Richard D. Parsons, a longtime banking executive who took the helm of telecommunications company Time Warner during a difficult time and 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 racial discrimination scandal.
Parsons is widely credited with helping turn Time Warner around after its $165 billion merger with AOL failed, CNN reported. With Parsons as CEO, Time Warner has ushered in a new era of sustainable growth and cut its debt by about half.
The New York Times reported that the cause of death was cancer, citing Ronald Lauder, Parsons' longtime friend and chairman of Estée Lauder's board of directors. Mr. Parsons, born in Brooklyn, New York, also served on the board of Estée Lauder and the wealth management company Lazard.
In a statement on its website, Lazard said he was “not just an iconic leader in Lazard's history, but also an inspirational figure for how wisdom, warmth and sound judgment can shape not just companies, but people's lives.” He was a person who proved it.”
“When Citigroup faced its darkest moments in the financial crisis, he stepped forward as chairman despite the immense challenges ahead and said, 'We cannot abandon the military when the going gets tough,'” Lazard said. 'I just said,' he said.
“Dick has demonstrated legendary leadership skills during an incredibly difficult time for our company and has made Citi better than we ever imagined,” Citigroup said in a statement.
In 2014, when the NBA permanently banned Los Angeles Clippers owner Donald Sterling for racist comments, the basketball league made Parsons interim CEO of the Clippers.
“During a time of adversity and uncertainty for the Los Angeles Clippers, Dick will provide the steady and reassuring leadership that has characterized his distinguished career in business and public service,” NBA Commissioner Adam Silver said in a statement Thursday. I intervened for this reason.”
The paper noted that Parsons is often the only black executive in the boardroom and has spoken out on social issues, including in response to the death of George Floyd in 2020.
He is best known as a troubleshooter who handled corporate emergencies such as Dime Bancorp's losses during the savings and loan crisis of the 1980s, the Times reported.
Mr. Lazard also noted his work as chairman of the Apollo Theater and the Jazz Foundation of America, as well as 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. York City.
He is survived by his wife, Laura, with whom he had three children, the newspaper said.
