Richard D. Parsons, a respected banking executive and former CEO of Time Warner, passed away at the age of 76. Known for his significant leadership roles during challenging times, Parsons also guided Citigroup through the financial crisis and helped the NBA’s Clippers during a racism scandal.
Turning Around Time Warner
Parsons is widely praised for leading the turnaround of Time Warner following its troubled $165 billion merger with AOL. Under his leadership as CEO, the company reduced its debt by nearly half and entered a period of steady growth, CNN reported.
Cause of Death and Career Highlights
The New York Times reported that Parsons died of cancer, citing Ronald Lauder, a close friend and chairman of Estee Lauder. Parsons, who was born in Brooklyn, New York, had a storied career that included serving on the boards of Estee Lauder and Lazard, a global asset management firm.
Lazard praised Parsons in a statement: “He was more than an iconic leader in our history — he was a model of wisdom, warmth, and sound judgment that left a lasting impact on companies and individuals alike.”
Leadership at Citigroup and the NBA
During the 2008 financial crisis, Parsons became Citigroup’s chairman, offering steady leadership during a critical time. Citigroup said, “Dick used his legendary leadership to steer Citi through a tough period, leaving it stronger than before.”
In 2014, when the NBA permanently banned Los Angeles Clippers owner Donald Sterling for racist remarks, Parsons was named interim CEO of the team. NBA Commissioner Adam Silver described Parsons as “a reassuring and steady leader who provided direction during a time of adversity.”
Advocate for Social Issues
As one of the few Black executives in many boardrooms, Parsons spoke out on social issues, including after George Floyd’s death in 2020. He was remembered as a problem-solver who handled crises like the savings and loan issues at Dime Bancorp in the 1980s.
Cultural Contributions
Beyond his corporate achievements, Parsons contributed to the arts and culture, serving as chairman of the Apollo Theater and the Jazz Foundation of America. He was also a board member for prominent institutions such as the Smithsonian National Museum of African American History and Culture, the American Museum of Natural History, and the Museum of Modern Art in New York City.
Personal Life
Parsons is survived by his wife, Laura, and their three children, the Times reported.
