Richard Parsons, an American media and finance troubleshooter, has died aged 76

Richard D Parsons, a longtime banking executive who took over Time Warner during a troubled time for the communications company and helped Citigroup through the financial crisis, died on Thursday at the age of 76.

A prominent black businessman, Parsons also helped the NBA’s Clippers overcome a racism scandal.

Parsons was widely credited with turning Time Warner around after its failed $165 billion merger with AOL, CNN reported. With Parsons as CEO, Time Warner roughly halved its debt as it ushered in a new era of sustainable growth.

The New York Times said the cause of death was cancer, citing Ronald Lauder, a longtime friend of Parsons and chairman of the board of Estee Lauder. Parsons, who was born in Brooklyn, New York, also served on the board of Estee Lauder, as well as the board of asset management firm Lazard.

He “was more than an iconic leader in Lazard’s history – he was a testament to how wisdom, warmth and unwavering judgment could shape not just companies, but people’s lives,” Lazard said in a statement on his website.

“When Citigroup faced its darkest hour during the financial crisis, he stepped forward as chairman despite the immense challenges ahead, saying simply, ‘You can’t stand down when the going gets tough,'” said Lazard.

Citigroup, in a statement, said: “Dick has applied his legendary leadership capabilities during an incredibly difficult time for our company, leaving Citi better than he found it.”

In 2014, when Los Angeles Clippers owner Donald Sterling was banned for life by the NBA over racist comments, the basketball league installed Parsons as the Clippers’ interim CEO.

“During a time of adversity and uncertainty for the Los Angeles Clippers, Dick stepped in to provide the type of steady and reassuring leadership that has defined his remarkable career in business and public service,” NBA Commissioner Adam Silver said in a statement Thursday .

The Times noted that Parsons was often the only black director in a boardroom and spoke out on social issues, including after the death of George Floyd in 2020.

He is best remembered as a troubleshooter, handling corporate emergencies such as losses at Dime Bancorp during the savings and loan crisis of the 1980s, the Times reported.

Lazard also noted his service as president of the Apollo Theater and the Jazz Foundation of America and his positions on the boards of
The Smithsonian National Museum of African American History and Culture, the American Museum of Natural History, and the Museum of Modern Art in New York City.

He is survived by his wife, Laura, with whom he had three children, the Times reported.