Richard Parsons (businessman) facts for kids

Richard Dean Parsons (April 4, 1948 – December 26, 2024) was an important American business leader. He was known for being the chairman of a big bank called Citigroup. He also led a huge media company, Time Warner, as its chairman and CEO. He stepped down from Time Warner in 2007.

Later, in 2018, Parsons became the temporary chairman for CBS, another large media company. He left this role a short time later due to health reasons.

Richard Parsons' Early Life

Richard Parsons was born in Brooklyn, New York City, on April 4, 1948. He grew up in a busy part of Brooklyn called Bedford-Stuyvesant. His father was an electrical technician, and his mother stayed home to care for their five children. Richard was a very smart student and skipped two grades in school.

Education and College Years

Parsons went to the University of Hawaii at Manoa for college. He even played basketball for the school team! He was very close to finishing his degree but found a way to go to law school without it. He took special exams and got into Albany Law School in New York. In 1971, he earned his law degree and was the top student in his class.

Richard Parsons' Career Journey

After law school, Richard Parsons started his career in government. In 1971, he worked for the New York Governor Nelson Rockefeller. When Rockefeller became the Vice President of the United States in 1974, Parsons joined him in Washington D.C.. There, he worked closely with President Gerald Ford.

Becoming a Successful Lawyer

In 1977, Parsons returned to New York and joined a law firm called Patterson Belknap Webb & Tyler. He quickly became a partner there. During his 11 years at the firm, he worked with important clients.

Leading Big Banks

In 1988, Parsons was asked to become the chief operating officer of the Dime Savings Bank of New York. He later became the chairman and CEO of the bank. He helped the bank merge with another one, which was a big success.

Time Warner Leadership

In 1991, Richard Parsons joined the board of directors for Time Warner, a huge media company. He became the president of the company in 1995. Parsons played a key role in the company's merger with America Online (AOL) in 2000. This created a massive media company. In 2001, he was chosen to be the new CEO of Time Warner. In 2003, he announced that the company's name would change from AOL Time Warner back to simply Time Warner.

Citigroup and Other Roles

From 2009 to 2012, Parsons was the chairman of Citigroup, one of the largest banks in the world. He also served as the temporary CEO for the Los Angeles Clippers NBA basketball team. In 2018, he briefly became the temporary chairman of CBS. He stepped down from CBS because he was dealing with a serious illness called multiple myeloma.

Helping Others and Important Connections

Richard Parsons was also very involved in helping different causes. He believed in giving back to the community.

Humanitarian Work

Parsons became the chairman of the board for the Jazz Foundation of America in 2007. This group helps jazz and blues musicians. He also led the Apollo Theater Foundation and helped with the Smithsonian National Museum of African American History and Culture. In 2016, he became the board chair for the Rockefeller Foundation, which works to improve people's well-being around the world.

Connections with Leaders

Parsons had many connections with important people. He worked with the Rockefeller family, a very famous and influential family. He was also involved with the Partnership for New York City, an organization started by David Rockefeller.

He worked with U.S. President George W. Bush on a commission about Social Security. He also helped with the transition teams for New York City Mayor Michael Bloomberg and New York Governor Eliot Spitzer. Parsons was part of President Barack Obama's economic advisory team, helping to discuss ways to solve economic problems.

Richard Parsons' Personal Life

In 1968, Richard Parsons married Laura Ann Bush. They met in college and had three children together. Laura Ann was a community activist and had a doctorate in child psychology.

Richard Parsons passed away in New York City on December 26, 2024, at the age of 76. He died from bone cancer.