Richard Parsons, a trailblazing Black executive who held prominent leadership roles at Time Warner and Citigroup, passed away at the age of 76. He died at his Manhattan home after battling multiple myeloma, a diagnosis he received in 2015. The disease’s complications led him to reduce his work commitments in recent years.
Lazard, where Parsons served on the board for many years, confirmed his passing. The NBA, where he briefly served as interim CEO of the Los Angeles Clippers in 2014, was among the organizations offering condolences.
NBA Commissioner Adam Silver praised Parsons as “a brilliant and transformational leader” who “led with integrity and never shied away from a challenge.”
Ronald Lauder, a close friend of Parsons, confirmed that cancer was the cause of death. Parsons had stepped down from the boards of Lazard and Este Lauder in December 2023, citing health reasons. He had been a director at Este Lauder for 25 years.
A Brooklyn native who started college at just 16, Parsons became chairman of Citigroup in 2009, just a month after leaving Time Warner. During his tenure at Time Warner, he helped rebuild the company’s reputation following its controversial merger with AOL, which had faced significant setbacks.
At Citigroup, Parsons played a pivotal role in guiding the company back to profitability following the financial crisis caused by the subprime mortgage collapse in 2007-2008.
He was appointed to the CBS board in September 2018 but resigned shortly after, citing complications from his ongoing illness. Parsons had disclosed that he was already dealing with multiple myeloma when he joined CBS’s board, and the disease’s complications had made it necessary for him to scale back his commitments.
Lazard paid tribute to Parsons’ “unmistakable intelligence and irresistible warmth,” noting that his leadership was instrumental in shaping not just companies but also the lives of those around him. His legacy is marked by his role as a trusted advisor to countless leaders, his contributions to major institutions, and his work to create opportunities for others.
Known as a skilled negotiator and crisis manager, Parsons earned respect for his handling of Time Warner’s struggles with AOL. He helped streamline the company, reduce debt, and sold off assets like Warner Music Group and a book publishing division. He also successfully fended off a bid by activist investor Carl Icahn to break up the company and played a key role in resolving legal and regulatory issues related to AOL’s accounting practices.
Parsons began his tenure at Time Warner in 1995, following his role as CEO of Dime Bancorp, one of the largest U.S. thrift institutions. In 2001, following AOL’s $106 billion acquisition of Time Warner, Parsons became co-chief operating officer alongside AOL executive Robert Pittman. In this position, he oversaw the company’s content businesses, including its movie studios and music division.
