Richard Parsons, the longtime banking executive who led Time Warner during a turbulent period for the telecommunications company and who helped Citigroup weather the financial crisis, died Thursday at the age of 76.
Parsons, a prominent black businessman, also helped the NBA's Clippers overcome a racism scandal.
Parsons was widely credited with Time Warner's turnaround after its failed $165 billion merger with AOL, CNN reported. With Parsons as CEO, Time Warner has nearly halved its debt, ushering in a new era of sustainable growth.
The New York Times said the cause of death was cancer, citing Ronald Lauder, an old friend of Parsons and chairman of Estée Lauder. Parsons, who was born in Brooklyn, New York, also served on the board of directors of Estee Lauder, as well as on the board of Lazard Asset Management.
“He was more than just an iconic leader in Lazard's history — he was a testament to how wisdom, warmth and unwavering judgment can shape not just companies, but people's lives,” Lazard said in a statement on its website.
“When Citigroup faced its darkest hour during the financial crisis, he stepped forward as chairman of the board despite the enormous challenges ahead, saying simply: You cannot abandon your forces when the going gets tough,” Lazard said.
“Dick applied his legendary leadership abilities during an extremely difficult time for our company, leaving Citigroup better than he found it,” Citigroup said in a statement.
In 2014, when the NBA suspended Los Angeles Clippers owner Donald Sterling for life for racist comments, the NBA named Parsons as interim CEO of the Clippers.
“At a time of distress and uncertainty for the Los Angeles Clippers, Dick stepped in to provide the kind of steady and reassuring leadership that has defined his remarkable career in business and public service,” NBA commissioner Adam Silver said in a statement Thursday.
Parsons was often the only Black executive in the board room and spoke out on social issues, including after the death of George Floyd in 2020, the Times noted.
He is best remembered as a troubleshooter, handling corporate emergencies such as losses at Dime Bancorp during the savings and loan crisis of the 1980s, the Times reported.
Lazard also noted his service as president of the Apollo Theater and the American Jazz Foundation, and his positions on the boards of the Smithsonian's National Museum of African American History and Culture, the American Museum of Natural History, and the Museum of Modern Art in New York. York City.
The newspaper reported that he left behind his wife, Laura, with whom he had three children.
