Richard Parsons, a trailblazing Black executive who was the former CEO of Time Warner and interim CEO of the Los Angeles Clippers, has passed away, CNN reports. He was 76.
Parsons gained a reputation for leading Fortune 500 companies through difficult transitions such as including Time Warner and Citigroup. An advisor to numerous US presidents, he also served on the boards of Estee Lauder and the Museum of Modern Art.
Parson’s passing was confirmed by Lazard where he also served as a board member.
“On December 26, 2024, longtime Lazard board member Richard D. Parsons passed away. Dick’s wisdom and guidance helped shape our firm over the past decade. We honor his legacy while mourning this loss,” the statement read.”His storied career embodied the finest traditions of American business leadership.
“Born in Brooklyn, Dick distinguished himself early on with both his unmistakable intelligence and his irresistible warmth — traits that would define his career,” the statement continued. “A natural achiever who started college at sixteen, he would later earn the highest score on the New York State bar exam. More importantly, he had what one longtime friend called “the ability to make friends…in an empty elevator.”
Adam Silver, Commissioner of the NBA, issued a statement paying tribute to Parsons.
“Dick Parsons was a brilliant and transformational leader and a giant of the media industry,” Silver’s statement read. “He led with integrity and never shied away from a challenge. At a time of adversity and uncertainty for the Los Angeles Clippers, Dick stepped in to provide the type of steady and reassuring leadership…. He was a passionate fan and supporter of the NBA and a trusted friend to me and our league.”
“On behalf of the NBA, I send my deepest condolences to Dick’s wife, Laura, their family, and his many friends.”
Richard Dean Parsons was born on April 4, 1948, in Brooklyn, New York, he enrolled at the University of Hawaii at 16. He played basketball and met his future wife Laura Ann Bush. The couple married in 1968. Parsons also graduated at the top of his class at Albany Law School in 1971.
Parson’s was the guiding force behind Time Warner’s turnaround after a$165 billion merger with AOL went south. As the new CEO, he minimized the company’s debt, leading the media company to an unprecedented period of growth.
Parsons then went on to lead Citigroup as chairman through a restructuring process following the financial crisis of 2008.
In September 2018, Parsons was named the Interim Chairman of the Board for CBS. He also was chairman of the board of directors of the Jazz Foundation of America, the Chair of the Apollo Theater Foundation, and co-chair of the advisory board of the Smithsonian National Museum of African American History and Culture.