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Richard “Dick” Parsons, an influential US corporate executive who led Citigroup during the aftermath of the 2008 financial crisis, has died.
Parsons died on Thursday, according to reports an announcement from the investment bank Lazard, where he had been a board member. The New York Times, citing Ronald Lauder, Estée Lauder’s heir, reported that the cause of death was bone cancer. Parsons was 76.
Parsons took over as chairman of Citi in February 2009 as the bank was reeling from the 2008 financial crisis. He joined the bank shortly after the federal government’s $300 billion bailout. Pastor told the Financial Times in 2009 that his background and business relationships would be an asset to Citi.
“The influence and involvement of taxpayers and regulators in this company is significant,” he said at the time. Parsons resigned from Citi in 2012.
Back in 2002, he found himself in a firefight when he took over Time Warner after its disastrous merger with AOL. At Time Warner, Parsons feuded with activist investor Carl Icahn, who fought for control of the media giant in 2006.
Parsons supported Barack Obama’s candidacy for the White House. He also served on the boards of the Apollo Theater in New York and the National Museum of African American History and Culture in Washington.
This is a developing story
