Richard D. Parsons, a trailblazing Black businessman and leader, passed away at 76 due to cancer, according to The New York Times. Known for guiding companies through crises, Parsons left a legacy of resilience and innovation.
As CEO of Time Warner, Parsons spearheaded a turnaround after its $165 billion merger with AOL, cutting debt by half and fostering sustainable growth. Citigroup credited his leadership during the 2008 financial crisis, praising his commitment to steering the company through its darkest days.
Parsons also made a mark in sports leadership. In 2014, the NBA appointed him interim CEO of the Los Angeles Clippers following a racism scandal involving owner Donald Sterling. NBA Commissioner Adam Silver lauded Parsons for his steady leadership in uncertain times.
Born in Brooklyn, Parsons began his career in banking, addressing financial challenges like the savings and loan crisis of the 1980s. He served on the boards of Estee Lauder, Lazard, and cultural institutions like the Apollo Theater and the Smithsonian National Museum of African American History and Culture.
Lazard honored him as a leader who shaped companies and lives with wisdom and warmth. Parsons was vocal on social issues, including racial justice, following George Floyd’s death in 2020.
Parsons is survived by his wife, Laura, and their three children. His legacy endures as a model of leadership and perseverance.
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