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. 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 dont do anything differently than I would otherwise because I have that responsibility to my family, he told the New York Times in 1994. [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. 11. In 2001, George W. Bush selected Parsons to co-chair a commission on Social Security. 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. Parsons joined the Domestic Council staff in March 1975, serving both as legal council and as an associate director. (February 23, 2023). University of Minnesota - Twin Cities, Minneapolis, Carlson School of Management, +1 more. Broadcasting executive Percy E. Sutton served as Manhattan borough president between 1966 and 1977, Hank Paulson Broadcasting & Cable (July 28, 2003): p. 8. 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. 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. Errol Garner and Miles Davis are his favorite musicians. Parsons was asked to become the new president of Time Warner by its chairman, Gerald M. Levin, in the fall of 1994. 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. 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. 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 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. Business executive Memberships: Member of presidential Drug Task Force; chairman, Wildcat Service Organization. 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. 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). 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). 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. Isidore, Chris. Nationality: American. DI, D6. The proud parents were by Jenna's side when she married her husband, Henry Hager, in. However, the date of retrieval is often important. "Richard Parsons: Profile." He is chairman of the Advisory Board of Feigen Advisors, a CEO advisory firm. X. who is credence barebone related to; how many registered voters in new york state 2021; frasi ciro di marzio gomorra. "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. 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. . Parsons met Laura, a. Niece of George W. Bush, Laura Bush, Doro Bush, Marvin Bush and Jeb . Credit: Shahar Azran / Contributor. Therefore, that information is unavailable for most Encyclopedia.com content. 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. 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. Farmington Hills, Mich.: Thomson Gale, 2003. 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-. While in Hawaii, he also met his future wife, Laura Bush. He paid his law school expenses by working as a part time janitor and later as an aide in the New York State Assembly. As a result, the company struggled to maintain its credibility, its stock prices tumbled, and it faced $27 billion in debt. In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. 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. https://www.encyclopedia.com/general/culture-magazines/parsons-richard, "Parsons, Richard Chairman and chief executive officer, Goldman, Sachs & Company Get our quarterly newsletter to stay up-to-date, plus all speech or video narrative bookings near you as they happen. 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. 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. Greater Minneapolis-St. Paul Area. 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." Richard D. Parsons, Counsel and Associate Director for Justice, Civil Rights, Drugs and Consumer Affairs: Files, 197477. 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. //. Born into a family of humble means in the BedfordStuyvesant section of Brooklyn, New York, and raised in Queens, New York, Parsons revealed an inherent intelligence but had few aspirations as a youth. On October 1, 1995, Parsons was appointed president of Time Warner with a salary of several million dollars per year. "Can a Nice Guy Run This Thing?" 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. UXL Newsmakers. Skeptics also wondered how Parsons would fare in his new job considering the bank was facing financial ruin. They have three grown children: Gregory, Leslie, and Rebecca. The announcement surprised many media watchers who expected chief operating officer Robert Pittman to take the helm. [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. University of Hawaii System.http://www.hawaii.edu/offices/bor/honorary/php?person=RP (Accessed 2 December 2005). Landler, Mark "Watch Your Back, Mr. Parsons" Business Week (14 November 1994): 38-39. With the bank on solid ground, Parsons set his sights on a new enterprise. Cohen, Adam. 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). "Parsons Faces Major Test in Unifying AOL Time Warner." Parsons accepted the presidency for a reported salary of several million dollars a year. [27][28][29] Being of Liberian ethnicity, Cooper founded the MacDella Cooper Foundation in 2004 to help orphans and abandoned children in Liberia following the Second Liberian Civil War. (February 23, 2023). At the same time people speculated about what role Parsons would play in Time Warner's future. 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. He played varsity basketball there, and was also the social chairman of his fraternity. 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. 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. 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. Over the years Parsons has, however, admitted the possibility of entering politics later in life. (2 minutes) Former President George W. Bush, 74, is the author of "Out of Many, One: Portraits of America's Immigrants" (Crown). [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. It also brought Parsons to the attention of high-ranking people who later sought his services. After graduation, he attended college at the University of Hawaii, where he excelled both academically and socially; Parsons was a varsity basketball player and the social chairman of his fraternity. In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. When Robert Pittman stepped down as COO in June of 2002, Parsons quickly reorganized the company's top ranks by promoting some of Time Warner's former division chiefs. He was again entering an industry that was new to him, and some doubted his qualifications. [8] He helped negotiate the company's merger with America Online in 2000, creating a $165-billion media conglomerate[10] that is "usually described as the worst merger of all time. Cite this article Pick a style below, and copy the text for your bibliography. 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. 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. After all, Parsons had sat on the company's board of directors for several years, and had developed close ties with top TW executives. A lawyer and politician, John Vliet Lindsay (born 1921) was a member of the U.S. Congress from 1959 to 1965 and mayor of New York, https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948, https://www.encyclopedia.com/education/news-wires-white-papers-and-books/parsons-richard-dean-1948-0, http://news.com.com/2009-1023-873910.html, http://money.cnn.com/2003/09/18/technology/aol_name, http://money.cnn.com/2001/12/05/ceos/parsons_profile, https://www.encyclopedia.com/general/culture-magazines/parsons-richard, http://www.hawaii.edu/offices/bor/honorary/php?person=RP, https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard. In 2003, Parsons made the announcement of the name change from AOL Time Warner to simply Time Warner. (February 23, 2023). Parsons chose to support Rudolph Giuliani in the New York City mayoral race instead of Democrat black mayor David Dinkins. 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