Not one. Also fueling his rise were connections he has made with important people over the 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. His maternal grandfather had been head groundskeeper at the John D. Rockefeler estate, Kykuit. Some top officials at the bank questioned his appointment, both because of his lack of experience in the banking industry and his previous work in government that made him likely to leave the company for the political arena. "Getting your team together is the more important thing." Dr. Larry Stein, another Extension horticulturist, has added further to the color scale with a glowing Purple Laura Bush. 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). 2008 redeem team starting 5; who is sarah davis married to; Employees: 14,500 Parsons is due to mark his 31st wedding anniversary with his wife, the former Laura Ann Bush, in August. Save. 23 Feb. 2023 . Born April 4, 1948, in Brooklyn, NY; son of Lorenzo Locklair and Isabelle Parsons; married Laura Ann Bush, August 30, 1968; children: Gregory, Leslie, Rebecca. Hispanic PRWire (June 11, 2004) http://www.hispanicprwire.com/news_in.php?id=2478&cha=6&PHPSESSID (accessed on July 31, 2004). Black Enterprise, 25 (October 1994): 69-76. DI, D6. When Parsons was named chief executive officer (CEO) in 2002 and chairman in 2003, he became one of the most powerful executives in the United States, but he also inherited a mountain of problems. But it's not my life. His maternal grandfather had been head groundskeeper at the John D. Rockefeller estate, Kykuit. 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). 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. //]]>. 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. A gregarious and thoughtful man, Mr. Parsons has risen by winning the affection and loyalty of influential mentors, wrote Laurence Zuckerman in the New York Times. 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. He was again entering an industry that was new to him, and some doubted his qualifications. Later that year, it was announced that Parsons had been selected as CEO of America Online. He was one of five children. Among his clients were such high-profile figures as Happy Rockefeller and the cosmetics queen Estee Lauder. Addresses: Office Time-Warner Inc., 75 Rockefeller Plaza, New York, NY. Ed. Under his tutelage the bank staged a remarkable comeback, largely through his massive overhauling of the banks management systems and work force. They have three grown children. 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.. Newsweek (January 24, 2000): p. 36. President Ford also used his services, first as a general. As one AOL shareholder told Business Week, "Dick is the right guy to be running the company right now." 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. While in Hawaii, he also met his future wife, Laura Bush. Pick a style below, and copy the text for your bibliography. at the company, and as Gerald Levin's right-hand man. In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. He is chairman of the Advisory Board of Feigen Advisors, a CEO advisory firm. 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. Value is associated with hard work.. They have three grown children: Gregory, Leslie, and Rebecca. In 2003, Parsons made the announcement of the name change from AOL Time Warner to simply Time Warner. "[11] In December 2001, it was announced that Levin would retire and Parsons had been selected as his successor. 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. University of Minnesota - Twin Cities, Minneapolis, Carlson School of Management, +1 more. Zone Development Corporation, which was established to spur the development of business and the growth of job opportunities in Harlem. That same year, he scored the highest marks out of the nearly four thousand lawyers who took the New York State bar examination. "Parsons, Richard His 43 . 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. This opportunity with Time Warner is a once in a lifetime one. After Giuliani was elected, he named Parsons to be head of his transition council. [7] After four years, he was seven credits short of his diploma. By Scott Stump. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. "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. Observer, (London, England) December 9, 2001, p. 4. Nationality: American. Peter J. He played varsity basketball there, and was also the social chairman of his fraternity. In Washington, the young lawyer also worked directly with President Gerald Ford (1913), first as general counsel and then as an associate director of the domestic council. Parsons was a member of the economic advisory team for President Barack Obama in 2008. He also met a young Rudolph W. Giuliani, with whom he supported in his campaign for New York mayor and heading his transitional council. He was the first black president and one of the highest-ranking blacks in corporate America. . Parsons credits his experiences at the University of Hawaii as preparation for his future in corporate America. In the latter post, Parsons focused on drug issues. Hu, Jim. . As he told Ebony, I have never missed a single day of work in my life. "Time Warner's Chairman and CEO Richard D. Parsons Honored by a Better Chance." 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. Detroit, Mich.: Gale Research, 1996. 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. ExperienceIT, +5 more. Governor Rockefeller rewarded Parsonss solid performance by keeping him on his staff when he became vice president under President Gerald Ford in 1974. Parsons accepted the presidency for a reported salary of several million dollars a year. He skipped a grade in elementary school and another in high school. as vice president, Parsons was invited along. The Dimes' nonperforming assets were nearly 11 percent of the total assets by year 1991 in addition to $1 billion in bad debt. [2] In October 2018 Parsons stepped down from the position, citing difficulties brought about by his battle with Multiple myeloma. Restrictions: Contact your local office for all commercial or promotional uses. Join Facebook to connect with Laura Parsons and others you may know. Eds. Notable Black American Men, Book II. ." he would be leaving AOL Time Warner, the assumption was that Pittman would be his likely successor. Harry Albright Jr., Rockefeller's executive assistant in Albany, New York and previous chairman of the Dime Savings Bank, cited Parsons as a great member of Rockefeller's staff and one who has great judgment and leadership skills. 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 merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. In a Black Enterprise article Parsons stated: "What motivates me is a sense of accountability to people who are important in my life." https://www.encyclopedia.com/general/culture-magazines/parsons-richard, "Parsons, Richard Parsons credits his father with teaching him to concentrate on achievement rather than dwell on race. With the bank on solid ground, Parsons set his sights on a new enterprise. 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. 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. Standing at 6 feet 4 inches, with broad shoulders, he is a physically impressive man who could fill any boardroom. Contemporary Black Biography. O de wurl aint flat,An de wurl aint roun,Hits one long stripHangin up an downJes Souf an Norf;Jes Norf an Souf. He quickly became a star in the firm and in just two years was named partner. 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. ." Encyclopedia.com. (February 23, 2023). Parsons assumed his post as president of Time Warner in January of 1995, a job that came with a reported multi-million dollar salary. AOL Time Warner's various operating units were still far from achieving a full integration. [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. [1] He was previously the interim CEO of the Los Angeles Clippers NBA franchise. Apparently it was the right decision. 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 took the state bar examination in 1971. His journey to future success was given some impetus by his girlfriend at the time, Laura Bush, who became his wife in 1968. Isidore, Chris. "He intellectualizes outcomes and gets people to agree with his outcomes." Parsons' grandfather, Judd, was a groundskeeper on Pocantico, part of the Rockefeller estate, long before Parsons became a protg of Nelson Rockefeller. It was either you go for it, or its gone forever, claimed Parsons in Black Enterprise. 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. degree from Union University's Albany Law School in 1971. ", "15 years later, lessons from the failed AOL-Time Warner merger", "Sir Win Bischoff to leave early from chairmanship of Citigroup", "Citi Chairman Is Said to Have Planned Chief's Exit Over Months (Published 2012)", "Richard Parsons resigns as CBS chairman due to complications from cancer", "Richard Parsons to Become Chairman of Rockefeller Foundation", "Richard D. Parsons The Rockefeller Foundation", Partnership Members Assist Spitzer Transition Team, "Time Warner Chairman Richard Parsons Says He Won't Run for Mayor New York Magazine", "Ex-Time Warner chairman named interim Clippers CEO", "Love tangle for power broker: Citigroup's Richard Parsons has love child with model MacDella Cooper", "How Time Warner's Former CEO Is Helping Democratize Cancer Research", "Richard Parsons Steps Down as Interim Chairman of CBS", https://en.wikipedia.org/w/index.php?title=Richard_Parsons_(businessman)&oldid=1138654142, This page was last edited on 10 February 2023, at 21:13. //
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