The NBA announced Friday that they have selected former Citigroup and Time Warner CEO Richard Parsons to serve as the interim CEO of the Los Angeles Clippers.
Parsons will take over the Clippers business operations while the league continues the process of removing current owner Donald Sterling, who was suspended by NBA Commissioner Adam Silver for life after making racially charged remarks in a tape recording.
Parsons will not be involved in making any basketball decisions for the Clippers. Head coach Doc Rivers will continue to have final say on all aspects of the team.
Parsons has spent the last two decades in several high-profile positions in the business world. He helped Dime Bank survive the Savings and Loan crisis in the late 1980s, then became chair of Time Warner (the parent company of Turner Sports) as the company prepared to merge with America Online in 2000. The subsequent AOL Time Warner corporation was a significant business failure, however, with Time Warner breaking off from AOL in 2009.
Parsons stepped down as CEO of Time Warner in 2007. He became chairman of Citigroup in 2009, helping that company through the financial crisis of the last decade before announcing his retirement in 2012.
Recently, Parsons helped bankroll the renovation of Minton’s Playhouse, the historic jazz club in Harlem that featured Dizzy Gillespie and Thelonious Monk as regular performers in the 1940s and ’50s.
Sterling has maintained that he will not sell the team.