Richard Dean Parsons
Born: April 4, 1948, Brooklyn, NY;
Position: Co-founder and Partner
Company: Imagination Capital
Industry: Venture Capital
Richard D. Parsons boasts a distinguished career spanning various leadership roles across industries. Currently, he serves as the Co-founder and Partner at Imagination Capital and holds the position of senior advisor to Providence Equity Partners. Notably, Mr. Parsons recently assumed the role of interim CEO for the Los Angeles Clippers basketball team.
Prior to his current endeavors, Mr. Parsons held the prestigious position of Chairman of the Board at Citigroup Inc., one of the largest companies in the United States. Taking on the chairmanship on February 23, 2009, he brought his wealth of experience and strategic acumen to the financial giant.
Before his tenure at Citigroup, Mr. Parsons made significant contributions as President, Chief Executive Officer, and Chairman of Time Warner, a global media conglomerate. During his leadership from May 2002 to December 2007, he orchestrated a remarkable turnaround, positioning Time Warner for sustained growth and success. Under his stewardship, the company streamlined operations, strengthened its financial foundation, and optimized asset portfolios. His exemplary leadership earned him the distinction of being named the top CEO in the entertainment industry by Institutional Investor magazine.
Mr. Parsons’ career trajectory includes pivotal roles such as Co-Chief Operating Officer at Time Warner, where he oversaw content businesses and key corporate functions. He initially joined Time Warner as President in February 1995, bringing with him a wealth of experience and vision.
Before his tenure at Time Warner, Mr. Parsons served as Chairman and CEO of Dime Bancorp, Inc., and as the managing partner of the esteemed law firm Patterson, Belknap, Webb & Tyler. His early career saw him serve in various capacities in both state and federal government, including roles as counsel for Nelson Rockefeller and as a senior White House aide under President Gerald Ford.
A lifelong learner, Mr. Parsons obtained his undergraduate education from the University of Hawaii and pursued his legal studies at Union University’s Albany Law School, where he received his Juris Doctor degree. Beyond his professional achievements, Mr. Parsons is an active member of several corporate boards, including Estée Lauder Companies, Lazard Freres, and The Madison Square Garden Company. Additionally, he serves as chairman of the Apollo Theatre Foundation, embodying his commitment to community development and cultural enrichment.
According to the Associate Press during his tenure as CEO of Time Warner from 2002 to 2007, Parsons demonstrated remarkable leadership in revitalizing struggling organizations. Taking the helm amidst the aftermath of the infamous AOL-Time Warner merger, he tackled one of the most challenging crises in corporate history. Under his guidance, Parsons slashed the company’s staggering $30 billion debt by nearly half, streamlined operations, and refocused the business on its core strengths in media and entertainment.
Richard Parsons, one of corporate America’s most prominent Black executives who held top posts at Time Warner and Citigroup, died Thursday. He was 76. He died at his Manhattan home, was diagnosed with multiple myeloma in 2015 and cited “unanticipated complications” from the disease for cutting back on work a few years later.
To note :Parsons, whose love of jazz led to co-owning a Harlem jazz club, also served as Chairman of the Apollo Theater and the Jazz Foundation of America. He held positions on the boards of the Smithsonian National Museum of African American History and Culture, the American Museum of Natural History and the Museum of Modern Art in New York City.
Parsons played basketball at the University of Hawaii at Manoa and received his law degree from Albany Law School in 1971. He is survived by his wife, Laura, and their family.