Today, we mourn the passing of Richard “Dick” Parsons, our esteemed chairman at The Equity Alliance and one of America’s most visionary business leaders. Dick’s extraordinary journey—from his humble beginnings in Brooklyn to the highest echelons of corporate America—reminds us of the power of perseverance, excellence, and unwavering commitment to uplifting others.

Dick Parsons was the founder of The Equity Alliance, an initiative born from his profound belief in the importance of leveling the playing field for women and people of color. It was his vision to create a fund that not only bridges the gap of economic inequity but also serves as a model for others to follow. As he eloquently stated in his emails to investors and partners:

“Our theory of the case is simple: without enabling greater access to capital by women and people of color, this country will never achieve racial or gender economic equity. In addition to social impact, however, The Equity Alliance is investing with a view to generating superior returns, since we know that that is the only way to assure that investment in this cohort can be sustained over time, and not just when the issue of equity is politically hot.”

Dick’s storied career has been chronicled in the media countless times. As the former Chairman and CEO of Time Warner, the former Chairman of Citigroup, and the interim CEO of the Los Angeles Clippers, he brought unparalleled leadership to every role he undertook. He was a trailblazer who left his mark on the boards of the Estée Lauder Companies, Lazard, Madison Square Garden, and as the longtime Chairman of the Jazz Foundation of America. Music lovers also knew him as the Chair of the Apollo Theater Foundation, a position he held for 25 years, further cementing his legacy as a champion of culture and the arts.

Dick was also a trusted advisor to national leaders, serving on President Obama’s Council on Jobs and Competitiveness, and his influence extended far beyond the boardroom. He mentored countless individuals, inspiring generations of leaders to pursue excellence while paying it forward.

To those of us at The Equity Alliance, he was more than a leader; he was a guiding light. His commitment to our mission of fostering economic equity and opportunity remains a beacon for our team. We are determined to carry on his vision and make him proud.

We take solace in imagining Dick in paradise—cracking jokes, sharing his wisdom, and, as always, being the life of the party. His warmth, humor, and unparalleled intellect will forever be missed.

As our board member and investor Will Mesdag aptly said:

“He was a great man. He cut a large swathe into which many followed. We will miss him.”

Rest in power, Dick. Your legacy lives on in the work we do and the lives you’ve touched.

–       Claude Grunitzky, Adam Kiki-Charles, Adrienne Rees