Remembering Dick Parsons, Longtime Lazard Board Member

On December 26, 2024, longtime Lazard board member Richard D. Parsons passed away. 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. Born in Brooklyn, Dick distinguished himself early on with both his unmistakable intelligence and his irresistible warmth — traits that would define his career. A natural achiever who started college at sixteen, he would later earn the highest score on the New York State bar exam. More importantly, he had what one longtime friend called “the ability to make friends…in an empty elevator.”

These qualities caught the attention of New York Governor Nelson Rockefeller, and Parsons joined his team at a young age. When Rockefeller became Vice President of the United States, Dick moved to Washington D.C., serving as a White House aide during the Ford Administration.

Dick was the leader to whom other leaders turned for advice and a steady, sure set of hands during their most consequential moments. As COO and then Chairman and CEO of Dime Bancorp, he successfully led the troubled bank from near bankruptcy to becoming one of the largest savings and loans in America. He joined Time Warner as President, later serving as CEO and Chairman of the Board, stabilizing the company, and strengthening its financials following the AOL merger. When Citigroup faced its darkest hour during the financial crisis, he stepped forward as Chairman despite the immense challenges ahead, saying simply, "You can't abandon your troops when the going gets tough." For the past decade, his wisdom and bridge-building abilities helped guide Providence Equity Partners through a period of growth, while he also stepped in to serve as the interim CEO of the Los Angeles Clippers and the interim Chairman of CBS, bringing stability to both organizations during moments of complex change.

In recent years, Dick turned his attention to what he saw as one of American business's most pressing challenges — the need to democratize access to capital. Through his leadership of Equity Alliance, he understood deeply that success in life was, as he often quoted, “10% what you know, 10% who you know and 80% luck” — and he was a trailblazer in helping others access all three. He was also a significant contributor to arts and culture, serving as Chairman of the Apollo Theater and the Jazz Foundation of America, and on the boards of the Smithsonian National Museum of African American History and Culture, the American Museum of Natural History, and the Museum of Modern Art in New York City.

Dick joined Lazard’s board in 2012 and became our Lead Independent Director in 2018, where he brought his characteristic wisdom to his role as Chair of our Workplace and Culture Committee. As in every institution he touched, he was instrumental in supporting leadership continuity through board and executive succession planning. Perhaps most importantly, he was always there when needed — offering counsel, sharing insights from his remarkable career, and helping guide Lazard through our own pivotal moments.

Dick was more than an iconic leader in Lazard's history — he was a testament to how wisdom, warmth, and unwavering judgment could shape not just companies, but people's lives. His legacy lives on in the countless leaders he counseled, the institutions he renewed, and the doors he opened for others. We are proud and grateful that Lazard was part of his remarkable journey.