Richard Parsons, one of corporate America's most prominent Black executives who held top positions at Time Warner and Citigroup, died Thursday at financial services company Lazard, where Parsons was a longtime board member. announcedHe was 76 years old.
“Dick was the leader other leaders turned to for advice and a steady, sure hand during their most critical moments,” Lazard said in a statement.
Parsons, who died at her Manhattan home, was diagnosed with multiple myeloma in 2015 and cited “unexpected complications” from the disease for cutting back on work a few years later.
NBA, where Parsons was interim ceo In 2014, the Los Angeles Clippers were one of the organizations to offer condolences.
“Dick Parsons was a brilliant and transformational leader and media industry veteran who led with integrity and never shied away from a challenge,” said NBA Commissioner Adam Silver.
Parsons' friend Ronald Lauder told the New York Times That the cause of death was cancer. Parsons resigned from the board of Lazard and Lauder's company, Estée Lauder, on December 3, citing health reasons. He was on the board of Estée Lauder for 25 years.
Daniel Acker/Bloomberg via Getty Images
Parsons, a Brooklyn native who started college at age 16, was named chairman of Citigroup in 2009, a month after leaving Time Warner Inc., where he oversaw its much-maligned acquisition by Internet provider America Online Inc. Helped restore the company's stature.
He led Citigroup back to profit after the financial turmoil from the subprime mortgage crisis, which hit the economy in 2007 and 2008.
Parsons was named interim president of the CBS board of directors in September 2018. resigned after a month Due to illness.
Parsons said in a statement at the time that he was already battling multiple myeloma when he joined the board, but “unexpected complications have created additional new challenges.” He said that his doctors have advised him to cut down on his commitments to recover.
“Dick's storied career embodies the finest traditions of American business leadership,” Lazard said in a statement. The company, where Parsons was a board member from 2012 until this month, praised his “infallible intelligence and his indomitable warmth.”
The company said, “Dick was more than an iconic leader in Lazard's history – he was proof of how knowledge, warmth and unwavering judgment can shape not only companies, but people's lives.” “His legacy lives on in the countless leaders he mentored, the institutions he renewed and the doors he opened for others.”
Parsons was known as a skilled negotiator, diplomat, and crisis manager.
Although he was with Time Warner during its difficulties with AOL, he earned the respect of the company and rebuilt its relationship with Wall Street. He streamlined Time Warner's structure, reduced debt, and sold Warner Music Group and a book publishing division.
He also faced down a challenge from activist investor Carl Icahn to break up the company in 2006 and helped Time Warner reach a settlement with investors and regulators over questionable accounting practices at AOL.
Dime Bancorp Inc., one of the largest American thrift institutions. Parsons joined Time Warner as chairman in 1995 after serving as chairman and chief executive of Time Warner.
In 2001, when AOL used its fortunes as the leading provider of Internet access in the US to purchase Time Warner for $106 billion in stock, Parsons became co-chief operating officer with AOL executive Robert Pittman. In that role, he was in charge of the company's content businesses, including film studios and recorded music.
He became CEO in 2002 with the retirement of Gerald Levin, one of the key architects of that merger. The following year, Parsons was named chairman of Time Warner, replacing AOL founder Steve Case, who had also supported the combination.
The Internet division of the newly formed company soon became a problem for Time Warner. The promised synergy between traditional and new media never materialized. AOL began to see a decline in subscribers in 2002 as Americans replaced cable TV and phone companies' dial-up connections with broadband.
Parsons resigned as CEO in 2007 and as chairman in 2008. A year later AOL separated from Time Warner and began trading as a separate company, after years of struggling to re-establish itself as a business focused on advertising and content. Time Warner is now owned by AT&T Inc. is near.
A board member of Citigroup and its predecessor Citibank since 1996, Parsons was named chairman in 2009 at a time of turmoil at the financial institution. Citigroup suffered losses for five consecutive quarters and received $45 billion in government aid. Its board was criticized for allowing the bank to invest so heavily in the risky housing market.
Starting in 2010, Citigroup returned to profit under Parsons, and would not post a quarterly loss again until the fourth quarter of 2017. Parsons retired from that job in 2012.
In 2014 he stepped down as interim CEO of the Clippers until Microsoft became CEO. steve ballmer Took office later that year.
Parsons, a Republican, previously worked as White House counsel to former Republican New York governors Nelson Rockefeller and Gerald Ford. Those early stints provided him with a foundation in politics and negotiation. He was also an economic advisor on President Barack Obama's transition team.
Parsons, who loved jazz and co-owned the Harlem Jazz Club, also served as president of the Apollo Theater and the Jazz Foundation of America. And he held 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 City.
Parsons played basketball at the University of Hawaii at Manoa and received a law degree from Albany Law School in 1971. He is survived by his wife, Laura, and his family.