What happened to Richard Parsons? Cause of Death explored as former Time Warner CEO dies at 76 

Richard Parsons, a veteran banking executive and the former CEO of Time Warner, passed away Thursday in Manhattan at age 76. Parsons was a pioneering Black business mogul who took charge of the communications company after its merger with AOL went awry. He was also instrumental in championing the NBA's Clippers through a racism scandal.

Back in 2014, Parsons was diagnosed with multiple myeloma, a rare blood cancer. However, The New York Times has reported that Parsons' friend, Ronald S. Lauder, has confirmed he succumbed to bone cancer.

Per Fortune, multiple myeloma impacts plasma cells and leaves patients unable to ward off infections. On average, African American males are at higher risk of contracting the same. There is currently no cure for this affliction, though, back when he was diagnosed, Parsons' cancer was being handled with chemotherapy.

Here's everything to know about Richard Parsons: His life and legacy

Richard Parsons' cancer had forced him to take a step back from serving as the interim chairman of CBS Corp. in October 2018. At the time, he stepped at the behest of Shari Redstone to deal with sexual misconduct allegations involving Leslie Moonves. Strauss Zelnick then succeeded him in this role.

“As some of you know, when I agreed to join the board and serve as the interim chair, I was already dealing with a serious health challenge – multiple myeloma – but I felt that the situation was manageable,” he said in an announcement at the time. “Unfortunately, unanticipated complications have created additional new challenges, and my doctors have advised that cutting back on my current commitments is essential to my overall recovery.”

Parsons can be credited with axing Time Warner's death by almost half following its disastrous $165 billion merger with AOL. He also held a stint on the Estee Lauder board, as well as on Lazard, an asset management firm.

Parsons began his career in New York state politics, though he later made his foray into the world of banking, as he became CEO of the Dime Savings Bank. He was also once the chairman of Citigroup before he came back to CBS and the media industry. As reported by Reuters, Lazard stated in the wake of his death on their official website:

Richard Parsons "was more than an iconic leader in Lazard's history — he was a testament to how wisdom, warmth, and unwavering judgment could shape not just companies, but people's lives." They added, "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."

Citigroup, for its part, also issued a statement, noting that "Dick applied his legendary leadership capabilities during an incredibly challenging time for our company, leaving Citi better than he found it."

Richard Parsons can also be credited with preserving the Apollo Theatre in Harlem, back when it fell through the cracks in the 1990s. However, perhaps his most notable accomplishment to date is when he stepped in as Clippers' interim chief executive.

At the time, the NBA had barred the owner of the league, Donald Sterling, over some racist comments he made. NBA Commissioner Adam Silver said in a statement Thursday, Reuters reported:

"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."

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Richard Parsons leaves behind his wife, Laura Ann Bush, and his three children, Gregory, Leslie, and Rebecca.

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