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Richard Parsons, former Time Warner CEO, dies at age 76
  + stars: | 2024-12-26 | by ( Marty Steinberg | ) www.cnbc.com   time to read: +3 min
Richard 'Dick' Parsons Daniel Acker | Bloomberg | Getty ImagesRichard Parsons, who helped Time Warner divorce from AOL after what was considered one of the worst takeovers in history, has died. As CEO and later chairman, he led Time Warner's turnaround, dropping "AOL" from the corporation's name and shrinking the company's $30 billion in debt to $16.8 billion by selling Warner Music and other properties. He said that after the merger, AOL's business had collapsed and Warner Music Group was declining, along with the entire music industry. Nelson Rockefeller, who became vice president under Gerald Ford in 1974 in the wake of President Richard Nixon's resignation. Former New York City Mayor Rudy Giuliani, left, and Richard Parsons, CEO, Time Warner Inc. chat at the media welcome party hosted by Time Warner before the Republican National Convention in New York, New York on August 28, 2004.
Persons: Richard, Dick, Parsons Daniel Acker, Richard Parsons, Time Warner, Lazard, Parsons, Gerald Levin, , Rockefeller, Richard Dean, Laura Ann Bush, Nelson Rockefeller, Gerald Ford, Richard Nixon's, Ford's, who've, Jimmy Carter, Belknap, Webb, Tyler, Rudy Giuliani, John D, Dennis Brack Organizations: Bloomberg, Getty, Time, AOL, AOL Time Warner, Warner Music, Independent, Warner Music Group, Time Warner, University of Hawaii, Albany Law School, moonlighting, Republican Gov, New York Times, Kykuit, Former New York City, Time Warner Inc, Republican National Convention Locations: Brooklyn's Bedford, Stuyvesant, Ozone, Queens , New York, New York, York, Patterson, Rockefeller, Briarcliff Manor, Westchester County, New York , New York
Richard Parsons, former CEO of Time Warner, dies at 76
  + stars: | 2024-12-26 | by ( Bryan Mena | ) edition.cnn.com   time to read: +3 min
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. With Parsons as its CEO, Time Warner slashed its debt in roughly half as it ushered in a new era of sustainable growth. When Rockefeller became US vice president, Parsons moved to D.C. as a White House aide in President Gerald Ford’s administration. After moving back to New York, Parsons quickly rose the ranks at the law firm Patterson, Belknap, Webb & Tyler, eventually becoming partner.
Persons: Dick Parsons, Parsons, Estee Lauder, Warner, , ” Lazard, “ Dick, Richard Dean Parsons, Laura Ann Bush, Nelson Rockefeller, Rockefeller, Gerald Ford’s, Barack Obama, Michael Bloomberg, Patterson, Belknap, Webb, Tyler, , Dick, Adam Silver, Parsons didn’t, , Organizations: CNN, Time Warner, Citigroup, Museum of Modern, Lazard, Corporate America, AOL, University of Hawaii, Albany Law School, New, D.C, White, Dime Savings, of New, Los Angeles Clippers, NBA, New York Times Locations: American, Corporate, Brooklyn , New York, South Ozone, Queens, New York, of New York
Lazard announced on Friday that Peter Orszag, who leads its core financial advisory business, will succeed Ken Jacobs as the company’s chief executive on Oct. 1. Mr. Jacobs will stay on as executive chairman and continue to advise clients. Mr. Orszag, a former Obama administration official, will oversee a 175-year-old financial institution with a long history of advising on major corporate deals at a time when its mainstay business faces huge challenges. “Over his career spanning both banking and government, Peter has proven to be a strategic, visionary and decisive leader, with deep relationships across the industry and the ability to effectively lead Lazard through evolving global markets and complex geopolitical dynamics,” Richard Parsons, the firm’s lead independent director, said in a statement. Lazard did not say when its succession planning began, but Mr. Orszag, 54, wrote in a memo to employees on Friday that the move followed a “selection process that has been in the works for quite some time.”
Jacobs' decision to step down comes after Lazard reported a loss in the first quarter as dealmaking activity slumped. Lazard's stock has lost about 17% this year, giving the independent investment bank a market capitalization of just over $3 billion. Orszag, 54, was previously was head of North America M&A at Lazard and joined the bank from Citigroup in 2016. Jacobs, 64, joined Lazard from Goldman Sachs Group (GS.N) in 1988 and took over as CEO in 2009 after the death of his predecessor, Bruce Wasserstein. The Wall Street Journal first reported on the succession.
Lazard CEO Ken Jacobs set to step down
  + stars: | 2023-05-18 | by ( Anirban Sen | ) www.reuters.com   time to read: +1 min
Lazard lead director Richard Parsons declined to provide details of the succession plan in a statement. "We have a succession plan that we have had in place for quite some time and our plan is on track," he said. The appetite for mergers and acquisitions has soured in recent months amid volatility in the capital markets, geopolitical tensions and rising interest rates. Investment banking units at large Wall Street firms have cut bonuses and laid off staff in recent months as stock market listings stalled and companies slamming the breaks on deals. The Wall Street Journal first reported on the succession.
Richard Parsons Is Investing in People Who Are Overlooked
  + stars: | 2023-02-10 | by ( Emily Bobrow | ) www.wsj.com   time to read: 1 min
When Richard Parsons became chief executive of Time Warner Inc. in 2002, he assumed he was pioneering a new era of Black CEOs in American corporations. “I had envisioned that on the heels of the Great Society initiatives of the 1970s, there would be a wave of people who were ready,” he says. “But for a number of reasons, this didn’t happen.” Today, only six Fortune 500 companies are run by Black CEOs—a record high. After decades of leading companies as varied as Citigroup Inc. and the NBA’s Los Angeles Clippers, Mr. Parsons, 74, felt moved to tackle this pipeline problem himself. Together with a team of venture investors, including Ronald Lauder and Kenneth Lerer , he launched the New York-based Equity Alliance fund in 2021 to “democratize capital” by backing venture funds and early-stage ventures led by women and people of color.
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