By Bryan Mena, CNN
(CNN) — Dick Parsons, an American businessman who led Time Warner and helped iconic US companies navigate tough circumstances, has died at 76.
A prominent Black business executive, Parsons was known for his problem-solving prowess, steering major companies, including Time Warner and Citigroup, through periods of distress. He also advised US presidents and served on various company boards.
Parsons’ death was confirmed in a statement from financial services firm Lazard, where he had served on the board.
“Dick’s storied career embodied the finest traditions of American business leadership,” Lazard said.
With a steady hand, Parsons wielded influence in Corporate America during the dot-com bust and the Great Recession, both periods of immense uncertainty.
He was widely credited for Time Warner’s stunning turnaround after a botched $165 billion merger with AOL, the web portal ubiquitous in the early days of the internet. With Parsons as its CEO, Time Warner slashed its debt in roughly half as it ushered in a new era of sustainable growth.
Then Parsons was tapped to lead Citigroup as chairman through a complex and much-needed structuring process after the financial crisis of 2008, which led to a number of bank failures, including the biggest banking collapse in US history.
The-CNN-Wire
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