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- Former executive Richard Parsons has died at the age of 76.
- His business experience included leading the likes of Time Warner.
- Former colleagues and others praised his steady attitude as boss of various companies.
Richard Parsons, who spent years helping to steer companies such as Time Warner and Citigroup through tough financial times, has died. He was 76.
Parsons’ impact on the world of business was such that he gained a reputation as a clever negotiator but also an even-handed chief executive and generous colleague. He also advised US presidents, including Barack Obama.
He died on Thursday from cancer.
Richard Parsons: Early Life and Career
Parsons was born on in 1948, in Brooklyn, New York, and raised in South Ozone Park in Queens.
He attended public school and graduated after skipping two grade levels.
At 16, he enrolled at the University of Hawaii, where he played basketball. He also graduated at the top of his class at Albany Law School in 1971.
Combining a knack for politics and corporate decisions with a keen legal mind, Parsons got his start as a lawyer for former New York governor Nelson Rockefeller. When Rockefeller became US Vice President, Parsons moved to Washington D.C. as a White House aide in President Gerald Ford’s administration.
Upon his return New York, Parsons quickly rose up the ranks at the law firm Patterson, Belknap, Webb & Tyler, eventually becoming partner. A move to the banking industry followed, where he led Dime Savings Bank of New York as an executive, then as its CEO — his first experience giving a company a successful makeover.
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Richard Parsons: Business Milestones
Parsons is perhaps best known for two major stints in his career.
He was widely credited for Time Warner’s stunning turnaround after a botched $165 billion merger with then–ubiquitous web portal AOL. With Parsons as its CEO, Time Warner slashed its debt in roughly half as it ushered in a new era of sustainable growth.
Following that achievement, he was hired to lead Citigroup as chairman through a complex and much-needed structuring process after the financial crisis of 2008, which led to the biggest banking collapse in US history.
In keeping with his basketball history, he stepped in as interim CEO of the NBA’s Los Angeles Clippers in 2014 until Microsoft CEO Steve Ballmer took over later that year.
Parsons was named to the board of CBS in September 2018 but resigned a month later because of illness. He said in a statement at the time that he was already dealing with multiple myeloma when he joined the board, but “unanticipated complications have created additional new challenges.” His doctors advised him to cut back on his commitments to ensure recovery.
In his time, he also served on the boards of Estee Lauder, the Museum of Modern Art and other companies.
Here’s Ronald Lauder, one of the heirs to the Estee Lauder cosmetics company who worked alongside Parsons:
“Dick Parsons was the most brilliant person I’ve ever met — wise, steady, and endlessly insightful. His composure, brilliance, and unwavering ability to find solutions were unparalleled.”
Richard Parsons: Further Tributes
Chief Executive Officer and President of Warner Bros. Discovery David Zaslav. Photograph by Jeff Kravitz/Warner Bros. Discovery.
A number of former colleagues and friends also paid tribute to Parsons.
This was the statement by David Zaslav, current CEO of Warner Bros. Discovery who worked with Parsons during the Time Warner Days:
“Richard was a great mentor and friend, a tough and brilliant negotiator, always looking to create something where both sides win. All who got a chance to work with him and know him saw that unusual combination of great leadership with integrity and kindness. He was one of the great problem solvers this industry has ever seen.”
Lazard, the financial services company where Parsons was a longtime board member, released a statement about him:
“Dick’s storied career embodied the finest traditions of American business leadership. 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. His legacy lives on in the countless leaders he counseled, the institutions he renewed, and the doors he opened for others.”
Parsons is survived by his wife, Laura, whom he married in 1968, and their family.
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