Former Citigroup chair Richard Parsons dies

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Richard “Dick” Parsons, an influential US corporate executive who chaired Citigroup in the wake of the 2008 financial crisis, has died.

Parsons died last Thursday an announcement from investment bank Lazard, where he was a board member. The New York Times reported the cause of death was bone cancer, citing Ronald Lauder, Estee Lauder’s heir. Parsons was 76.

Parsons took over as chairman of Citi in February 2009 as the bank was reeling from the 2008 financial crisis. He joined the bank shortly after a $300 billion bailout from the federal government. Parsons told the Financial Times In 2009 that his background and business connections would be an asset to the City.

“The impact and involvement of taxpayers and regulators on this company is significant,” he said at the time. Parsons resigned from the City in 2012.

He previously jumped into a firestorm in 2002 when he took over Time Warner after its disastrous merger with AOL. At Time Warner, Parsons battled activist investor Carl Icahn who fought for control of the media giant in 2006.

Parsons supported Barack Obama’s run for the White House. He also served on the boards of the Apollo Theater in New York and the National Museum of African American History and Culture in Washington.

This is a developing story