Richard Parsons, prominent Black executive who led Time Warner and Citigroup, dies at 76
Business
He returned Citigroup to profitability after turmoil from the global financial crisis
NEW YORK (AP) — Richard Parsons, one of corporate America’s most prominent Black executives who held top posts at Time Warner and Citigroup, died Thursday. He was 76.
Parsons, who died at his Manhattan home, was diagnosed with multiple myeloma in 2015 and cited “unanticipated complications” from the disease for cutting back on work a few years later.
The financial services company Lazard, where Parsons was a longtime board member, confirmed his death.
Parsons’ friend Ronald Lauder told The New York Times that the cause of death was cancer.
Parsons stepped down Dec. 3 from the boards of Lazard and Lauder’s company, Estée Lauder, citing health reasons. He had been on Estée Lauder’s board for 25 years.
“Dick was an American original, a colossus bestriding the worlds of business, media, culture, philanthropy, and beyond,” Ronald Lauder said in a statement on behalf of the Lauder family.
David Zaslav, the CEO of Time Warner successor Warner Bros. Discovery, hailed Parsons as a “great mentor and friend” and a “tough and brilliant negotiator, always looking to create something where both sides win.”
“All who got a chance to work with him and know him saw that unusual combination of great leadership with integrity and kindness,” Zaslav said, calling him “one of the great problem solvers this industry has ever seen.”
Parsons, a Brooklyn native who started college at 16, built a track record of steering big companies through tough times.
He returned Citigroup to profitability after turmoil from the global financial crisis and helped restore Time Warner after its much-maligned acquisition by internet provider America Online.
Parsons was named to the board of CBS in September 2018 but resigned a month later because of illness.
Parsons said in a statement at the time that he was already dealing with multiple myeloma when he joined the board, but “unanticipated complications have created additional new challenges.” He said his doctors advised him to cut back on his commitments to ensure recovery.
