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Richard “Dick” Parsons, an influential U.S. corporate executive who weathered the fallout of the 2008 financial crisis as chairman of Citigroup, has died.
Parsons died Thursday, according to an announcement from investment bank Lazard, where Parsons served as a board member. The New York Times quoted Estee Lauder heir Ronald Lauder as saying the cause of death was bone cancer. Parsons was 76 years old.
Parsons took over as Citibank chairman in February 2009, just as the bank was reeling from the 2008 financial crisis. He joined the bank shortly after the federal government provided a $300 billion bailout of the bank. Parsons told the Financial Times in 2009 that his background and business connections would be assets to Citi.
“The influence and involvement of taxpayers and regulators in this company is enormous,” he said at the time. Parsons resigned from Citigroup in 2012.
He was embroiled in a bitter battle when he took over Time Warner in 2002 following 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 endorsed Barack Obama’s bid 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.
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