Richard Parsons, former CEO of Time Warner, has died at the age of 76

CNN
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Dick Parsons, an American businessman who led Time Warner and helped iconic US companies navigate difficult times, has died aged 76.

Parsons, a prominent black executive, was known for his problem-solving skills and steered major companies, including Time Warner and Citigroup, through difficult times. He also advised U.S. presidents and served on the boards of Estee Lauder, the Museum of Modern Art and other companies. (Time Warner is the former parent company of CNN.)

Parsons’ death was confirmed in a statement from financial services firm Lazard, where he served on the board.

“Dick’s storied career embodied the best traditions of American business management,” said Lazard.

With a steady hand, Parsons exerted influence over the American economy during the dot-com bust and the Great Recession.

He was widely credited with Time Warner’s stunning turnaround after a botched $165 billion merger with AOL, the Web portal that was ubiquitous in the early days of the Internet. With Parsons as CEO, Time Warner reduced its debt by about half, ushering in a new era of sustainable growth.

Parsons was then tasked with leading Citigroup as chairman through a complex and much-needed restructuring process following the 2008 financial crisis, which led to the largest banking collapse in U.S. history.

“Dick played both a tremendous role in building Time Warner, but was also one of the greatest problem solvers this industry has ever seen. That’s why many of us looked up to him and sought his wise counsel,” said David Zaslav, president and CEO of Warner Bros. Discovery, who met Parsons at NBC about 30 years ago. He said Parsons was a “tough and brilliant negotiator who always strived to create something win-win.”

Richard Dean Parsons was born on April 4, 1948 in Brooklyn, New York and grew up in South Ozone Park in Queens. He was one of five children and his parents were an electrician and a housewife.

Parsons came from a middle-class family, attended public school and graduated after skipping two grades. At 16, he enrolled at the University of Hawaii, where he played basketball and met Laura Ann Bush, whom he married in 1968. He also graduated from Albany Law School in 1971 at the top of his class.

Parsons had a knack for politics and Corporate decisions. He began his career as a lawyer for former New York Governor Nelson Rockefeller. When Rockefeller became U.S. vice president, Parsons moved to D.C. as a White House adviser in President Gerald Ford’s administration.

He later served as an economic adviser to President Barack Obama and worked on former New York Mayor Michael Bloomberg’s transition team.

After returning to New York, Parsons quickly rose through the ranks at the law firm of Patterson, Belknap, Webb & Tyler, eventually becoming a partner. He moved into the banking industry, leading Dime Savings Bank of New York as an executive and then as its CEO – his first experience successfully transforming a company.

Staying true to his passion for basketball, he served as interim CEO of the Los Angeles Clippers in 2014 while putting his determined leadership skills into action.

“At a time of adversity and uncertainty for the Los Angeles Clippers, Dick stepped in and provided the kind of steady and reassuring leadership that defined his distinguished career in business and public service,” NBA Commissioner Adam Silver said Thursday in an explanation.

Parsons did not view his race as a key aspect of his success story.

“For many people, race is a crucial issue. It’s just not for me,” he told the New York Times in 1997. “It’s… like air. It’s like height. “I’m concentrating on other things.”