Dick Parsons, a highly respected American businessman who navigated iconic US companies through challenging times, has passed away at the age of 76. Known for his exceptional problem-solving skills, Parsons led major firms including Time Warner and Citigroup to success, and advised US presidents.
Parsons was a prominent Black business executive, whose tenure spanned two decades, with notable achievements including Time Warner’s turnaround after its failed $165 billion merger with AOL. Under his leadership, the company significantly reduced debt and ushered in sustainable growth. Parsons also played a crucial role in Citigroup’s restructuring post-2008 financial crisis.
Parsons’ impressive career earned him recognition from fellow executives and politicians alike. Ronald Lauder, co-heir to Estee Lauder, described him as “the most brilliant person I’ve ever met” while Lazard praised his “finest traditions of American business leadership”. Parsons worked on the boards of several notable companies, including the Museum of Modern Art.
Born in Brooklyn in 1948, Parsons was a middle-class child who attended public school and graduated from Albany Law School at the top of his class. He went on to have a distinguished career as a lawyer, economic adviser, and executive, serving as CEO of Dime Savings Bank of New York and leading the Los Angeles Clippers briefly.
Parsons’ approach to leadership was characterized by his composure, brilliance, and ability to find solutions. Despite facing scrutiny over his racial background, Parsons insisted that it did not define him, stating in a 1997 interview that he focused on other aspects of his life. He is remembered as a pioneering figure who broke down barriers for Black executives in the business world.
Source: https://edition.cnn.com/2024/12/26/business/richard-parsons-time-warner-ceo-dies/index.html