Richard Parsons, a renowned media executive and businessman who led Time Warner and Citigroup and helped revive other distressed U.S. companies, died Thursday at age 76.
Ronald Lauder pays tribute to Parsons, calling him “The Most Brilliant Person” he ever met
Ronald Lauder, an Estee Lauder board member and one of his oldest friends, confirmed Parsons’ death, revealing that he died of cancer, The New York Times and CNN reported.
“Dick Parsons was the most brilliant person I’ve ever met — wise, steady, and endlessly insightful,” Lauder said in a statement obtained by CNN. “His composure, brilliance, and unwavering ability to find solutions were unparalleled.”
Parsons was known for reshaping companies that faced financial issues
Parsons was best known for reshaping companies in both media and finance after they faced significant financial problems. His leadership led to quick turnarounds for Time Warner and Citigroup. Parsons also served on the boards for Estee Lauder cosmetics company, the Museum of Modern Art and other institutions.
His ability to navigate complex challenges and drive transformation made him a respected figure in the business world, earning admiration from colleagues and industry leaders. Financial services firm Lazard shared touching words to describe Parsons, who also served on the board.
“Dick’s storied career embodied the finest traditions of American business leadership,” Lazard said.
The financial downfall of the early 2000s
CNN reported that Parsons also played a key role in helping Corporate America navigate the dot-com bust and the Great Recession. These early 2000s events triggered financial and economic downfalls for companies nationwide.
Parsons also earned recognition for his impressive leadership after the failed AOL and Time Warner merger, which was worth billions. In addition to helping these companies and Citigroup, Parsons also offered his expertise to help CBS and the Los Angeles Clippers after the former owner’s racist remarks, according to the Times.
Parsons was deeply involved in politics
Richard Dean “Dick” Parsons was born on April 4, 1948, in Brooklyn, New York, and later grew up in South Ozone Park in Queens, New York, according to CNBC. He was the middle child of five siblings.
Parsons was also considered a gifted student. He skipped two grades and graduated from high school at 16. He then went to the University of Hawaii, where he played basketball and met his future wife, Laura Ann Bush, per CNBC. After graduating, Parsons attended Albany Law School and worked as a janitor to support himself, eventually graduating at the top of his class. Years later, he transitioned into multiple levels of politics.
He formed close relationships with prominent Republican leaders like former New York Gov. Nelson Rockefeller, a moderate Republican, and Rudy Giuliani. He also held a position as an associate director of President Gerald Ford’s domestic policy council in the White House.
The post Richard Parsons Dies: Renowned Media Executive And Former Time Warner CEO Was 76 appeared first on Blavity.
