Formerly a chairman with Citigroup and Time Warner, Parsons will represent the Clippers as the franchise goes through the process of finding a new owner, on the heels of Commissioner Adam Silver's decision to impose a lifetime ban on team owner Donald Sterling.
"I believe the hiring of Dick Parsons will bring extraordinary leadership and immediate stability to the Clippers organization," 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 previously served on President Obama's economic advisory team. He sits on the board of directors for the Commission on Presidential Debates and is a senior advisor at Providence Equity Partners.
"Like most Americans, I have been deeply troubled by the pain the Clippers’ team, fans and partners have endured," Parsons said in a statement. "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."
Sterling was ousted by Silver after leaked audio recordings captured the team's longtime owner making racially charged statements.
Clippers President Andy Roeser began an indefinite leave of absence earlier in the week.
Silver also has said he would talk to other NBA owners about forcing Sterling into selling the team. Sterling’s wife, Shelly, owns 50% of the Clippers and has said she wants to maintain her
Clippers guard J.J. Redick said after the team’s shoot-around Friday that his teammates were concentrating only on playing Game 3 of the Western Conference second-round playoff series against the Oklahoma City Thunder later at Staples Center.