Richard Parsons

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American businessman Richard Parsons.

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Richard Parsonswas an American businessman and attorney who was CEO (2002–07) of AOL Time Warner (now WarnerMedia) and later chairman (2009–12) of Citigroup.

After growing up near Brooklyn, New York, Parsons studied at the University of Hawaii (B.A., 1968) and graduated first in his class from Albany Law School, Union University, in Albany, New York (1971). He received top marks on the New York bar exam but deferred a move into law practice, choosing instead to join the legal staff of New York Gov. Nelson Rockefeller; he remained with him when Rockefeller became vice president of the United States in 1974. Parsons became a senior White House aide under U.S. Pres. Gerald Ford.

In 1977 Parsons joined the New York City law firm of Patterson, Belknap, Webb & Tyler, rising to become a managing partner. One of his clients was the Dime Savings Bank of New York, which he joined as chief operating officer in 1988. He became chairman and CEO in early 1991 and turned the bank around after a period of financial difficulties, eventually guiding it toward a merger with Anchor Savings Bank to form Dime Bancorp in 1995.

In that same year Parsons was recruited as president of Time Warner, whose board he had joined in 1991. His elevation to CEO occurred in 2002 when it was evident that the Internet company America Online (AOL), which had recently acquired media corporation Time Warner, was experiencing a reversal of fortune. Parsons replaced outgoing CEO Gerald Levin, who had led the AOL–Time Warner merger to its completion in January 2001. Later in 2002 Parsons took the additional title of chairman, displacing Steve Case, the founder of AOL. During Parsons’s tenure he was credited with stabilizing the company, though it continued to struggle. He stepped down as CEO and chairman in 2007 and 2008, respectively.

Throughout his career Parsons kept a hand in politics, supporting the New York City mayoral candidacy of Rudolph Giuliani and serving on Giuliani’s transitional council in 1993. In 2001 U.S. Pres. George W. Bush appointed Parsons and Daniel Patrick Moynihan cochairmen of the President’s Commission to Strengthen Social Security. Parsons also served as chairman of the Apollo Theater Foundation, Inc., and sat on the boards of several arts, educational, and commercial organizations, including the Metropolitan Museum of Art, Citigroup, and Estée Lauder, Inc.

In 2006 Parsons was chosen to serve as cochair of the transition team for the incoming governor of New York, Eliot Spitzer. In 2008 Parsons began serving as an economic adviser to U.S. President-elect Barack Obama. In March of that year, Parsons was appointed the first holder of the Gwendolyn S. and Colbert I. King Endowed Chair in Public Policy at Howard University. In February 2009 Parsons became chairman of Citigroup. At the time, the financial services corporation was struggling, having lost billions of dollars during the subprime mortgage crisis, and Parsons played a key role in rebuilding Citigroup. In 2012 he stepped down as chairman.

With his reputation for stabilizing struggling entities, Parsons later served as interim CEO (2014) of the National Basketball Association’s Los Angeles Clippers after the team’s owner was banned for racist comments. In September 2018 Parsons was appointed to the board of directors of CBS, and he reportedly helped negotiate the exit of CEO Les Moonves, who was accused of sexual harassment. Later that month Parsons was named interim chairman, but in October he announced that he was stepping down because of health issues.