Richard ParsonsUPDATED, 12:31 PM: The NBA just confirmed the reports. Read the release at the bottom of the original post.

PREVIOUSLY: 12:13 PM: The league moved swiftly to instill order in the Clippers front office, tapping Richard Parsons as the team’s CEO, according to multiple reports. NBA.com insider David  Aldredge first reported the Parsons news via Twitter, and the league is expected to confirm the news today. The NBA’s website says the exec will oversee the team’s business operations while the league continues the process of removing current owner Donald Sterling in the wake of racially charged remarks that went public a week ago. As President of Time Warner, Parsons helped shepherd the company’s ultimately failed merger with AOL. He later served as Chairman and CEO of TW for nearly six years before stepping NBA-logodown at the end of 2007. He also headed Citigroup as chairman from 2009-12. Parsons currently sits on the board of directors of the Commission on Presidential Debates and with his wife owns a pair of jazz-themed restaurants in NYC. Andy Roeser, a 30-year Clippers employee, stepped down as the NBA team’s president this week amid the Sterling scandal. An NBA committee met this week and, according to NBA.com, is expected to recommend removing Sterling within the next few weeks, followed by a vote of the NBA’s Board of Governors expected soon after. Twenty-three of the league’s 30 owners must approve the ouster of the league’s longest-tenured owner.

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NEW YORK, May 9, 2014 — The National Basketball Association has named former Citigroup chairman and former Time Warner chairman and CEO Dick Parsons the interim CEO of the Los Angeles Clippers, effective immediately, it was announced today by Commissioner Adam Silver. Parsons is currently a senior advisor at Providence Equity Partners and sits on the board of directors for the Commission on Presidential Debates.

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

“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.”

After attending the University of Hawaii, where he played basketball, Parsons earned a law degree from Albany Law School in 1971 and began his distinguished legal career as 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 began his long and distinguished career at Time Warner in 1995, joining as president and then becoming 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’ extensive list of accomplishments also includes having served as a member of President Barack Obama’s economic advisory team.