Nationwide — Richard Parsons, the former CEO of Time Warner and Chairman of Citigroup, has died at the age of 76 at his Manhattan home, following a long battle with multiple myeloma. Parsons was a highly respected African American business leader known for guiding major companies through turbulent times.
Throughout his career, Parsons held significant roles. At Time Warner, he stabilized the company and restored its reputation after its troubled merger with AOL. As Citigroup’s chairman in 2009, he helped the bank recover from the subprime mortgage crisis, steering it back to profitability.
Parsons, a Brooklyn native, began college at 16 and later earned a law degree. He played basketball at the University of Hawaii and worked for political leaders like Nelson Rockefeller and Gerald Ford.
In 2014, Parsons briefly served as interim CEO of the Los Angeles Clippers. He also held board positions at Estée Lauder, the Smithsonian, and the Apollo Theater. Beyond his corporate achievements, Parsons, who is a passionate jazz enthusiast, co-owned a Harlem jazz club and supported cultural institutions throughout his life.
“Dick Parsons was a brilliant and transformational leader and a giant of the media industry who led with integrity and never shied away from a challenge,” NBA Commissioner Adam Silver said.
Parsons was diagnosed with multiple myeloma in 2015 and had to reduce his work commitments in recent years due to health complications. Parsons retired from several high-profile roles, including his positions at Lazard and Estée Lauder, in December 2023.
Parsons is survived by his wife, Laura, and their family.