Richard Parsons, a Black executive lauded for his efforts leading Time Warner and Citigroup, died on Thursday (Dec. 26) at the age of 76. Richard Parsons navigated deals such as splitting one-time Internet giant AOL from Time Warner and other notable moves.
Richard Parsons, who also went by the shortened version of his name Dick, was born on April 4, 1948, in New York and was raised in the South Ozone Park in Queens. Raised by parents of middle-class means, Parsons was an exceptional student in grade school ahead of attending the University of Hawaii at Manoa on a basketball scholarship. Returning to the mainland, Parsons entered Albany Law School of Union University, New York, and earned his Juris Doctor degree in 1971.
Parsons’ legal career began after he was invited to work for New York Gov. Nelson Rockefeller, who was later appointed as Vice President of the United States by President Gerald Ford. Parsons traveled to Washington to work alongside Rockefeller in 1974, crossing paths with fellow lawyer Rudolph Giuliani during this stretch. From 1977 to 1988, Parsons worked for the Patterson Belknap Webb & Tyler law firm and was made partner.
In 1991, Parsons was asked to join Time Warner’s board and later became its president in 1995. Parsons oversaw Time Warner’s merger with AOL in 2000, but the partnership did not create the financial windfall some expected. After Time Warner Chief Executive Gerald Levin retired in 2001, Parsons stepped in to take Levin’s place. Under Parson’s leadership, Time Warner successfully split from AOL by removing the name association with the company and lowering the company’s $30 billion debt to $16.8 billion after selling Warner Music and portions of the wider business.
After stepping down in 2007 from Time Warner, two years later Parsons became the chairman of Citigroup, using his management and business oversight skills to help the banking company after it was hit by the financial crisis. In 2014, Parsons worked as the interim CEO for the Los Angeles Clippers after the NBA banned owner Donald Sterling for life for his racist remarks. Parsons, a Republican Party voter, did not involve himself with racial politics and famously downplayed race in interviews electing to focus on other aspects of himself.
In 2015, Parsons was diagnosed with multiple myeloma and officially retired in 2018 due to health concerns. Parsons passed away at his Manhattan home according to reports. His death was confirmed by Lazard, where he was a board member.
Richard Parsons is survived by his wife, Laura, and their three children.
[h/t CNBC]
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Photo: Getty
Richard Parsons, Black Executive Who Oversaw Time Warner & Citigroup, Dies At 76
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