Richard Parsons, a distinguished figure in corporate America and a prominent Black executive, passed away at the age of 76 at his home in Manhattan. His death was confirmed by Lazard, where he served on the board for many years. Parsons had been battling multiple myeloma since 2015 and faced unexpected complications from the disease, which limited his ability to work in his later years.
Parsons held significant leadership positions, notably as the chairman of Citigroup and as CEO of Time Warner. In his role at Citigroup, he was instrumental in guiding the bank back to profitability following the financial crisis of 2007 and 2008, when the organization faced severe losses.
NBA Commissioner Adam Silver praised Parsons as a “brilliant and transformational leader,” while his friend Ronald Lauder confirmed that cancer was the cause of death. Parsons recently stepped down from board positions at Lazard and Estée Lauder due to health issues, demonstrating his commitment to maintaining his well-being amid professional responsibilities.
Born in Brooklyn and a prodigy who began college at the young age of 16, Parsons enjoyed a remarkable career. He took on key roles at Time Warner, where he worked to repair the company’s reputation after its controversial merger with AOL. His strategic leadership helped streamline the company, reducing debt and enhancing relationships with investors.
In 2001, he became co-chief operating officer of the merged company and later served as its CEO. Although Time Warner faced challenges integrating its legacy media with AOL’s Internet business, Parsons remained a respected leader during a tumultuous time.
Before his time at Citigroup, Parsons was a board member for many years, taking the helm during a critical period when the bank was under scrutiny for its risky investments. His leadership helped restore stability, with the organization reporting profits again soon after he took charge.
In addition to his corporate achievements, Parsons had a rich history in both politics and the arts. He served as legal counsel for former New York Governor Nelson Rockefeller and was involved in key political roles during the Gerald Ford administration. He also contributed to the arts, serving on various boards, including the Apollo Theater.
Parsons’ legacy extends beyond his corporate success; he inspired countless individuals through his leadership and vision. He is survived by his wife, Laura, and their family, leaving behind a lasting impact on the corporate world and the communities he served.
