Parsons is the former Citigroup chairman and former Time Warner chairman and CEO.
"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 will oversee the franchise while the league tries to force owner Donald Sterling to sell the team following his lifetime ban for making racist remarks. A three-fourths vote of owners is required to force Sterling to sell the team he has owned since 1981. Team President Andy Roeser has taken an indefinite leave of absence.
"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."
Sterling's estranged wife Shelly Sterling said in a statement that she endorses the NBA's choice of Parsons.
"Mr. Parsons has impressive management credentials in the important fields of the media, finance and professional sports. He is an ideal choice to run the franchise until the ownership issues are clarified," she said.
In a newly released recording posted on Radar Online, Donald Sterling said he's not giving up his team without a fight.
"You can't force somebody to sell property in America," Sterling says.
A friend of Sterling tells ABC News the voice on the new recording is Sterling. The friend also tells ABC News that the recording was made without Sterling's consent.
The embattled owner says jealousy is what motivated his original, now infamous rant that got him banned for life from the NBA.
ABC News and The Associated Press contributed to this report.