Richard Parsons is shown speaking at Time Warner headquarters in New York on June 15, 2009. Mark Lenihan/AP Hide caption
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Mark Lenihan/Associated Press
NEW YORK — Richard Parsons, one of America’s most prominent black executives who held top positions at Time Warner Inc. and Citigroup Inc., died Thursday. He was 76 years old.
Parsons, who died at his home in Manhattan, was diagnosed with multiple myeloma in 2015 and said it was an “unforeseen complication” from the disease that led him to cut back on work a few years later.
Lazard, the financial services company where Parsons was a longtime director, confirmed his death.
Parsons’ friend Ronald Lauder told the New York Times that the cause of death was cancer.
Parsons resigned from the board of Estée Lauder, Lazard and Lauder’s company, on December 3, citing health reasons. He served on the board of Estée Lauder for 25 years.
“Dick was an American original and a globe-trotting giant of business, media, culture and philanthropy,” Ronald Lauder said in a statement on behalf of the Lauder family.
David Zaslav, CEO of Warner Bros. Discovery, Time Warner’s successor, called Parsons a “great mentor and friend” and “a tough and excellent negotiator.” He is a human being and always tries to create something that is a win-win for both parties.”
“Everyone who had the opportunity to work with him and who knew him witnessed a rare combination of great leadership, integrity and kindness,” Zaslav said, calling him “a man who will continue to grow in this industry.” “One of the greatest problem solvers I’ve ever seen.”
Mr. Parsons, a Brooklyn native, went to college at age 16 and built a track record of running large companies through difficult times.
He returned Citigroup to profitability after the turmoil of the global financial crisis and helped rebuild it after internet provider America Online’s much-maligned acquisition of Time Warner.
Parsons was appointed to the CBS board in September 2018, but resigned a month later, citing illness.
Parsons said in a statement at the time that he was already battling multiple myeloma when he joined the board, but “unanticipated complications created additional new challenges.” Doctors said they advised him to reduce his work to ensure his recovery.
“Dick’s storied career exemplified the finest traditions of American business leadership,” Lazard said in a statement. The company, where Mr Parsons was a director from 2012 until this month, praised his “undeniable intelligence and charming warmth”.
“Dick was not only an iconic leader in Lazard’s history, but a man who exemplified how wisdom, warmth and sound judgment can shape not only companies, but people’s lives,” the company said. . “His legacy lives on in the countless leaders he mentored, the institutions he renewed, and the doors he opened for others.”
Parsons was known as a skilled negotiator, diplomat, and crisis manager.
He remained at Time Warner through a difficult period with AOL, but gained the company’s respect and rebuilt its relationship with Wall Street. He streamlined Time Warner’s organization, reduced its debt, and sold Warner Music Group and its book publishing division.
He also fended off a challenge from activist investor Carl Icahn to break up the company in 2006 and helped Time Warner reach a settlement with investors and regulators over questionable accounting practices at AOL. .
Mr. Parsons joined Time Warner as president in 1995 after serving as chairman and chief executive officer of Dime Bancorp, one of the largest recycling agencies in the United States.
In 2001, Parsons became co-chief operating officer with AOL executive Robert Pittman after AOL leveraged its fortunes as the leading provider of Internet access in the United States to acquire a stake in Time Warner Inc. for $106 billion. He took office. In that role, he was responsible for the company’s content business, including its film studio and music recording.
He became CEO in 2002 upon the retirement of Gerald Levin, one of the key architects of the merger. Parsons was named Time Warner chairman the following year, replacing AOL founder Steve Case, who had also championed the duo.
The company’s newly created Internet division quickly became a drag on Time Warner. The promised synergy between traditional and new media never materialized. AOL began seeing a decline in subscribers in 2002 as Americans replaced dial-up connections with cable TV and telephone company broadband.
Mr. Parsons retired as CEO in 2007 and as chairman in 2008. A year later, AOL separated from Time Warner and began trading as a separate company after years of struggle to reinvent itself as a business centered on advertising and content. Time Warner is now owned by AT&T Inc.
Mr. Parsons has served on the board of Citigroup and its predecessor, Citibank, since 1996 and was named chairman in 2009, at a time when financial institutions were in turmoil. Citigroup lost money for five consecutive quarters and received $45 billion in government support. The bank’s board had been criticized for allowing the bank to invest heavily in the risky housing market.
Under Mr. Parsons, Citigroup returned to profitability in 2010 and did not report another quarterly loss until the fourth quarter of 2017. Mr. Parsons retired from his position in 2012.
In 2014, he became interim CEO of the NBA’s Los Angeles Clippers, and was succeeded by Microsoft CEO Steve Ballmer later that year.
“Dick Parsons was a tremendous, innovative leader and a media titan who led with integrity and never shied away from a challenge,” NBA Commissioner Adam Silver said.
Parsons, a Republican, previously worked as a lawyer for former Republican New York Gov. Nelson Rockefeller and as a lawyer in Gerald Ford’s White House. These early stints provided him with a foundation in politics and negotiation. He was also an economic advisor to President Barack Obama’s transition team.
Parsons, whose love of jazz led him to become part owner of the Harlem Jazz Club, also served as president of the Apollo Theater and the Jazz Foundation of America. He also served on the boards of the Smithsonian’s National Museum of African American History and Culture, the American Museum of Natural History, and the Museum of Modern Art, New York City.
Parsons played basketball at the University of Hawaii at Manoa and earned a law degree from Albany Law School in 1971. Parsons is survived by his wife, Laura, and their family.
