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. Parsons is also on the board of the family-created Museum of Modern Art. There are a number of other black executives who have elevated positions in corporate America, said Parsons in Black Enterprise. He was one of five children. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. After the deal was made, AOL Time Warner's board responsibilities were split directly in half, with one exception: Levin became the sole CEO in charge of operations; Case retained a backseat role as chairman. BusinessWeek Online (May 19, 2003) http://www.businessweek.com/magazine/content/03_20/b3833001_mz001.htm (accessed on July 29, 2004). In his biggest move to trim the $27 billion debt, Parsons sold Warner Music Group in November of 2003 for a reported $2.6 billion. In just a few years he reduced the Dimes $1 billion in bad debts to $335 million. 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. Business Week Online.http://www.buisnessweek.com/magazine/content/03_20/b3833001_m2001.htm (Accessed 2 December 2005). 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. His maternal grandfather had been head groundskeeper at the John D. Rockefeller estate, Kykuit. Parsons worked at various odd jobs, including in a parking garage and gas company to support himself while at the University of Hawaii. At the same time people speculated about what role Parsons would play in Time Warner's future. In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. In mid-2003, he sold off parts of the company that were considered to be noncore assets, including the sports teams, the Atlanta Hawks and Atlanta Thrashers. Mayor Giuliani later asked Parsons to become his Deputy mayor for Economic Development. Parsons was named CEO for AOL Time Warner. 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. Hu, Jim. Parsons dealt with unhappy regulators. It's like height. //
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