Richard Parsons, Trailblazing Black Executive of Time Warner and Citigroup, Passes Away at 76

NEW YORK — Richard Parsons, a notable figure in corporate America and a pioneering Black executive, passed away on Thursday at the age of 76. His death occurred at his Manhattan residence, and it was reported that cancer was the cause, as confirmed by friend Ronald Lauder.

In 2015, Parsons was diagnosed with multiple myeloma, which led him to reduce his professional commitments due to “unanticipated complications” from the disease. Recently, he resigned from the boards of Lazard and Estée Lauder, the latter where he had served for 25 years.

“Dick was an American original,” Lauder acknowledged. His profound impact spanned business, media, and philanthropy, marking him as a revered leader. David Zaslav, CEO of Warner Bros. Discovery, remembered him as a mentor and a formidable negotiator. He emphasized Parsons’ knack for creating win-win situations and noted his generosity in leadership.

Originally from Brooklyn, Parsons began his college education at age 16, laying a foundation for a remarkable career. He was instrumental in steering Citigroup back to profitability following the financial crisis and played a vital role in revitalizing Time Warner after its tumultuous merger with AOL.

His tenure at Time Warner saw him tackle significant challenges, including activist investor proposals and substantial corporate debt. Parsons aimed to foster robust relationships with Wall Street while restructuring the company’s operations.

In September 2018, Parsons joined CBS’s board but had to resign within a month due to health issues. He cited his pre-existing condition as a barrier to fulfilling board responsibilities, advised by doctors to limit his commitments for recovery.

Lazard praised Parsons for his intelligence and warmth, describing him as a leader who not only directed companies but also shaped individuals’ lives through his mentorship. He was recognized for his adept crisis management, navigating Time Warner’s operational issues and maintaining investor trust throughout turbulent periods.

In addition to his corporate achievements, Parsons had a varied background in politics, having served as a lawyer for former New York Governor Nelson Rockefeller and working in the Gerald Ford administration. He also played a role in President Obama’s transition team as an economic advisor.

His philanthropic efforts included leadership positions with the Apollo Theater and the Jazz Foundation of America, reflecting his passion for the arts. An accomplished athlete, Parsons played basketball at the University of Hawaii and later earned a law degree from Albany Law School in 1971.

He leaves behind his wife, Laura, and their family, remembered fondly by those who encountered his enduring legacy.

This obituary was primarily written by the late Associated Press reporter Anick Jesdanun, who died in 2020.