Richard Parsons, a notable figure in corporate America and a distinguished African American executive, has passed away at the age of 76. His death occurred at his residence in Manhattan, with the cause attributed to complications related to multiple myeloma, a form of cancer he was diagnosed with in 2015. In recent years, Parsons had scaled back his professional engagements due to his health challenges. His passing was confirmed by Lazard, a financial services company where he served on the board for several years.
Ronald Lauder, a close associate of Parsons, stated to the media that cancer was the underlying cause of his friend’s death. Just a few weeks prior, Parsons had stepped down from the boards of Lazard and Estée Lauder, where he had held a position for 25 years, citing health issues as his reason for resignation.
Lauder paid tribute to Parsons, describing him as “an American original” who left a significant impact across various sectors, including business, media, culture, and philanthropy. David Zaslav, the CEO of Warner Bros. Discovery, recognized him as a remarkable mentor and an excellent negotiator who always sought mutually beneficial outcomes in any agreement.
Parsons, a native of Brooklyn, New York, began his academic journey at a remarkably young age, entering college at 16. He developed a reputation for leading major corporations through turbulent times, notably turning Citigroup back towards profitability amidst the challenges posed by the global financial crisis and restoring Time Warner after its controversial merger with America Online (AOL). In September 2018, Parsons joined the CBS board but had to resign within a month due to ongoing health concerns, which he had been managing since his initial diagnosis.
Lazard released a statement acknowledging Parsons’s impressive leadership and intellect, highlighting how his impact extended beyond corporate walls to the individuals he mentored and the institutions he revitalized. They emphasized that his legacy would endure through the numerous leaders he nurtured and the numerous opportunities he created for others.
Recognized for his adept negotiation skills and ability to manage crises, Parsons gained admiration for his efforts at Time Warner, specifically during challenging episodes with AOL, where he successfully reestablished the company’s reputation on Wall Street. He was instrumental in streamlining the company’s operations, reducing its debt load, and negotiating settlements related to previous financial discrepancies with investors.
Parsons joined Time Warner in 1995, having previously held the position of chairman and CEO at Dime Bancorp, one of the country’s largest thrift institutions. Following AOL’s acquisition of Time Warner, he assumed the role of co-COO, focusing on overseeing its various content-related operations, including film and music divisions. He later ascended to the role of CEO in 2002 and was then named the chairman of the company the following year, replacing AOL founder Steve Case.
However, the anticipated benefits of the AOL-Time Warner merger failed to materialize, which prompted Parsons to step down as CEO in 2007 and as chairman the following year. Subsequently, AOL separated from Time Warner and began operating independently. Parsons had also been on Citigroup’s board since 1996, becoming chairman at a particularly tumultuous time for the financial entity, steering it back to profitability since 2010.
In addition to his corporate endeavors, Parsons briefly took on the role of interim CEO for the NBA’s Los Angeles Clippers in 2014, paving the way for Steve Ballmer’s leadership later that year. NBA Commissioner Adam Silver praised him as a transformative leader who embraced challenges with integrity.
Political and legal work constituted part of his early career, working as a lawyer for figures such as Nelson Rockefeller and serving in the White House under President Gerald Ford. He was also involved in President Barack Obama’s transition team as an economic adviser.
Passionate about jazz, Parsons co-owned a jazz club in Harlem and held chairmanship at the Apollo Theater and the Jazz Foundation of America. His dedication to the arts extended to board positions with a number of prestigious institutions, including the Smithsonian National Museum of African American History and Culture.
Parsons was an athlete during his collegiate years, playing basketball at the University of Hawaii at Manoa, where he also earned his law degree from Albany Law School in 1971. He is survived by his wife, Laura, and their family.
