LOS ANGELES -- Dick Parsons, the former Citigroup chairman and former Time Warner chairman and CEO, has been chosen as interim CEO of the Los Angeles Clippers, the NBA announced Friday.

The league said last week that it would appoint a chief executive officer to oversee the day-to-day operations of the Clippers after owner Donald Sterling was banned for life from the NBA and fined $2.5 million by commissioner Adam Silver for racist remarks he made that were published by TMZ.

"I believe the hiring of Dick Parsons will bring extraordinary leadership and immediate stability to the Clippers organization," Silver said. "Dick's credentials as a proven chief executive speak for themselves and I am extremely grateful he accepted this responsibility."

Parsons, who is African-American, is currently a senior advisor at Providence Equity Partners and sits on the board of directors for the Commission on Presidential Debates.

"Like most Americans, I have been deeply troubled by the pain the Clippers' team, fans and partners have endured," said Parsons. "A lifelong fan of the NBA, I am firmly committed to the values and principles it is defending, and I completely support Adam's leadership in navigating the challenges facing the team and the league. The Clippers are a resilient organization with a brilliant coach and equally talented and dedicated athletes and staff who have demonstrated great strength of character during a time of adversity. I am honored to be asked to work with them, build on their values and accomplishments, and help them open a new, inspiring era for their team."

Parsons, who played basketball at the University of Hawaii, earned a law degree from Albany Law School in 1971 and was a staff lawyer for New York Governor Nelson Rockefeller. When Rockefeller was appointed Vice President of the United States, Parsons followed him to Washington, where he also worked closely with President Gerald Ford.

Parsons returned to New York in 1977 and became a partner and ultimately managing partner of the law firm of Patterson, Belknap, Webb & Tyler. In 1988, Parsons left his law firm to become president and then chairman and CEO of Dime Bancorp, Inc. Parsons joined Time Warner in 1995 as president and then became the chairman and CEO from 2002 until 2008. In 2009, after retiring from Time Warner, he served as chairman of Citigroup until stepping down from that position in 2012. Parsons was also a member of President Barack Obama's economic advisory team.

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