Richard Parsons, who rescued Time Warner, Citigroup, dies

RICHARD PARSONS, THE executive dubbed "Captain Emergency" for his record of stabilizing ailing companies such as AOL Time Warner, Citigroup and Dime Savings Bank of New York, has died. He was 76.

- BLOOMBERG

Parsons died on Thursday at his home in Manhattan. The cause of death was bone cancer, the New York Times reported, citing Ronald S Lauder, a friend. Parsons was named chairman of CBS in September 2018 and resigned less than one month later, citing complications from multiple myeloma, a blood cancer.

Parsons was named chief executive officer of AOL Time Warner in 2002 after the $124 billion merger of the dial-up internet provider and the largest entertainment and media company started to fall apart. Just before he took over, following the surprise departure of CEO Gerald Levin, the newly merged entity posted a record loss of $54.2 billion as the value of its stock sank amid the bursting of the dot-com bubble.