Richard Parsons, one of corporate America’s most prominent Black executives who held top posts at Time Warner and Citigroup, died Thursday. He was 76.
Richard Parsons attends Prince Walk of Fame Induction and 2016 Spring Gala at The Apollo Theater on June 13, 2016 in New York City.
Parsons, a Brooklyn native who started college at 16, built a track record of steering big companies through tough times. “Dick’s storied career embodied the finest traditions of American business leadership,” Lazard said in a statement. The company, where Parsons was a board member from 2012 until this month, praised his “unmistakable intelligence and his irresistible warmth.”
In 2001, after AOL used its fortunes as the leading provider of Internet access in the U.S. to buy Time Warner for $106 billion in stock, Parsons became co-chief operating officer with AOL executive Robert Pittman. In that role, he was in charge of the company’s content businesses, including movie studios and recorded music.
A board member of Citigroup and its predecessor, Citibank, since 1996, Parsons was named chairman in 2009 at a time of turmoil for the financial institution. Citigroup had suffered five straight quarters of losses and received $45 billion in government aid. Its board had been criticized for allowing the bank to invest so heavily in the risky housing market.
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