“Remembering Richard Parsons: The Steadfast Leader Who Shaped Time Warner and Citigroup”

NEW YORK — Richard Parsons, one of the leading Black executives in corporate America who held significant roles at Time Warner and Citigroup, passed away on Thursday. He was 76.

Parsons, who died at his residence in Manhattan, was diagnosed with multiple myeloma in 2015 and mentioned “unforeseen complications” from the illness for reducing his work commitments a few years later.

The financial services firm Lazard, where Parsons had been a long-serving board member, confirmed his passing.

Parsons’ friend Ronald Lauder informed The New York Times that cancer was the cause of death.

On December 3, Parsons resigned from the boards of Lazard and Lauder’s company, Estée Lauder, citing health issues. He had been a member of Estée Lauder’s board for 25 years.

“Dick was an American original, a giant across the domains of business, media, culture, philanthropy, and beyond,” Ronald Lauder remarked in a statement on behalf of the Lauder family.

David Zaslav, the CEO of Time Warner’s successor Warner Bros. Discovery, praised Parsons as a “great mentor and friend” and a “resilient and astute negotiator, always striving to create beneficial outcomes for both parties.”

“All who had the opportunity to collaborate with him and know him recognized that remarkable blend of extraordinary leadership, integrity, and compassion,” Zaslav noted, referencing him as “one of the exceptional problem solvers this industry has ever witnessed.”

Parsons, a native of Brooklyn who began his college journey at 16, established a history of guiding large corporations through challenging periods.

He restored Citigroup to profitability after the upheaval from the global financial crisis and assisted in revitalizing Time Warner following its criticized acquisition by internet provider America Online.

Parsons was appointed to the CBS board in September 2018 but resigned a month later due to illness.

He stated at the time that he was already contending with multiple myeloma upon joining the board, yet “unexpected complications have introduced additional challenges.” He mentioned that his doctors recommended he reduce his commitments for recovery.

“Dick’s illustrious career represented the finest ideals of American business leadership,” Lazard stated in a press release. The company, where Parsons served as a board member from 2012 until this month, commended his “remarkable intellect and his undeniable warmth.”

“Dick was more than just a legendary leader in Lazard’s legacy — he exemplified how wisdom, kindness, and steadfast judgment could influence not just companies but also individual lives,” the firm stated. “His legacy continues through the numerous leaders he guided, the institutions he rejuvenated, and the opportunities he facilitated for others.”

Parsons was recognized as a proficient negotiator, diplomat, and crisis manager.

Although he was with Time Warner during its struggles with AOL, he gained respect for the firm and rebuilt its relationships with Wall Street. He reorganized Time Warner’s structure, reduced debt, and divested Warner Music Group and a book publishing division.

He also successfully defended against a challenge from activist investor Carl Icahn in 2006 aimed at breaking up the company and aided Time Warner in reaching settlements with stakeholders and regulators regarding questionable accounting practices at AOL.

Parsons joined Time Warner as president in 1995 after serving as chairman and CEO of Dime Bancorp Inc., one of the largest thrift institutions in the U.S.

In 2001, after AOL utilized its wealth as the foremost Internet access provider in the U.S. to acquire Time Warner for $106 billion in stock, Parsons became co-COO alongside AOL executive Robert Pittman. In this capacity, he managed the company’s content divisions, which included movie studios and recorded music.

Upon Gerald Levin’s retirement, a key figure behind that merger, Parsons ascended to the role of CEO in 2002. The next year, he became Time Warner’s chairman, succeeding AOL founder Steve Case, who had also supported the merger.

The newly established firm’s Internet division quickly began to hinder Time Warner’s performance. The anticipated synergies between traditional and digital media were never realized. AOL faced a decline in subscribers starting in 2002 as Americans transitioned from dial-up connections to broadband offered by cable TV and telecom companies.

Parsons exited as CEO in 2007 and as chairman in 2008. A subsequent year, AOL separated from Time Warner and started trading as an independent entity, following years of struggle to redefine itself as a business concentrated on advertising and content. Time Warner is now under AT&T Inc.’s ownership.

A board member of Citigroup and its predecessor Citibank since 1996, Parsons was named chairman in 2009 during a tumultuous period for the financial entity. Citigroup had recorded five consecutive quarters of losses and received $45 billion in governmental assistance. Its board faced criticism for allowing the bank to become heavily invested in the precarious housing market.

Under Parsons’ leadership, Citigroup returned to profitability starting in 2010 and did not experience another quarterly loss until the final quarter of 2017. Parsons retired from that role in 2012.

In 2014, he took on the position of interim CEO for the NBA’s Los Angeles Clippers until Microsoft CEO Steve Ballmer assumed control later that year.

“Dick Parsons was a brilliant and transformative leader and a titan of the media sector who led with integrity and never backed away from a challenge,” stated NBA Commissioner Adam Silver.

Parsons, a Republican, previously practiced law for Nelson Rockefeller, a former Republican governor of New York, and served in Gerald Ford’s administration. These early experiences grounded him in politics and negotiations. He also acted as an economic advisor during President Barack Obama’s transition phase.

Parsons, whose passion for jazz led to co-owning a Harlem jazz establishment, also held the position of Chairman at the Apollo Theater and the Jazz Foundation of America. Additionally, he was a member of the boards for the Smithsonian National Museum of African American History and Culture, the American Museum of Natural History, and the Museum of Modern Art in New York City.

Parsons played basketball at the University of Hawaii at Manoa and graduated with a law degree from Albany Law School in 1971. He is survived by his wife, Laura, and their family.