Dick Parsons, a prominent American businessman who led Time Warner and played a key role in guiding major US companies through challenging times, has passed away at the age of 76. Parsons, a respected Black business leader, was known for his exceptional problem-solving skills, helping major corporations like Time Warner and Citigroup navigate difficult periods.
He also offered advice to US presidents and served on the boards of companies such as Estee Lauder and the Museum of Modern Art. “Dick Parsons was the most brilliant person I’ve ever met — wise, steady, and endlessly insightful,” said Ronald Lauder, heir to the Estee Lauder cosmetics company and a collaborator of Parsons. “His composure, brilliance, and unwavering ability to find solutions were unparalleled.”
Parsons’ death was confirmed by Ronald Lauder and in a statement from financial services firm Lazard, where he served on the board. “Dick’s storied career embodied the finest traditions of American business leadership,” Lazard said.
Parsons had a significant influence on Corporate America, especially during the dot-com bust and the Great Recession. He was widely credited with leading Time Warner through a remarkable recovery after a failed $165 billion merger with AOL, the internet portal that was once ubiquitous in the early days of the web.
Under Parsons’ leadership, Time Warner reduced its debt by nearly half and entered a new phase of sustainable growth. Parsons later took on the role of chairman at Citigroup, where he guided the company through a complex restructuring after the 2008 financial crisis, which caused the largest banking collapse in US history. “Dick played an enormous role in building Time Warner and was one of the greatest problem solvers the industry has ever seen. Many of us admired him and sought his wise counsel,” said David Zaslav, president and CEO of Warner Bros. Discovery.
Zaslav, who met Parsons about 30 years ago at NBC, described him as a “tough and brilliant negotiator, always striving to create situations where both sides win.”
Richard Dean Parsons was born on April 4, 1948, in Brooklyn, New York, and grew up in South Ozone Park, Queens, as one of five children. His father worked as an electrician, and his mother was a homemaker. Raised in a middle-class family, Parsons excelled academically, skipping two grades in school. At 16, he enrolled at the University of Hawaii, where he played basketball and met Laura Ann Bush, whom he married in 1968.
He later graduated at the top of his class from Albany Law School in 1971.
Parsons quickly developed a reputation for his expertise in politics and corporate strategy. He began his career as a lawyer for former New York Governor Nelson Rockefeller and followed him to Washington, D.C. when Rockefeller became Vice President, serving as a White House aide during President Gerald Ford’s administration.
Parsons would later serve as an economic adviser to President Barack Obama and work on the transition team for former New York Mayor Michael Bloomberg. Returning to New York, Parsons rose to prominence at the law firm Patterson, Belknap, Webb & Tyler, where he became a partner. He later transitioned into banking, serving as an executive and CEO of Dime Savings Bank of New York, where he successfully turned the company around.
In 2014, Parsons also took on the role of interim CEO for the Los Angeles Clippers, applying his steady leadership during a challenging period for the team. NBA Commissioner Adam Silver praised Parsons for his remarkable leadership in business and public service during times of uncertainty. Parsons did not view his race as a defining factor in his success. In a 1997 interview with The New York Times, he said, “For a lot of people, race is a defining issue. It just isn’t for me. It is… like air. It’s like height. I have other things that I’m focused on.”