Richard “Dick” Parsons, the former CEO of Time Warner and a respected figure in American business, has passed away at the age of 76, CNN reports.
Known for his remarkable problem-solving skills, Parsons was a prominent Black executive who guided several major corporations through challenging periods, including Time Warner and Citigroup. His death was confirmed by Ronald Lauder, heir to the Estee Lauder cosmetics company, and financial services firm Lazard, where he had served on the board.
Parsons’ career spanned decades, during which he earned recognition for his steady leadership, particularly during times of corporate crises. He is best known for orchestrating a dramatic turnaround at Time Warner after the company’s ill-fated $165 billion merger with AOL, a deal that proved disastrous in the early days of the internet. Under Parsons’ guidance, Time Warner reduced its debt by half and set the stage for more sustainable growth. His leadership was also pivotal at Citigroup, where he served as chairman after the 2008 financial crisis, helping the bank navigate through a complex restructuring process following the collapse of the US banking system.
“His composure, brilliance, and unwavering ability to find solutions were unparalleled,” said Ronald Lauder, reflecting the admiration many held for Parsons.
David Zaslav, President and CEO of Warner Bros. Discovery, also praised Parsons, noting that his keen negotiating skills and focus on win-win outcomes made him a sought-after advisor.
Born on April 4, 1948, in Brooklyn, New York, Parsons grew up in Queens as one of five children in a middle-class family. He excelled academically, skipping two grade levels and graduating at the top of his class at Albany Law School in 1971. Parsons initially pursued a legal career, working as a lawyer for former New York Governor Nelson Rockefeller, and later as a White House aide under President Gerald Ford. His expertise and decision-making abilities quickly translated to the corporate world, where he made significant contributions to banking and finance, particularly with Dime Savings Bank of New York.
While Parsons’ race was not a focal point of his professional journey, his accomplishments broke significant barriers for Black executives in corporate America. In interviews, he expressed that race was not a defining aspect of his career, focusing instead on his work and his ability to deliver results.
Beyond his corporate achievements, Parsons also served on the boards of several organizations, including Estee Lauder and the Museum of Modern Art. He was involved in public service as well, offering his insights as an economic advisor to President Barack Obama and contributing to the transition team for former New York Mayor Michael Bloomberg.
In addition to his business acumen, Parsons demonstrated leadership in the world of sports. In 2014, he served as interim CEO of the Los Angeles Clippers, stepping in during a turbulent period for the team and providing steady leadership. NBA Commissioner Adam Silver praised Parsons for his reassuring presence during the team’s challenging time.
