Former Citigroup and Time Warner Chairman Named CEO of LA Clippers – C, TWX

The NBA announced Friday that Dick Parsons, the former chairman of Citigroup (C) and former CEO of Time Warner (TWX) has been named the franchise’s interim CEO in the wake of Donald Sterling’s lifetime ban from the league.

The NBA had previously announced plans to install someone in charge on an interim basis. Parsons was the pick.

“I believe the hiring of Dick Parsons will bring extraordinary leadership and immediate stability to the Clippers organization,” NBA commissioner Adam Silver said in a statement. “Dick’s credentials as a proven chief executive speak for themselves and I am extremely grateful he accepted this responsibility.”

Parsons, who has impressive management credentials in media and finance, is currently a senior adviser at Providence Equity Partners and sits on the board of directors for the Commission on Presidential Debates. His extensive list of achievements also includes having served as a member of Obama’s economic advisory team.

But as Sportingnews ‘ Ben Estes opines, “[g]iven Parsons’ lack of NBA experience — though he did play basketball for the University of Hawaii — it seems unlikely [he] will actually make any basketball decisions while he’s in charge”. Those will be left to coach Doc Rivers, who’s also the team’s VP of Basketball Operations.

Parsons said in a statement that like most Americans, he has been “deeply troubled by the pain the Clippers’ team, fans and partners have endured.” Parson also said that as a “lifelong fan of the NBA, [he is] firmly committed to the values and principles it is defending, and completely supports commissioner Adam’s “leadership in navigating the challenges facing the team and the league.”

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