Richard Parsons, the fixer of corporate giants, dies at 76

Richard Parsons, who served as CEO and later chairman of Time Warner, played a crucial role in untangling the company from AOL following what many considered one of the worst mergers in business history. The merger, which was valued at $165 billion, was completed in 2000, but by 2002, the internet bubble burst, leading to significant challenges for both companies. Parsons took over leadership of AOL Time Warner in 2002, replacing Gerald Levin and working to stabilize the media giant during a turbulent period marked by financial instability. Under his leadership, he succeeded in reducing Time Warner's massive debt from $30 billion to $16.8 billion by selling off various assets, including Warner Music. Parsons was also noted for removing "AOL" from the company's name, signaling a shift back towards Time Warner's core business operations, which included publishing, cable networks, and film production. By 2007, he stepped down from his role at Time Warner, having established a more stable foundation for the company. Additionally, Parsons had a distinguished career beyond Time Warner, serving as chairman of Citigroup, where he helped guide the bank through the aftermath of the 2007-2008 financial crisis. Throughout his career, he was often recognized for his strong leadership style and ability to remedy corporate crises, having also served as interim CEO for the Los Angeles Clippers during critical times. Parsons’ influence extended beyond corporate America; he was an advocates for social justice issues and actively involved with organizations like the Apollo Theater, where he helped raise significant funds for its preservation. His contributions to the media and finance sectors solidified his legacy as a transformative figure in American business history.