Richard Parsons, a Black govt lauded for his efforts main Time Warner and Citigroup, died on Thursday (Dec. 26) on the age of 76. Richard Parsons navigated offers similar to splitting one-time Web large AOL from Time Warner and different notable strikes.
Richard Parsons, who additionally glided by the shortened model of his title Dick, was born on April 4, 1948, in New York and was raised within the South Ozone Park in Queens. Raised by dad and mom of middle-class means, Parsons was an distinctive scholar in grade faculty forward of attending the College of Hawaii at Manoa on a basketball scholarship. Returning to the mainland, Parsons entered Albany Legislation Faculty of Union College, New York, and earned his Juris Physician diploma in 1971.
Parsons’ authorized profession started after he was invited to work for New York Gov. Nelson Rockefeller, who was later appointed as Vice President of america by President Gerald Ford. Parsons traveled to Washington to work alongside Rockefeller in 1974, crossing paths with fellow lawyer Rudolph Giuliani throughout this stretch. From 1977 to 1988, Parsons labored for the Patterson Belknap Webb & Tyler regulation agency and was made associate.
In 1991, Parsons was requested to affix Time Warner’s board and later turned its president in 1995. Parsons oversaw Time Warner’s merger with AOL in 2000, however the partnership didn’t create the monetary windfall some anticipated. After Time Warner Chief Government Gerald Levin retired in 2001, Parsons stepped in to take Levin’s place. Underneath Parson’s management, Time Warner efficiently break up from AOL by eradicating the title affiliation with the corporate and reducing the corporate’s $30 billion debt to $16.8 billion after promoting Warner Music and parts of the broader enterprise.
After stepping down in 2007 from Time Warner, two years later Parsons turned the chairman of Citigroup, utilizing his administration and enterprise oversight expertise to assist the banking firm after it was hit by the monetary disaster. In 2014, Parsons labored because the interim CEO for the Los Angeles Clippers after the NBA banned proprietor Donald Sterling for all times for his racist remarks. Parsons, a Republican Social gathering voter, didn’t contain himself with racial politics and famously downplayed race in interviews electing to give attention to different elements of himself.
In 2015, Parsons was identified with a number of myeloma and formally retired in 2018 attributable to well being considerations. Parsons handed away at his Manhattan residence in line with experiences. His dying was confirmed by Lazard, the place he was a board member.
Richard Parsons is survived by his spouse, Laura, and their three kids.
[h/t CNBC]
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Photograph: Getty
