Parsons was left in control of a bank that was apparently dying. Encyclopedia.com. In just a few years he reduced the Dimes $1 billion in bad debts to $335 million. April 21, 2021 11:45 am ET. "Parsons the Man: Public Service as Much as Private Sector Success Define AOL Time Warner's New CEO." Pick a style below, and copy the text for your bibliography. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. 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. . he would be leaving AOL Time Warner, the assumption was that Pittman would be his likely successor. He also earned staff respect at Dime with his fair treatment of personnel. Parsons was a bright child with a gift for charming people by telling entertaining stories. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. But it's not my life. He received a juris doctorate from the Union University, University of Albany Law School in 1971. The conglomerate was also saddled with significant debt. New York Times, May 8, 1990, p. D5; August 26, 1990, p. D5; July 7, 1994, p. D4; October 31, 1994, pp. 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. 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. He became an advisory trustee of the family's principal philanthropy, the Rockefeller Brothers Fund, and he sits with David Rockefeller on the board of the World Trade Center Memorial Foundation. 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. Parsons assumed his post as president of Time Warner in January of 1995, a job that came with a reported multi-million dollar salary. He played varsity basketball there, and was also the social chairman of his fraternity. University of Hawaii System.http://www.hawaii.edu/offices/bor/honorary/php?person=RP (Accessed 2 December 2005). 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. Parsons met Laura, a. 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. Among the qualities that makes Parsons as successful as he is, said Brooks, are "his focus, his ability to analyze the facts and get to the bottom line, and his ability to motivate an. In the latter post, Parsons focused on drug issues. DI, D6. Hispanic PRWire (June 11, 2004) http://www.hispanicprwire.com/news_in.php?id=2478&cha=6&PHPSESSID (accessed on July 31, 2004). In his spare time he enjoys shooting pool and listening to music. Under his tutelage the bank staged a remarkable comeback, largely through his massive overhauling of the banks management systems and work force. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/general/culture-magazines/parsons-richard. 23 Feb. 2023 . 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. He was also in charge of the legal department and human resources. In 2007, he became the chairman of the board of directors of the Jazz Foundation of America. Encyclopedia.com. In 2004, he was awarded the Better Chance Corporate Award, an annual honor bestowed by the organization A Better Chance, which, according to Hispanic PRWire, "identifies, recruits, and develops leaders among academically gifted students of color." Peter J. Parsons became a board member for Time Warner, Inc., Phillip Morris, Tristar Pictures, Harvard University, and the Metropolitan Museum of Art. 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. 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. Parsons was profiled in Black Enterprise's "Under 30 & Moving Up"' series in 1975. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. [9], Parsons was chairman of Citigroup from February 23, 2009[12] until April 2012 when he was replaced by Michael O'Neill. . Parsons credits his experiences at the University of Hawaii as preparation for his future in corporate America. 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. 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 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." *Richard Parsons was born on this date in 1948. Parsons accepted the presidency for a reported salary of several million dollars a year. "Parsons, Richard Born: March 28, 1946, in Chicago, Illinois., Public Company Parsons also had to deal with an onslaught of unhappy regulators. Landler, Mark "Watch Your Back, Mr. Parsons" Business Week (14 November 1994): 38-39. The Economicst (April 19, 2003). Memberships: Member of presidential Drug Task Force; chairman, Wildcat Service Organization. Washington Post, November 1, 1994, p. D5; December 6, 2001, p. EO1. [4] He was one of five children. Jet (December 24, 2001): p. 6. Parsons refused the position but consented to work as the Economic Development Corporation chairperson. [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? Greater Minneapolis-St. Paul Area. And, after taking over as chairman from Steve Case, who stepped down in January of 2003, Parsons went to work to repair the damage from the AOL merger. Parsons served with the Domestic Council until the end of the Ford administration and returned to New York to work for Governor Nelson Rockefeller. . The world's most influential media company, however, was struggling. 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. Parsons also remained a committed leader in other areas of public and community service. . As he later told Black En terprise, My wife talked me into it. Not one. Also fueling his rise were connections he has made with important people over the years. Financial Times, December 8, 2001, p. 13. He played varsity basketball there, and was also the social chairman of his fraternity. Dl, D6. Encyclopedia.com. Observer, (London, England) December 9, 2001, p. 4. According to Bush, it was the most logical decision since Parsons enjoyed arguing so much. Parsons is also on the board of the family-created Museum of Modern Art. "Parsons, Richard Bell, Gregory S., "Richard Dean Parsons." 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). McClellan, Steve. Employees: 14,500 Served as assistant counsel to Governor Nelson Rockefeller, Albany, NY, 197174; 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, 197577; Patterson, Belknap, Webb & Tyler (law firm), New York, NY, attorney, 197788, became partner, 1979; Dime Savings Bank of New York (became Dime Bancorp, 1995), New York, NY, chief operating officer, 198890, chairman and chief executive officer, 199095; named head of mayor-elect transition council, New York, NY, 1993; served as chairman of New York Citys Economic Development Corporation; Time Warner Inc., New York, NY, president, 1995 Member of presidential Drug Task Force; chairman, Wildcat Service Organization. Richard Dean "Dick" Parsons was born in Brooklyn, New York. He skipped a grade in elementary school and another in high school. He later attended the University of Hawaii at Manoa, where he played varsity basketball. Parsons's tenure with Rockefeller and Ford opened up many doors for him and brought him to nationwide attention as an up-and-coming young executive. Parsons also inherited a number of problems when he assumed his new post in January of 1995. As he told Ebony, I have never missed a single day of work in my life. 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). [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. The drag on the company continued to be AOL, which consistently floundered. [16], In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the wellbeing of humanity all over the world. During that time he also earned the respect of the staff for his fair treatment. Facebook gives people the power to. Parsons became a partner in just two years at Patterson, Belknap, Webb & Tyler, a move that typically demanded seven years. (2 minutes) Former President George W. Bush, 74, is the author of "Out of Many, One: Portraits of America's Immigrants" (Crown). 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. It just isn't for me. 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. It did make history as the largest corporate purchase ever, but it also became known as perhaps the most failed megamerger on record. In 2015, Parsons was diagnosed with multiple myeloma, a rare blood cancer. Encyclopedia.com. Parsons began his career working as a lawyer and counsel for former New York governor Nelson Rockefeller. Contemporary Black Biography. I like to be with the troops.. Parsons dealt with unhappy regulators. 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. DETAILS. The two met when Bush was still an aimless youth with no real idea of what he would be doing with his life. His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 1968. 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. [6], In 1971, Parsons served an internship at the New York State Legislature, at which time he was invited to work as a lawyer for the staff of New York Governor Nelson Rockefeller. 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. (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. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. //
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