from Ariel Williams Holloway, Northboun' , 1926, NORTHBOUND' by Ariel Williams Holloway, Street Team INNW, St. Paul, The Tullahassee Mission, and School Opens, An Act for The Gradual Abolition Of Slavery is Passed, Steven Barnes, Science Fiction Writer born, St. Phillips College, (Texas) Begins Classes, Joseph Brant, Slave Owner, and Military Officer born, Americas Articles of Confederation Are Enacted, Court Rules to Desegregate Education in California, Harry Belafonte, Entertainer, and Activist born, The State of Pennsylvania Abolishes Slavery. 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. 68-70, 72, 76, 77; January 1995, p. 15. Business Week, November 14, 1994, pp. Employees: 14,500 https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard, "Parsons, Richard In a Black Enterprise article Parsons stated: "What motivates me is a sense of accountability to people who are important in my life." Zone Development Corporation, which was established to spur the development of business and the growth of job opportunities in Harlem. Director of Business Operations at ExperienceIT. With the bank on solid ground, Parsons set his sights on a new enterprise. 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. . He skipped a grade in elementary school and another in high school. Cite this article Pick a style below, and copy the text for your bibliography. Smith, Jessie Carney, ed. 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. Parsons also inherited a number of problems when he assumed his new post in January of 1995. The merger was made official in 2001, when AOL purchased Time Warner for a reported $168 billion. During his eleven years with the firm he was successful in both corporate law and civil litigation. Washington Post, November 1, 1994, p. D5; December 6, 2001, p. EO1. Stock Index: New York 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. 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. as vice president, Parsons was invited along. Incorporated:l96S While in Hawaii, he also met his future wife, Laura Bush. DETAILS. Parsons later became Chairman and CEO and oversaw a merger with Anchor Savings Bank. ." There are a number of other black executives who have elevated positions in corporate America, said Parsons in Black Enterprise. For example, during his Washington years, the social-minded Parsons was chairman of the Wildcat Service Corporation, an organization that provides job training for people who have difficulty finding work because of past criminal records, addictions, or poverty. He was the first black president and one of the highest-ranking blacks in corporate America. 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). New York Times, May 8, 1990, p. D5; August 26, 1990, p. D5; July 7, 1994, p. D4; October 31, 1994, pp. 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 joined the Domestic Council staff in March 1975, serving both as legal council and as an associate director. 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.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. As a result of the savings and loan crisis of the mid-1980s, the Dime had lost some $92.3 million; it was also under scrutiny from federal regulators. [15], In 2007, Parsons became the chairman of the board of directors of the Jazz Foundation of America. Encyclopedia.com. Laura Lane Welch Bush (ne Welch; born November 4, 1946) is an American teacher, librarian, memoirist and author who was First Lady of the United States from 2001 to 2009. "Can Dick Parsons Rescue AOL Time Warner?" 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, According toEbony, 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., 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. 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. In addition to his work for Rockefeller and the Ford administration, the lawyer-turned-banker-turned media executive served in various political roles throughout his career. He paid his law school expenses by working as a part time janitor and later as an aide in the New York State Assembly. The proud parents were by Jenna's side when she married her husband, Henry Hager, in. He also met a young Rudolph W. Giuliani, with whom he supported in his campaign for New York mayor and heading his transitional council. 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. BusinessWeek Online (May 19, 2003) http://www.businessweek.com/magazine/content/03_20/b3833001_mz001.htm (accessed on July 29, 2004). 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. Listen to article. [5] 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. Parsons met Laura, a. "Richard D. Parsons Named New CEO of AOL Time Warner." 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. UXL Newsmakers. In 2015, Parsons was diagnosed with multiple myeloma, a rare blood cancer. Assistance League Of Chicagoland West: December 2013 alcw95.blogspot.com. NEW YORK, NY - FEBRUARY 18: Laura Bush Parsons and Richard Parsons attend Apollo Club Harlem at The Apollo Theater on February 18, 2013 in New York City. I exist apart from this job.". 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 . 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.. Pick a style below, and copy the text for your bibliography. 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. Still, when Levin announced, in late 2001, that When Rockefeller was appointed Vice President of the United States in 1974, Parsons followed him to Washington, D.C., where he worked directly with Gerald Ford. Parsons skipped two grades and graduated from high school at the age of sixteen. Black Enterprise, 25 (October 1994): 69-76. In 2001, George W. Bush selected Parsons to co-chair a commission on Social Security. In 2003, Parsons made the announcement of the name change from AOL Time Warner to simply Time Warner. 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. 23 Feb. 2023 . Parsons, who owns a home on Block Island, is a child psychologist. Color her surprised! During his 11 years at the firm Parsons took on Happy Rockefeller, the widow of Nelson (who had died in 1979) as a high-profile client. He graduated at the age of twenty-three, number one of more than 100 students and received the highest score among 3,600 lawyers in 1971 who took the state bar exam. After Giuliani was elected, he named Parsons to be head of his transition council. On May 16, 2001, Parsons replaced Gerald Levin as CEO of the AOL-Time Warner Corporation. 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. Decker, Ed; Minderovic, Christine "Parsons, Richard Dean 1948 Isidore, Chris. Levin had been in negotiations with Steve Case (1958), AOL's CEO, for several years. 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. Its not a bad time for me to make a move. By the mid-1970s Parsons was noted as a rising star among black professionals, and he was profiled in Black Enterprises Under 30 & Moving Up series in 1975. 23 Feb. 2023 . Farmington Hills, Mich.: Thomson Gale, 2003. 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. 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). As he told Cohen, "Ideally, you want to underpromise and overdeliver. The merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. ." His involvement with Time Warner resulted in his developing close ties with important company executives such as Robert W. Morgado, the chairman of the Warner Music Group, and Michael J. Fuchs, chairman of HBO. Ed Decker and Christine Miner Minderovic. In 2007, he became the chairman of the board of directors of the Jazz Foundation of America. At the same time people speculated about what role Parsons would play in Time Warner's future. Parsons dealt with unhappy regulators. For a brief time he worked for Nelson Rockefeller at the family office, "Room 5600", at Rockefeller Center.[8]. Encyclopedia.com. After four years, he discovered that he could get into a law school in New York if he scored well enough on his pre-law exams. ." As he once told the New York Times, as reported by CNNMoney.com, "For a lot of people race is a defining issue. In turn, Time Warner would have unlimited access to the ever-expanding Internet pipeline. 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 . You cant give something to somebody to have, said Parsons in the same article. Parsons was asked to become the new president of Time Warner by its chairman, Gerald M. Levin, in the fall of 1994. April 21, 2021 11:45 am ET. Contemporary Black Biography. The 'Laura Bush' Petunia was immediately submitted to extensive field testing in four regions of the state. 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. Parsons also remained a committed leader in other areas of public and community service. Parsons lost no time in putting his years of Washington deal-making into action. In the latter post, Parsons focused on drug issues. "Parsons, Richard Governor Rockefeller rewarded Parsonss solid performance by keeping him on his staff when he became vice president under President Gerald Ford in 1974. Wall Street Journal, May 8, 1990, p. BIO; January 30, 1995, pp. Fortune (August 8, 2004). Then, copy and paste the text into your bibliography or works cited list. He has claimed that race was never a defining character in his life. Parsons began his career working as a lawyer and counsel for former New York governor Nelson Rockefeller. Parsons answered these reservations by promising to devote his full attention to his new $525,000-a-year post. She is also credited with creating a national initiative called "Ready to Read, Ready to Learn", which promotes reading at a young age. "It's a collaboration," he told Anthony Bianco and Tom Lowry of Business Week. 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." He graduated number one in his class of more than 100 students at the age of 23, then received the highest marks among 3,600 lawyers who. at the company, and as Gerald Levin's right-hand man. 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. Lauren Bush in New York Bush was signed with Elite Model Management before launching FEED. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. 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. Standing at 6 feet 4 inches, with broad shoulders, he is a physically impressive man who could fill any boardroom. Addresses: Office Time-Warner Inc., 75 Rockefeller Plaza, New York, NY. In fact, in 1995 he was key in orchestrating the successful merger between the Dime and Anchor Savings Bank. Contemporary Black Biography. 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. (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. (Photo by Shahar Azran/WireImage) Embed. 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. In 1977, Parsons in New York, a partner at the Patterson Belknap Webb & Tyler law firm. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/general/culture-magazines/parsons-richard. It also brought Parsons to the attention of high-ranking people who later sought his services. 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). He served as assistant counsel to Governor Rockefeller from 1971 to 1974 and was called to the New York State bar in 1972. [CDATA[ In the same Business Week interview, the CEO revealed, "I take this job seriously. Not one. Also fueling his rise were connections he has made with important people over the years. Education: Graduated from University of Hawaii, 1968; Union University, University of Albany Law School, J.D., 1971. In 1993 Parsons was criticized by other blacks for supporting Rudolph Giuliani in the New York City mayoral race, instead of the incumbent Democrat, black mayor David Dinkins. (February 23, 2023). Time (December 17, 2001). 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. In just a few years he reduced the Dimes $1 billion in bad debts to $335 million. 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). By the end of 1999, it was certified as a Texas Superstar which means it will show superior performance under Texas tough growing conditions in the Earth-Kind landscape. 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. He quickly became a star in the firm and in just two years was named partner. Time Warner faced its biggest challenge in 2000 when it announced plans to merge with America Online (AOL), which by the late 1990s had evolved into the nation's leading Internet provider. 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. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. 11. After the deal was made, AOL Time Warner's board responsibilities were split directly in half, with one exception: Levin became the sole CEO in charge of operations; Case retained a backseat role as chairman. Encyclopedia.com. newzjunky louise bartholomew nicole edward. Facebook gives people the power to. 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. 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. He also serves as chairman of the Upper Manhattan Empowerment In mid-2003, he sold off parts of the company that were considered to be noncore assets, including the sports teams, the Atlanta Hawks and Atlanta Thrashers. Parsons was a bright child with a gift for charming people by telling entertaining stories. They have three grown children: Gregory, Leslie, and Rebecca. cronin friend betty barb grand cortopassi The position placed him second in command over the entire Time Warner holdings in magazine and book publishing, music, film entertainment, theme parks, and cable television. 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. 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. "Parsons, Richard He has claimed that race was never a defining character in his life. "AOL Time Warner Still Fixing Holes." With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. Again, the business community was rocked by the news. The most he did at the time was to learn to . In a December 2001 press conference, Levin stunned the industry when he named Parsons as AOL Time Warner's next CEO. 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. Parsons' grandfather, Judd, was a groundskeeper on Pocantico, part of the Rockefeller estate, long before Parsons became a protg of Nelson Rockefeller. 1946 Parsons was chairman of Citigroup from 2009 until 2012. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. In April 1976 when Kathleen Ryan left the Domestic Council, responsibility for consumer affairs was given to Parsons' office. "The Man Behind the Merger." President Ford also used his services, first as a general. "I didn't have to think twice about it. In September 2018, Parsons became the Interim Chairman of the Board for CBS replacing Les Moonves. And most . Parsons became a partner in just two years at Patterson, Belknap, Webb & Tyler, a move that typically demanded seven years. Credit: Shahar Azran / Contributor. Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. However, the date of retrieval is often important. As a result, Dime Bancorp became the largest thrift institution on the East Coast and the fourth largest in the United States. DI, D6. Contemporary Black Biography. 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-. In 1977, he returned to New York, and at the request of former U.S. Deputy Attorney General Harold R. Tyler Jr., he joined the law firm of Patterson, Belknap, Webb & Tyler. Peter J. 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. April 20, 2021, 9:57 AM PDT / Source: TODAY. This degree is awarded by the Board of Regents to individuals distinguished by their national or international reputation or accomplishments in scholarship, public service, profession, industry, or other areas. The two met when Bush was still an aimless youth with no real idea of what he would be doing with his life. . Admiration for Parsonss skills in the business world resulted in his being courted as a board member for a number of leading companies and institutions, including Time Warner Inc., Philip Morris, Tristar Pictures, Howard University, and the Metropolitan Museum of Art. Financial Times, December 8, 2001, p. 13. Encyclopedia.com. He was one of five children. 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. 23 Feb. 2023 . Llewellyn, J. Bruce 1927 "Renaming our company will strengthen the identity of the AOL brand name among consumers," the CEO said in a written statement reported on CNNMoney.com. He stepped down as CEO of Time Warner on December 31, 2007. Editorial #: [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. Wall Street Journal, May 8, 1990, p. B10; January 30, 1995, pp. Skeptics also wondered how Parsons would fare in his new job considering the bank was facing financial ruin. 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