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On December 26, 2024, Richard Parsons, former CEO of Time Warner passed away after suffering from bone cancer at the age of 76. His most notable achievement among myriad others is helping Time Warner recover after a failed $165 billion merger with AOL, the popular internet service in the early 2000s. As CEO, Parsons cut the company's debt in half and led it into a period of steady growth.
Richard Parsons married Laura Ann Bush (Laura Parsons) in 1968. Bush is a community activist and holds a PhD in child psychology. They met at the University of Hawaii and have three children together. According to the New York Times, Parsons first encountered Bush during his second year at university when she helped him out in an English class after he hadn't completed the required reading. According to Parsons in a 2008 PBS interview, Laura kindly shared her work with him, which led to a blossoming relationship.
As Richard Parsons described in a PBS interview, Laura Parsons played a key role in helping her husband stay on track. On the morning he was set to take his law school admission exams, she pulled him out of bed and encouraged him to apply to Albany Law School. Despite being a few credits short of his undergraduate degree, he was accepted and went on to graduate at the top of his class.
Parsons and Laura Bush were married for over 50 years and had to go through the ordeal of navigating Richard Parsons's much-discussed affair with former fashion model, MacDella Cooper, who also mothered one of Parsons's daughters. According to Page Six, Laura Parsons, Richard's wife, then of 46 years, stood by him despite the affair.
After stepping down from Time Warner in 2008, in a PBS interview, Parsons was asked to describe who he was. Parsons pensively replied with:
“Good husband, good father, good grandfather. My grandmother used to say the essence of a good man was humility and grace. I’ll go with that."
More about Richard Parsons's professional legacy
Parsons' leadership extended beyond Time Warner. During the financial crisis, he stepped in as Chairman of Citigroup, offering unwavering support in the company’s most challenging times. His resilience and dedication were summed up in his belief: "You can't abandon your troops when the going gets tough." Parsons continued to offer his expertise as he guided Providence Equity Partners through a period of growth, and also provided stability as interim CEO of the Los Angeles Clippers and interim Chairman of CBS during critical transitions.
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According to Lazard, Parsons joined the company’s board in 2012 and became the Lead Independent Director in 2018. As Chair of the Workplace and Culture Committee, he guided the company with his invaluable wisdom, and focused on leadership succession planning to ensure long-term stability.
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