(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 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.

He "was more than an iconic leader in Lazard's history - he was a testament to how wisdom, warmth, and unwavering judgment could shape not just companies, but people's lives," Lazard said in a statement on its website.

"When Citigroup 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 said.

Citigroup, 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 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.