Dec 26 (Reuters) - Richard D. Parsons, a longtime

banking executive who took the helm of Time Warner during a

troubled time for the communications company and who helped

Citigroup ( C/PN ) navigate the financial crisis, died on Thursday at age

76.

A prominent Black businessman, Parsons also helped the NBA's

Clippers navigate a scandal over racism.

Parsons was widely credited with the turnaround of Time

Warner after its botched $165 billion merger with AOL, CNN

reported. With Parsons as CEO, Time Warner slashed its debt by

roughly half as it ushered in a new era of sustainable growth.

The New York Times said the cause of death was cancer,

citing Ronald Lauder, a longtime friend of Parsons and chairman

of the board of Estee Lauder. Parsons, who was born in Brooklyn,

New York, had also served on the Estee Lauder board, as well as

on the board of asset management firm Lazard ( LAZ ).

He "was more than an iconic leader in Lazard's ( LAZ ) history - he

was a testament to how wisdom, warmth, and unwavering judgment

could shape not just companies, but people's lives," Lazard ( LAZ ) said

in a statement on its website.

"When Citigroup ( C/PN ) faced its darkest hour during the financial

crisis, he stepped forward as Chairman despite the immense

challenges ahead, saying simply, 'You can't abandon your troops

when the going gets tough,'" Lazard ( LAZ ) said.

Citigroup ( C/PN ), in a statement, said: "Dick applied his legendary

leadership capabilities during an incredibly challenging time

for our company, leaving Citi better than he found it."

In 2014, when the NBA banned Los Angeles Clippers owner

Donald Sterling for life over racist comments, the basketball

league installed Parsons as Clippers interim chief executive.

"At a time of adversity and uncertainty for the Los Angeles

Clippers, Dick stepped in to provide the type of steady and

reassuring leadership that defined his remarkable career in

business and public service," NBA Commissioner Adam Silver said

In a statement Thursday.

The Times noted that Parsons was often the only Black

executive in a boardroom and spoke out on social issues,

including following the death of George Floyd in 2020.

He is best remembered as a troubleshooter, handling

corporate emergencies such as losses at Dime Bancorp during the

savings and loan crisis in the 1980s, the Times reported.

Lazard ( LAZ ) also noted his service as chairman of the Apollo

Theater and the Jazz Foundation of America, and his positions on

the boards of the Smithsonian National Museum of African

American History and Culture, the American Museum of Natural

History and the Museum of Modern Art in New York City.

He is survived by his wife, Laura, with whom he had three

children, the Times reported.