Encyclopedia.com. Named president of Dime Savings Bank of New York in 1988 even though he had had no previous experience in the banking industry, he masterminded a turnaround at the bank in just a few years. Editorial #: L. Mpho Mabunda and Shirelle Phelps. 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. In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the well-being of humanity worldwide. Parsons answered these reservations by promising to devote his full attention to his new $525,000-a-year post. X. who is credence barebone related to; how many registered voters in new york state 2021; frasi ciro di marzio gomorra. UXL Newsmakers. Three years later, in 1991, on the recommendation of Nelson's brother Laurance Rockefeller to the then CEO Steve Ross, Parsons was invited to join Time Warner's board; he subsequently became president of the company in 1995, recruited by chief executive Gerald Levin. With the bank on solid ground, Parsons set his sights on a new enterprise. View the profiles of people named Laura Parsons. In the latter post, Parsons focused on drug issues. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. I like to be with the troops.. [3], Parsons was born to an African-American family in Brooklyn, New York City, on April 4, 1948. (her sister, Ashley, graduated from Kincaid in 2007). In 2001, George W. Bush selected Parsons to co-chair a commission on Social Security. Richard Dean Parsons, CEO and president of the AOL-Time Warner Corporation, emerged through academic and corporate circles to become one of the most successful African Americans in corporate America. . Apparently it was the right decision. Skeptics also wondered how Parsons would fare in his new job considering the bank was facing financial ruin. 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.. On May 16, 2001, Parsons replaced Gerald Levin as CEO of the AOL-Time Warner Corporation. Mehta, Stephanie. 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. "Richard D. Parsons Named New CEO of AOL Time Warner." (February 23, 2023). 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. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948. Kathleen Ryan served as an assistant to Parsons for a few weeks after she joined the Domestic Council in April, 1975. 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. As he told Ebony, I have never missed a single day of work in my life. 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. Certain corporations come to bear the impress of a sin, 19082007 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). Parsons is due to mark his 31st wedding anniversary with his wife, the former Laura Ann Bush, in August. He paid his law school expenses by working as a part time janitor and later as an aide in the New York State Assembly. Parsons skipped two grades and graduated from high school at the age of sixteen. The two met when Bush was still an aimless youth with no real idea of what he would be doing with his life. Parsons remained optimistic, but he proceeded cautiously. When departing Deputy Attorney General Harold R. Tyler, Jr., became a partner at a well-established New York City law firm in 1977, he asked Parsons to come on board. window.__mirage2 = {petok:"Olb1PN4AOYQxfgUm1EldB37uVPcj4uBa8eBE3X8k2lQ-86400-0"}; 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. 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. It was a drastic move, but he also kept communications open with his employees every step of the way. 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. 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. 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. Hayden, Thomas. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. 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.. 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. Parsons began his career working as a lawyer and counsel for former New York governor Nelson Rockefeller. As associate director, Parsons succeeded Geoffrey Shepard in handling general government, which included justice, treasury, commerce, the postal service, civil rights, and drugs. "I always knew I'd rise to the top; it never occurred to me that I couldn't.". 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. New York Times, May 8, 1990, p. D5; August 26, 1990, p. D5; July 7, 1994, p. D4; October 31, 1994, pp. In his 11 years with the firm, he made his mark in both corporate law and civil litigation. He received a juris doctorate from the Union University, University of Albany Law School in 1971. This opportunity with Time Warner is a once in a lifetime one. Time (December 17, 2001). //]]>. Lauren Bush Lauren was born on June 25, 1984 in Texas, USA. 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. . [4][27], In 2009, he had a child with model-philanthropist MacDella Cooper as a result of an extra-marital affair. Errol Garner and Miles Davis are his favorite musicians. Therefore, its best to use Encyclopedia.com citations as a starting point before checking the style against your school or publications requirements and the most-recent information available at these sites: http://www.chicagomanualofstyle.org/tools_citationguide.html. As he later told Black Enterprise, My wife talked me into it. "It's a collaboration," he told Anthony Bianco and Tom Lowry of Business Week. Zone Development Corporation, which was established to spur the development of business and the growth of job opportunities in Harlem. 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. Director of Business Operations at ExperienceIT. UXL Newsmakers. He was again entering an industry that was new to him, and some doubted his qualifications. During that time he also earned the respect of the staff for his fair treatment. In a Black Enterprise article, Fonda Marie Lloyd and Mark Lowery stated that "colleagues say Parsons' management style helped smooth painful layoffs (two thousand of the four thousand employees) that he had to make." Parsons later became Chairman and CEO and oversaw a merger with Anchor Savings Bank. . Whether he remains with Time Warner or runs for public office, or goes in a totally different direction, Parsons will continue to be a role model in the African American community. [CDATA[ (February 23, 2023). Henry Louis Gates Jr. New York: Oxford University Press, 2004. Parsons' responsibilities at Time Warner included corporate finance and legal affairs activities and membership on the board of directors as well as the boards of TriStar Pictures and the Cable Group, American Television, and Communication (now Time Warner Cable). 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. Washington Post, November 1, 1994, p. D5. . Parsons served with the Domestic Council until the end of the Ford administration and returned to New York to work for Governor Nelson Rockefeller. 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. I know the bank is in good hands.. at the company, and as Gerald Levin's right-hand man. Cite this article Pick a style below, and copy the text for your bibliography. Born: March 28, 1946, in Chicago, Illinois., Public Company 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." 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. Still, when Levin announced, in late 2001, that A 2001 merger between Internet icon America Online (AOL) and Time Warner, a leader in the entertainment industry, had proven to be a failed experiment. degree from Union University's Albany Law School in 1971. 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