Remembering Dick Parsons

Richard Parsons, a longtime prominent executive credited with helping guide companies like Time Warner and Citigroup through turbulent times, passed away Thursday at his home in Manhattan. He was 76. Parsons’ longtime friend Ronald Lauder said the cause was cancer.

“Dick was an American original, a colossus bestriding the worlds of business, media, culture, philanthropy, and beyond,” Lauder said in a statement.

Parsons’ career stretched back to 1971 when he became a lawyer on the staff of then-New York Governor Nelson Rockefeller. After Rockefeller was appointed Vice President of the U.S. in 1974, Parsons followed him to D.C., working with President Gerald Ford. Parsons would return to New York City in 1977 and climb the ranks before being invited to join the board of Time Warner in 1991.

In 2002 during the midst of Time Warner’s failed $165 billion merger with AOL, Parsons was appointed CEO and steadied the troubled company while bringing down its debt. He would go on to become chairman of Citigroup in 2009 amid economic crisis, and in 2014, he became interim CEO of the Los Angeles Clippers in the aftermath of former team owner Donald Sterling‘s racist remarks.

“Dick applied his legendary leadership capabilities during an incredibly challenging time for our company, leaving Citi better than he found it,” Citigroup said.

Condolences came pouring in from many, including Warner Bros. Discovery CEO David Zaslav, who called Parsons a “tough and brilliant negotiator, always looking to create something where both sides win.”

“Dick played both an enormous role in building Time Warner but was also one of the great problem solvers this industry has ever seen. It’s why so of us many looked up to him and sought his wise advice,” Zaslav said.

NBA Commissioner Adam Silver also issued a statement following Parsons’ passing.

“Dick Parsons was a brilliant and transformational leader and a giant of the media industry who led with integrity and never shied away from a challenge. At a time of adversity and uncertainty for the Los Angeles Clippers, Dick stepped in to provide the type of steady and reassuring leadership that defined his remarkable career in business and public service,” Silver said. “He was a passionate fan and supporter of the NBA and a trusted friend to me and our league. On behalf of the NBA, I send my deepest condolences to Dick’s wife, Laura, their family, and his many friends.”