Parsons, also the former chairman and chief executive of Time Warner (TWX.N), will continue to serve as chairman of Citigroup, which will remain his primary business activity.
Citigroup spokeswoman Shannon Bell said in a statement that Parsons’ advisory role will not require any day-to-day operational work or oversight.
“His primary business activity absolutely will remain with Citi,” Bell said.
Providence said in a statement that Parsons will advise the firm on new investment opportunities and on existing investments. (Reporting by Megan Davies, Christopher Kaufman, Dan Wilchins and Steve Eder; Editing by Tim Dobbyn)
Update: Here’s the press release:
Providence Equity Partners Inc., the leading private equity investment firm specializing in media, communications and information companies, announced today that Richard D. Parsons, Chairman of Citigroup (NYSE: C) and former Chairman and Chief Executive Officer of Time Warner (NYSE: TWX), has joined the firm as a senior advisor. He will advise Providence on new investment opportunities and on certain of its existing investments.
Parsons, 61, will continue to serve as Chairman of Citigroup, which will remain his primary business activity, and as a director of Estée Lauder Companies Inc. (NYSE: EL).
Parsons joined Time Warner as President in 1995 and was CEO from 2002 through 2007. He also served as Chairman of the Board from 2003 through 2008. During his tenure at Time Warner, whose businesses include filmed entertainment, interactive services, television networks, cable systems and publishing, he led the company’s turnaround by putting in place a strong management team, improving the company’s balance sheet, simplifying its corporate structure, and realigning its portfolio of assets to improve returns.
“Dick is not only a great person but also a wise leader with broad industry and civic experience,” said Jonathan Nelson, Chief Executive Officer of Providence. “He will bring to bear his deep knowledge in the media industry to assist us with current investments and help identify new opportunities and corporate initiatives. We are excited to welcome him to the Providence team and look forward to his contributions in the years ahead.”
“Serving as a senior advisor to Providence, the preeminent private equity firm specializing in the businesses where I have spent the last 15 years of my career, is an extraordinary opportunity,” said Parsons. “I appreciate their thoughtful and creative approach to investing, their integrity and collegiality, their strong relationships with peers and partners, and the value they bring to managers of portfolio companies. They have assembled a world-class group of professionals in key global markets and I look forward to working with them.”
Before joining Time Warner in 1995, Parsons was Chairman and Chief Executive Officer of Dime Bancorp, Inc., one of the country’s largest thrift institutions. He had previously been managing partner of the New York law firm Patterson, Belknap, Webb & Tyler, and held various positions in state and federal government, including serving as counsel for Nelson Rockefeller and senior White House aide under President Gerald Ford.
Parsons is also involved in civic and community activities, including serving as Co-Chairman of the Mayor’s Commission on Economic Opportunity in New York, Chairman Emeritus of the Partnership for New York City, Chairman of the Apollo Theatre Foundation, and as a board member of Howard University, the Museum of Modern Art, and the American Museum of Natural History. He received his undergraduate education at the University of Hawaii and his J.D. degree from Union University’s Albany Law School.
About Providence Equity Partners
Providence Equity Partners is the leading global private equity firm specializing in equity investments in media, entertainment, communications and information companies around the world. The principals of Providence manage funds with approximately $22 billion in equity commitments and have invested in more than 100 companies operating in over 20 countries since the firm’s inception in 1989. Significant investments include Bresnan Broadband Holdings, Casema, Com Hem, Digiturk, Education Management Corporation, eircom, Hulu, Idea Cellular, Kabel Deutschland, NexTag, Ono, PanAmSat, ProSiebenSat.1, Recoletos, TDC, Univision, VoiceStream Wireless, Warner Music Group, Western Wireless and Yankees Entertainment & Sports Network. Providence is headquartered in Providence, RI (USA) and has offices in New York, London, Los Angeles, Hong Kong and New Delhi. Visit www.provequity.com for more information.