Parsons Rescue AOL Time Warner?" Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard. He has claimed that race was never a defining character in his life. Therefore, that information is unavailable for most Encyclopedia.com content. [24], Parsons was a member of the economic advisory team for President Barack Obama. ." //]]>. Addresses: Office AOL Time Warner, 75 Rockefeller Plaza, New York, NY 10019. council and then as associate director of the domestic council. Then, copy and paste the text into your bibliography or works cited list. 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. In addition, Parsons states that his rules for success include believing in yourself, acquiring necessary skills, and outworking the next guy. "Richard D. Parsons Named New CEO of AOL Time Warner." 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. Parsons, 66, has been married for 35 years to his wife Laura, 67. Jet (December 24, 2001): p. 6. As one AOL shareholder told Business Week, "Dick is the right guy to be running the company right now." It did make history as the largest corporate purchase ever, but it also became known as perhaps the most failed megamerger on record. Business executive April 21, 2021 11:45 am ET. 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. They have three grown children: Gregory, Leslie and Rebecca. (2 minutes) Former President George W. Bush, 74, is the author of "Out of Many, One: Portraits of America's Immigrants" (Crown). Time (December 17, 2001). They have three grown children. I like to be with the troops.. He became the first African American male to manage a financial institution of Dime's size and reduce the bank's debt from $1 billion to $335 million. Addresses: Office Time-Warner Inc., 75 Rockefeller Plaza, New York, NY. In the latter post, Parsons focused on drug issues. In 1977 deputy attorney general Harold R. Tyler Jr. requested Parsons to come aboard at Patterson, Belknap, Webb, & Tyler where he became a partner in two years, a move that usually demands seven years. as vice president, Parsons was invited along. While in Hawaii, he also met his future wife, Laura Bush. He was involved in sports at the University of Hawaii; the six-foot-four-inch Parsons played basketball, was the social chairman of his fraternity, but was unenthusiastic about academics. Over the years Parsons has, however, admitted the possibility of entering politics later in life. He was raised in the rough neighborhood of Jamaica, New York, a city in Queens County. 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. As a result of his involvement with Time Warner, he developed close ties with Robert W. Morgado, the chairman of the Warner Music Group, and Michael J. Fuchs, chairman of HBO.In the fall of 1994, Parsons was requested by Gerald M. Levin to become the president of Time Warner. ." In this case, Parsons was forced to tap into both sides of his personality. In 1988, just when it seemed that Parsons was poised to become head of his law firm, the news was announced that he had accepted the position of chief operating officer (COO) of the Dime. 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. "The Man Who Keeps the Peace: AOL Time-Warner's Richard Parsons." Beginning his legal career as an aide on New York governor Nelson Rockefellers legal staff, Parsons made a very favorable impression on the governor. You cant give something to somebody to have, said Parsons in the same article. The merger was made official in 2001, when AOL purchased Time Warner for a reported $168 billion. Most online reference entries and articles do not have page numbers. Still, when Levin announced, in late 2001, that Richard D. Parsons, Counsel and Associate Director for Justice, Civil Rights, Drugs and Consumer Affairs: Files, 197477. Beginning his legal career as an aide on New York governor Nelson Rockefellers legal staff, Parsons made a very favorable impression on the governor. 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. Join Facebook to connect with Laura Parsons and others you may know. The merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. He joined the foundation's Board of Trustees in 2008. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. In 1988, he was recruited to serve as a chief operating officer of the Dime Savings Bank of New York. 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. 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.. 38, 39. [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. 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. In 2007, he became the chairman of the board of directors of the Jazz Foundation of America. Parsons dealt with unhappy regulators. Encyclopedia.com. Encyclopedia.com. It also brought Parsons to the attention of high-ranking people who later sought his services. 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." In April 1976 when Kathleen Ryan left the Domestic Council, responsibility for consumer affairs was given to Parsons' office. 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. He also earned staff respect at Dime with his fair treatment of personnel. Director of Business Operations at ExperienceIT. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. Parsons began his career working as a lawyer and counsel for former New York governor Nelson Rockefeller. 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 drag on the company continued to be AOL, which consistently floundered. He also set out to streamline the bank's operations. Governor Rockefeller rewarded Parsonss solid performance by keeping him on his staff when he became vice president under President Gerald Ford in 1974. 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. "Parsons the Man: Public Service as Much as Private Sector Success Define AOL Time Warner's New CEO." Encyclopedia.com. 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 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 also inherited a number of problems when he assumed his new post in January of 1995. 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. 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. . 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. Zone Development Corporation, which was established to spur the development of business and the growth of job opportunities in Harlem. 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 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. "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. Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. //
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