Parsons was named chief executive officer of AOL Time Warner in 2002 after the $124-billion merger of the dial-up internet provider and the largest entertainment and media company started to fall apart.
Richard Parsons, the executive dubbed “Captain Emergency” for his record of stabilizing ailing companies such as AOL Time Warner, Citigroup Inc. and Dime Savings Bank of New York, has died. He was 76. Parsons died on Thursday at his home in Manhattan. The cause of death was bone cancer, the New York Times reported, citing Ronald S. Lauder, a friend. Parsons was named chairman of CBS Corp.
’s Los Angeles Clippers franchise, became embroiled in a scandal for making racist remarks, Parsons was again brought in to steady a horrendous situation. After Sterling was banned from the NBA, Parsons, who played basketball while attending the University of Hawaii, agreed to become the team’s interim CEO. Several months later, Steve Ballmer, former Microsoft Corp. CEO, purchased the Clippers for $2 billion.
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