What does Oenophile mean? Richard Parsons' life explored in the wake of former Time Warner CEO's death at 76

Richard Parsons, a prominent black businessman and the former CEO of Time Warner, died on December 26 at his home in Manhattan. The 76-year-old succumbed to multiple myeloma, a kind of bone cancer. His friend, Ronald S. Lauder, a member of the Estee Lauder board and one of Parsons’ oldest friends, confirmed the news to the New York Times.

Prominent multinational financial advisory and asset management firm Lazard also shared an obituary on its website.

"Dick’s wisdom and guidance helped shape our firm over the past decade. We honor his legacy while mourning this loss. Dick's storied career embodied the finest traditions of American business leadership," the Lazard statement read.

Parsons was a longtime board member there (since 2012), alongside being the Lead Independent Director in 2018 and chair of the Workplace & Culture Committee.

According to the New York Times, the late multihyphenate was a “jazz-loving oenophile” who owned a Tuscan winery. For the uninitiated, the word “oenophile” refers to someone who loves, enjoys, and appreciates wine.

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All you need to know about Richard Parsons' life and career

Richard Dean Parsons was born in April 1948 in Brooklyn. He grew up in a family of four siblings in South Ozone Park, Queens. His father, Lorenzo, was an electrical technician, while his mother, Isabelle, was a homemaker.

Richard Parsons attended the University of Hawaii, followed by the Albany Law School. The late business executive joined the New York State Legislature as an intern and later joined the office of former NY Governor Nelson Rockefeller.

When Rockefeller moved to Washington D.C. and served as the U.S. Vice President to President Gerald Ford, Parsons came and worked for him. However, at the end of their term at the White House, Richard moved back home and joined the law firm Patterson, Belknap Webb & Tyler, where he soon became a partner.

In 1988, he became the COO of the Dime Savings Bank (also called Dime Bancorp) and was hired by an ex-aide of Rockefeller, the company’s CEO. Eventually, Richard Parsons was promoted to chairman and CEO.

Three years later, Rockefeller’s brother, Laurance, recommended him for an executive position on the board of the media and entertainment firm Time Warner. In 1995, he became its President.

In fact, it was Richard Parsons who led Time Warner during its disastrous $165 billion merger with dial-up internet provider America Online or AOL. Although the company's growth suffered, which was further worsened by the economic recession, Parsons' leadership slowly helped stabilize the firm.

Later, he stepped down as chairman and CEO of Time Warner in 2007 and 2008, respectively. At this point, Richard made a political comeback and oversaw the transition of former New York governor Eliot Spitzer and ex-NYC mayors Michael Bloomberg and Rudy Giuliani. Parsons was even the economic advisor to former U.S. President Barack Obama.

Other roles he held over the years include chairman of Citigroup between February 2009 and 2012 and CEO of the Los Angeles Clippers basketball team in 2014.

Richard Parsons served on the boards of Estee Lauder, the Jazz Foundation of America, the American Museum of Natural History, the Smithsonian National Museum of African American History and Culture, and the Museum of Modern Art in New York City.

During the new media industry crisis in 2018, he advised Redstone and joined the board of CBS Corp, eventually becoming its interim chairman.

However, in October 2018, after his cancer relapsed, Richard Parsons stepped down and was succeeded by Strauss Zelnick.

“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 back then.

“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.”

The recently deceased New Yorker was also influential in preserving the Apollo Theatre in Harlem in the late 1990s. He organized a fundraiser that raised $100 million to save the iconic venue as the board chair, a role in which he served for nearly two decades until he stepped down in December 2020.

He co-founded Equity Alliance, a non-profit that helps early-stage ventures by women and people of color. He was also an equal rights advocate. In 2021, he protested against the restrictions imposed on Georgia voters and also spoke up in the wake of George Floyd's murder in 2020.

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Richard Parsons is survived by his wife, Laura Ann Bush (married in 1968), and their children, Gregory, Leslie, and Rebecca.