Richard Parsons, who passed away on December 26, 2024, accumulated substantial wealth throughout his illustrious career as one of America’s most prominent business executives. His net worth stemmed from various high-profile positions, most notably as the chairman and CEO of Time Warner and chairman of Citigroup.
Key Takeaways
- As Time Warner’s CEO, Parsons earned substantial compensation packages, with his annual earnings often exceeding $10 million and a five-year total of approximately $45.36 million, demonstrating his high market value as a corporate leader.
- His wealth came from diverse sources, including his roles as chairman of Citigroup, interim CEO of the LA Clippers, chairman of CBS, and board memberships at prestigious organizations like Estée Lauder and the Museum of Modern Art.
- Starting from modest beginnings in Brooklyn, Parsons built an estimated net worth of $100-150 million through his corporate leadership positions, strategic investments, and ability to guide major companies through challenging transitions.
During his tenure as Time Warner’s CEO, Parsons commanded impressive compensation packages.
His annual earnings frequently exceeded $10 million, with his total compensation reaching $12.95 million in 2007.
Over a five-year period, he earned approximately $45.36 million from Time Warner alone.
His stock ownership in the company was valued at $14.2 million during his leadership period.
Reports indicate that businessman Richard Parsons has died. He is best known as the former CEO of Time Warner. Parsons died Thursday at age 76. https://t.co/4QQNQK252L pic.twitter.com/crWJ1tTRWT
— New York Amsterdam News (@NYAmNews) December 26, 2024
Parsons’ wealth grew significantly through his various corporate leadership positions.
He transformed the Dime Savings Bank of New York through a merger with Anchor Savings Bank, earning considerable profits when the bank demutualized.
His leadership extended to serving as chairman of Citigroup from 2009 to 2012, interim CEO of the Los Angeles Clippers, and interim Chairman of CBS in 2018.
Beyond corporate salaries, Parsons built wealth through board memberships at prestigious organizations, including the Estée Lauder Companies, the Museum of Modern Art, and Lazard.
His real estate holdings included a property near the Rockefeller family estate in Pocantico Hills, demonstrating his financial success.
Richard 'Dick' Parsons, one of America's highest-ranking Black executives who also took over Time Warner after its disastrous merger with AOL, has died aged 76. https://t.co/LY9lJ7nnAE pic.twitter.com/e0OMs5lFfV
— Financial Times (@FT) December 27, 2024
Based on his career earnings, corporate positions, board memberships, and various investments, financial experts estimate Richard Parsons’ net worth at the time of his death to have been between $100-150 million.
This figure reflects his decades of leadership in major corporations, strategic investments, and board positions across multiple industries.
Parsons rose from humble beginnings in Brooklyn to become one of the most influential African American executives in U.S. corporate history.
His wealth accumulation paralleled his reputation as a skilled problem-solver who guided major companies through challenging transitions, leaving behind a legacy of corporate excellence and financial success.
In Case You Didn’t Know
- Richard Parsons was born in Brooklyn, New York City.
- He had four siblings.
- His father was an electrical technician, and his mother was a homemaker.
