Richard D. Parsons, a longtime banking government who took the helm of Time Warner throughout a troubled time for the communications firm and who helped Citigroup navigate the monetary disaster, died on Thursday at age 76.
A distinguished black businessman, Parsons additionally helped the NBA’s Clippers navigate a scandal over racism.
Parsons was broadly credited with the turnaround of Time Warner after its botched $165 billion merger with AOL, CNN reported. With Parsons as CEO, Time Warner slashed its debt by roughly half because it ushered in a brand new period of sustainable progress.
The New York Instances stated the reason for demise was most cancers, citing Ronald Lauder, a longtime pal of Parsons and chairman of the board of Estee Lauder. Parsons, who was born in Brooklyn, New York, had additionally served on the Estee Lauder board, in addition to on the board of asset administration agency Lazard.
He “was more than an iconic leader in Lazard’s history — he was a testament to how wisdom, warmth, and unwavering judgment could shape not just companies, but people’s lives,” Lazard stated in an announcement on its web site.
“When Citigroup faced its darkest hour during the financial crisis, he stepped forward as Chairman despite the immense challenges ahead, saying simply, ‘You can’t abandon your troops when the going gets tough,’” Lazard stated.
Citigroup, in an announcement, stated: “Dick applied his legendary leadership capabilities during an incredibly challenging time for our company, leaving Citi better than he found it.”
In 2014, when the NBA banned Los Angeles Clippers proprietor Donald Sterling for all times over racist feedback, the basketball league put in Parsons as Clippers interim chief government.
“At a time of adversity and uncertainty for the Los Angeles Clippers, Dick stepped in to provide the type of steady and reassuring leadership that defined his remarkable career in business and public service,” NBA Commissioner Adam Silver stated In an announcement Thursday.
The Instances famous that Parsons was typically the one black government in a boardroom and spoke out on social points, together with following the demise of George Floyd in 2020.
He’s greatest remembered as a troubleshooter, dealing with company emergencies equivalent to losses at Dime Bancorp in the course of the financial savings and mortgage disaster within the Nineteen Eighties, the Instances reported.
Lazard additionally famous his service as chairman of the Apollo Theater and the Jazz Basis of America, and his positions on the boards of the Smithsonian Nationwide Museum of African American Historical past and Tradition, the American Museum of Pure Historical past and the Museum of Fashionable Artwork in New York Metropolis.
He’s survived by his spouse, Laura, with whom he had three youngsters, the Instances reported.
