Posted February 7, 2008 -- When RICHARD PARSONS took over as chairman and CEO of Time Warner Inc. earlier this decade, the company was in a tailspin. A much-ballyhooed 2001 merger between the media conglomerate and Internet icon AOL proved to be a failure. Stocks tumbled and Time Warner was billions of dollars in debt.
In stepped Parsons – just the leader the entertainment company needed to help it get back on track. Within a few years, the debt was slashed, investors were back on board and employee morale was high. By 2005, Parsons was named top CEO in the industry by Institutional Investor magazine. Regularly on Fortune’s annual list of the most powerful people in business, Parsons (who stepped down as CEO of Time Warner at the end of last year, but remains chairman of the board) is also considered one of the most respected African-American executives in the country. Chief among his strengths is his ability to make the tough business decisions while maintaining harmony and teamwork among the people who work for him.
It is this ability to deftly juggle his corporate responsibilities, while remaining committed to public and community service, as well as being a role model for aspiring executives, that makes Richard Parsons the 2008 “BET HONORS” Corporate Citizen choice.