MANHATTAN, NY (CelebrityAccess) – Richard Parsons, a distinguished American business executive renowned for his leadership roles at Time Warner and Citigroup, passed away on Thursday (December 26) at the age of 76. He died at his Manhattan home after a prolonged battle with multiple myeloma, a rare form of blood cancer.
Born on April 4, 1948, in Brooklyn, Parsons was the son of an electrical technician and a homemaker. He was one of five children and demonstrated academic excellence from an early age, skipping grades in both elementary and high school. Parsons attended the University of Hawaii at Manoa, where he played varsity basketball. Although he was seven credits short of his degree, he gained admission to Albany Law School of Union University in New York, earning a Juris Doctor in 1971 and graduating at the top of his class.
Parsons began his legal career at the New York law firm of DeForest & Duer, later joining the firm of Paul, Weiss, Rifkind, Wharton & Garrison. In 1995, he was appointed chairman and CEO of Time Warner, steering the company through the aftermath of its $165 billion merger with AOL. His leadership was instrumental in reducing the company’s debt and fostering sustainable growth.
In 2009, Parsons took on the role of chairman at Citigroup, guiding the financial institution through the 2008 financial crisis and its subsequent recovery.
Beyond his corporate achievements, Parsons was involved in various cultural and philanthropic endeavors. He served on the boards of organizations such as Estée Lauder and Lazard. His commitment to cultural institutions was evident through his roles with the Apollo Theater and the Smithsonian National Museum of African American History and Culture.
Parsons’ leadership was also recognized in the sports world when he served as interim CEO of the NBA’s Los Angeles Clippers following a racism scandal in 2014. His steady hand was credited with stabilizing the organization during a tumultuous period.
Parsons is survived by his wife, Laura, and their three children.
RIP.
