Richard Parsons, an influential figure in corporate America and one of the most prominent Black executives, passed away at the age of 76 on Thursday at his Manhattan home. Known for his leadership at major corporations like Time Warner and Citigroup, Parsons left an indelible mark on the industries he transformed.

Diagnosed with multiple myeloma in 2015, Parsons faced complications related to his illness, which ultimately led him to reduce his professional commitments in recent years. His friend Ronald Lauder confirmed that cancer was the cause of his death.

Parsons stepped down from the boards of Lazard and Estée Lauder on December 3, stating that his health played a significant role in the decision. He had been a board member at Estée Lauder for an impressive 25 years, contributing invaluable insight throughout his tenure.

Ronald Lauder reflected on Parsons’ legacy, calling him “an American original” whose influence spanned business, media, culture, and philanthropy. David Zaslav, CEO of Warner Bros. Discovery, praised Parsons as a “great mentor and friend,” noting his exceptional negotiation skills and his commitment to creating win-win scenarios.

A native of Brooklyn, Parsons began college at the young age of 16 and navigated a successful career that included vital roles during tumultuous economic times. He is particularly remembered for guiding Citigroup back to profitability following the global financial crisis, as well as revitalizing Time Warner after the controversial merger with AOL, which he oversaw initially as co-chief operating officer before becoming CEO in 2002.

During his time at Time Warner, Parsons faced significant challenges, including an activist investor's attempt to break up the company and resolving accounting discrepancies related to AOL. His strategic decisions helped stabilize the company and improve relations with investors.

Despite stepping down in 2008, Parsons remained influential in the financial sector, having served on Citigroup’s board since 1996 and taking on the role of chairman during the company’s recovery from financial distress. Under his leadership, Citigroup returned to profit in 2010.

Parsons also briefly served as the interim CEO of the NBA's Los Angeles Clippers in 2014, showcasing his versatility as a leader. NBA Commissioner Adam Silver described him as a "brilliant and transformational leader," recognizing his integrity and ability to tackle challenges.

Beyond his corporate accomplishments, Parsons was deeply involved in cultural and philanthropic initiatives. He co-owned a jazz club in Harlem and served as Chairman of the Apollo Theater, reflecting his passion for the arts. He held board positions with several prestigious institutions, including the Smithsonian National Museum of African American History and Culture and the Museum of Modern Art in New York.

Richard Parsons was not only a formidable business leader but also a significant advocate for diversity and inclusion in the corporate world. His contributions to various sectors have left a lasting legacy, inspiring future generations of leaders.

He is survived by his wife, Laura, and their family, leaving behind a rich history of innovation and leadership that will continue to resonate in business and beyond.