NEW AOL-TW CEO PARSONS KNOWS HIS WAY AROUND WASHINGTON
AOL-Time Warner (AOL-TW) CEO Gerald Levin announced Wed. he would step down next May and would be succeeded by co-COO Richard Parsons, who has key attribute for job: He knows ins and outs of Washington. In May, President Bush appointed him co-chmn. of President’s Commission to Strengthen Social Security. Commission, which also includes former N.Y. Sen. Patrick Moynihan (D), is widely expected to recommend privatizing at least part of fund. Parsons’s experience in Washington dates back to 1970s, when he was White House aide and counsel to President Gerald Ford and Vice President Nelson Rockefeller.
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Parsons’s responsibilities at AOL-TW have included overseeing company’s content businesses -- Warner Bros., New Line Cinema, Warner Music Group and Time Warner Trade Publishing -- as well as 2 key corporate functions: Legal and people development. He also is member of AOL-TW board. In announcing changes at AOL-TW, Parsons, 53, who became pres. of TW in 1995, said company’s goal would continue to be to “dramatically enhance the lives of our customers with consistently high-quality content and services.” He also had prime responsibility for helping roll out companywide initiative examining and defining TW’s vision and values. Before joining TW, he was CEO of Dime Savings Bank of N.Y., one of largest thrift institutions in country. Earlier, he held various positions in state and federal govts. and was partner in N.Y. law firm Patterson, Belknap, Webb & Tyler.
Appointment also was being recognized as noteworthy because Parsons becomes top black executive at one of country’s largest multimedia companies. Kenneth Chenault, also black, is CEO of American Express. Patricia Andrews- Keenan, pres. of National Assn. of Minorities in Cable and vp-communications, AT&T Broadband, called Parsons’s appointment “terribly significant in this industry.” Throughout his years at TW, he has always encouraged diversity throughout company, said Andrews-Keenan: “We think true change happens when you put people in these types of positions because they foster that type of environment” and act as role models for others. Alfred Edmond, editor-in- chief of Black Enterprise magazine, has featured Parsons as one of top 50 blacks in corporate America. He said Parsons’ appointment shouldn’t be seen as watershed event. “You're looking at a generation of African-American executives who want to make their mark as executives and let their culture speak for itself,” Edmond said.
In stepping down, Levin initiated 6-month transition plan until his retirement at company’s annual meeting in May. Robert Pittman will become sole COO, position currently shared with Parsons, and will report to Parsons. Steve Case will continue as chmn.