The music mogul passed away on Thursday (14Aug14) at his home in Seattle, Washington, his assistant Matthew Freeman confirmed. Freeman adds that Parashar suffered from a blood clot in his leg, which moved up to his heart.
Parashar is best known for his work with Pearl Jam. He worked with frontman Eddie Vedder before the band was formed and produced the group's debut album Ten and several singles.
The producer founded London Bridge Studios with his brother Raj in Seattle in 1985 and worked with a number of acts from the area including Alice in Chains and singer Brandi Carlile.
He also worked on Nickelback's Grammy-nominated album Silver Side Up, 3 Doors Down's disc Away From The Sun and Bon Jovi's Have A Nice Day.
3 Doors Down guitarist Chris Henderson paid tribute to Parashar on Twitter.com on Saturday (16Aug14), writing, "RIP Rick Parashar. You will be sadly missed!"