Parsons, who died at his Manhattan home, was diagnosed with multiple myeloma in 2015.
home, was diagnosed with multiple myeloma in 2015 and cited “unanticipated complications” from the disease for cutting back on work a few years later.The financial services company Lazard, where Parsons was a longtime board member, confirmed his death. The NBA, where Parsons was interim CEO of the Los Angeles Clippers in 2014, was among organizations offering condolences.
He steered Citigroup back to profit after financial turmoil from the subprime mortgage crisis, which upended the economy in 2007 and 2008.Parsons said in a statement at the time that he was already dealing with multiple myeloma when he joined the board, but “unanticipated complications have created additional new challenges.” He said his doctors advised him to cut back on his commitments to ensure recovery.
He also fended off a challenge from activist investor Carl Icahn in 2006 to break up the company and helped Time Warner reach settlements with investors and regulators over questionable accounting practices at AOL. The newly formed company’s Internet division quickly became a drag on Time Warner. The promised synergies between traditional and new media never materialized. AOL began seeing a reduction in subscribers in 2002 as Americans replaced dial-up connections with broadband from cable TV and phone companies.Parsons stepped down as CEO in 2007 and as chairman in 2008.
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