Former Time Warner CEO Richard Parsons, known for solving problems at large corporations, dies at 76

Former Time Warner CEO Richard D. Parsons died Thursday at age 76 at his Manhattan home from cancer, his close friend and Estée Lauder board member Ronald S. Lauder said.

Parsons had been battling multiple myeloma, a type of cancer, and a resurgence of the disease led him to step down as interim chairman of CBS Corp. in October 2018. His departure came after Shari Redstone tapped him to take over leadership of the company, following the abrupt departure of Leslie Moonves due to allegations of sexual misconduct.

A leader in times of crisis

Richard D. Parsons' career was marked by his ability to lead in times of great uncertainty, intervening in some of America's largest corporations during their deepest crises. His calm, strategic style became a hallmark as he tackled the most complex problems at companies such as Time Warner, CBS, Citigroup and Dime Bancorp.

Parsons came to be considered one of the greatest problem solvers of his time. From the rescue of Dime Bancorp during the savings bank crisis in the 1980s, to his intervention at Citigroup after the 2007-2008 financial crisis, his presence represented stability in the midst of turbulence. In addition, his ability to calm shareholders and resolve internal disputes was instrumental in handling the AOL and Time Warner merger crisis, as well as Moonves' departure from CBS.

Parsons was also a prominent member of the board of the Apollo Theater in Harlem during the institution's severe financial troubles in the late 1990s, and the owner of a winery in Tuscany.

The legacy he wanted to leave behind

In a 2007 interview with The New York Times as Time Warner was recovering from a crisis, Parsons summed up his legacy with humility: "I want my legacy to be simple: I left the place in good shape and in good hands."

Parsons leaves behind his wife, Laura, and their three children. His legacy will live on as a leader who faced great challenges, keeping corporate giants afloat during the most turbulent times in business history.