Former Citigroup Chairman Richard Parsons Dies

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Richard “Dick” Parsons, an influential American enterprise government who chaired Citigroup through the aftermath of the 2008 monetary disaster, has died.

Parsons died Thursday in line with an announcement of the funding financial institution Lazard, the place he was a member of the board of administrators. The New York Instances reported the reason for loss of life as bone most cancers, citing Estée Lauder inheritor Ronald Lauder. Parsons was 76 years previous.

Parsons took over as Citi’s chairman in February 2009, because the financial institution was recovering from the 2008 monetary disaster. He joined the financial institution shortly after its $300 billion bailout from the federal authorities. Parsons told the Financial Times in 2009, that his expertise {and professional} relationships could be an asset at Citi.

“The affect and involvement of the taxpayer and regulators on this firm is critical,” he mentioned on the time. Parsons left Citi in 2012.

He already went on a taking pictures spree in 2002 when he took over Time Warner after its disastrous merger with AOL. At Time Warner, Parsons battled with activist investor Carl Icahn who fought for management of the media big in 2006.

Parsons supported Barack Obama’s bid for the White Home. He additionally served on the boards of the Apollo Theater in New York and the Nationwide Museum of African American Historical past and Tradition in Washington.

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