FILE PHOTO: Richard Parsons speaks during a news conference at Staples Center in Los Angeles, California May 12, 2014. REUTERS/Kevork Djansezian/File Photo
Parsons was widely credited with the turnaround of Time Warner after its botched $165 billion merger with AOL, CNN reported. With Parsons as CEO, Time Warner slashed its debt by roughly half as it ushered in a new era of sustainable growth. "When Citigroup faced its darkest hour during the financial crisis, he stepped forward as Chairman despite the immense challenges ahead, saying simply, 'You can't abandon your troops when the going gets tough,'" Lazard said.
"At a time of adversity and uncertainty for the Los Angeles Clippers, Dick stepped in to provide the type of steady and reassuring leadership that defined his remarkable career in business and public service," NBA Commissioner Adam Silver said In a statement Thursday.