CNN
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Dick Parsons, an American businessman who led Time Warner and helped iconic American companies navigate difficult circumstances, has died at the age of 76.
A prominent black business executive, Parsons was known for his problem-solving skills, steering major companies, including Time Warner and Citigroup, through periods of distress. He also advised US presidents and served on the boards of Estee Lauder, the Museum of Modern Art and other companies. (Time Warner is the former parent company of CNN.)
Parsons’ death was confirmed in a statement by financial services firm Lazard, where he had served on the board.
“Dick’s distinguished career embodied the best traditions of American business leadership,” Lazard said.
With a steady hand, Parsons wielded influence in Corporate America during the dot-com bust and Great Recession.
He was widely credited with Time Warner’s stunning turnaround after a failed $165 billion merger with AOL, the ubiquitous Web portal in the early days of the Internet. With Parsons as its CEO, Time Warner cut its debt roughly in half as it ushered in a new era of steady growth.
Parsons was then appointed to lead Citigroup as chairman through a complex and much-needed restructuring process following the 2008 financial crisis, which led to the largest banking collapse in US history.
“Dick played a huge role in building Time Warner, but he was also one of the greatest problem solvers this industry has ever seen. That’s why many of us sought his wise counsel,” said David Zaslav, president and CEO of Warner Bros. Discovery, who had met Parsons some 30 years earlier at NBC. He said Parsons was a “tough and brilliant negotiator, always looking to create something where both sides win”.
Richard Dean Parsons was born on April 4, 1948, in Brooklyn, New York and grew up in South Ozone Park in Queens. He was one of five children and his parents were an electrician and a homemaker.
Coming from a middle-class family, Parsons attended public school and graduated after passing two grade levels. At age 16, he enrolled at the University of Hawaii, where he played basketball and met Laura Ann Bush, whom he married in 1968. He also graduated at the top of his class from Albany Law School in 1971 .
Parsons had a knack for politics and corporate decision-making. He began his career as a lawyer for former New York Governor Nelson Rockefeller. When Rockefeller became vice president of the US, Parsons moved to DC as a White House aide in President Gerald Ford’s administration.
Later, he would be an economic adviser to President Barack Obama and work on the transition team for former New York Mayor Michael Bloomberg.
After returning to New York, Parsons quickly rose through the ranks at the law firm of Patterson, Belknap, Webb & Tyler, eventually becoming a partner. He moved into the banking industry, leading New York’s Dime Savings Bank as an executive, then as its CEO—his first experience giving a company a successful turnaround.
He stayed true to his passion for basketball, serving as interim CEO of the Los Angeles Clippers in 2014 putting his strong leadership skills to work.
“At a time of difficulty and uncertainty for the Los Angeles Clippers, Dick stepped in to provide the kind of steady and reassuring leadership that defined his remarkable career in business and public service,” NBA commissioner Adam Silver said in a statement Thursday. .
Parsons did not see his race as a key aspect of his success story.
“For many people, race is a defining issue. It’s just not for me,” he told the New York Times in 1997. “It’s… like air. It’s like the height. I have other things I’m focused on.”
