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Richard Parsons, Former Time Warner and Citigroup Executive, Dies at 76

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  • Richard Parsons, a prominent Black executive, has died at the age of 76
  • He held top posts at Time Warner and Citigroup
  • Parsons steered Citigroup back to profit after financial turmoil from the subprime mortgage crisis
  • He helped restore Time Warner's stature following its much-maligned acquisition by internet provider America Online Inc.
360 summary
  • Parsons steered Citigroup back to profitability after the subprime mortgage crisis that affected the economy in 2007 and 2008.
  • He helped restore Time Warner's reputation after its acquisition by America Online Inc.
  • Parsons streamlined Time Warner's structure, reduced debt, and sold Warner Music Group and a book publishing division.
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  • Parsons earned respect for Time Warner and rebuilt its relations with Wall Street despite difficulties with AOL
  • He streamlined Time Warner's structure, pared debt, and sold Warner Music Group and a book publishing division
  • Parsons fended off a challenge from activist investor Carl Icahn in 2006 to break up the company and helped Time Warner reach settlements with investors and regulators over questionable accounting practices at AOL
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  • Parsons was a skilled negotiator, a diplomat, and a crisis manager who steered Citigroup back to profit after the subprime mortgage crisis.
  • He helped restore Time Warner's stature following its much-maligned acquisition by internet provider America Online Inc.
  • Parsons previously worked as a lawyer for Nelson Rockefeller, a former Republican governor of New York, and in Gerald Ford's White House, which gave him grounding in politics and negotiations.
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