Dick Parsons: Influence to Both the Public and Private Sector

Richard “Dick” Parsons is an American businessman and executive. He served as the chairman of Citigroup. Once, he was concurrently the chairman and CEO of Time Warner. Currently, Parsons is the CEO of the NBA ball club Los Angeles Clippers.

Parsons was born on April 4, 1948 in Brooklyn, New York. His father was an electrical technician while his mother was a homemaker. He attended the University of Hawaii where he played in the basketball varsity team. He was not able to finish his bachelor’s degree after four years because he lacked seven credits. He enrolled in a law school in New York that admits pre-law undergraduates provided he makes a good score in the pre-law exams. The Albany Law School admitted Parsons and in 1971, he earned a Juris Doctor after he topped his class.

After law school, Parsons worked in the New York State Legislature as intern. During this time, Parsons was invited by New York Governor Nelson Rockefeller to work as lawyer for his staff. When Rockefeller became the US Vice President in 1974, Parsons followed him in Washington D.C. Parsons had the chance to work directly with then US President Gerald Ford.

Parsons returned to New York in 1977 to work as a partner at the law firm Patterson, Belknap, Webb & Tyler. One of the high-profile clients that Parsons handled was the Rockefeller’s widow, Happy. Dime Savings Bank of New York recruited Parsons to be its COO in 1988. He accepted the invitation and later became the chairman and CEO of the bank. Parsons gained a large sum of money after Dime was demutualized following its merger with Anchor Savings Bank.

In 1991, Parsons joined the board of Time Warner. He became Time Warner’s president in 1995. He was the negotiator of Time Warner’s merger with America Online which created a $165 billion media giant. Following the retirement of Time Warner CEO Gerald Levin, Parsons was selected to be his successor.

Parsons served as Citigroup’s chairman in February 2009.