Richard Parsons, a transformative leader in media and banking, has died at 76. Known for his pivotal role in Time Warner’s recovery after its ill-fated AOL merger, Parsons reduced the company’s debt and restored its stability. As CEO and later chairman, he oversaw the company’s resurgence, shedding nonstrategic assets and focusing on its core businesses.

Parsons, born in Brooklyn in 1948, rose from humble beginnings to become one of the most respected figures in corporate America. A law graduate from Albany Law School, he built connections with prominent leaders, including Nelson Rockefeller, which shaped his career. Before Time Warner, Parsons led Dime Bancorp out of a financial crisis and later served as chairman of Citigroup during the 2008 financial meltdown.

241226 Richard Parsons 2 aa 507jpg e05fca
Richard Parsons in Capitol Hill.

Beyond business, Parsons contributed significantly to cultural institutions like the Apollo Theater and the Smithsonian National Museum of African American History and Culture. He also briefly served as interim CEO of the Los Angeles Clippers and CBS chairman, showcasing his leadership in times of crisis.

Parsons’ legacy includes reshaping corporate strategy, advancing diversity, and championing cultural enrichment. He is survived by his wife, Laura, and their three children.