Richard Parsons, Former CEO of Time Warner, Dies at 76

Richard Parsons, an influential American business leader and former CEO of Time Warner, has passed away at the age of 76. Renowned for his exceptional problem-solving skills, Parsons guided some of America’s most prominent companies through challenging times and served as an advisor to U.S. presidents. His impactful leadership extended across industries, including his work with Time Warner, Citigroup, and on the boards of organizations such as Estee Lauder and the Museum of Modern Art.

Lazard, a financial services firm where Parsons served on the board, confirmed his passing, stating, “Dick’s storied career embodied the finest traditions of American business leadership.”

Transformative Leadership at Time Warner and Citigroup

Parsons played a pivotal role during critical moments in corporate history, such as the dot-com bust and the Great Recession. As CEO of Time Warner, he spearheaded a remarkable turnaround following its troubled $165 billion merger with AOL. Under his leadership, the company reduced its debt by nearly half and laid the groundwork for sustainable growth.

Later, as chairman of Citigroup, Parsons guided the banking giant through a complex restructuring process after the financial crisis of 2008, one of the most challenging periods in U.S. banking history.

David Zaslav, CEO of Warner Bros. Discovery, praised Parsons, calling him “one of the great problem solvers this industry has ever seen” and a “tough and brilliant negotiator.”

From Humble Beginnings to Corporate Success

Born on April 4, 1948, in Brooklyn, New York, Richard Dean Parsons was raised in South Ozone Park, Queens, as one of five children in a middle-class family. Despite modest beginnings, his academic prowess was evident early on; he skipped two grade levels and enrolled at the University of Hawaii at 16, where he met his future wife, Laura Ann Bush. He graduated at the top of his class from Albany Law School in 1971.

Parsons began his career as a lawyer for New York governor Nelson Rockefeller and later served as a White House aide under President Gerald Ford. Over the years, he became an economic adviser to President Barack Obama and worked on former New York Mayor Michael Bloomberg’s transition team.

A Life Dedicated to Leadership and Basketball

Parsons rose to prominence in corporate America after leading Dime Savings Bank of New York through a successful transformation. His leadership skills extended to sports, where he served as interim CEO of the Los Angeles Clippers in 2014 during a turbulent period for the team.

NBA Commissioner Adam Silver lauded Parsons for his steady leadership, stating, “Dick provided the type of steady and reassuring leadership that defined his remarkable career.”

Despite his many achievements, Parsons viewed race as a minor aspect of his journey, remarking in a 1997 interview, “For a lot of people, race is a defining issue. It just isn’t for me.”