Richard D. Parsons, a longtime banking executive who took the helm of Time Warner at a difficult time for the communications company and helped Citigroup navigate the financial crisis, died Thursday at age 76.

Parsons, a prominent black businessman, also helped the NBA’s Clippers navigate a racism scandal.

As CNN reported, Parsons was widely blamed for Time Warner’s turnaround following its botched $165 billion merger with AOL. With Parsons as CEO, Time Warner reduced its debt by about half, ushering in a new era of sustainable growth.

The New York Times named the cause of death as cancer, citing Ronald Lauder, a longtime friend of Parsons and chairman of Estee Lauder. Parsons, who was born in Brooklyn, New York, also served on the board of Estee Lauder and the board of wealth 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 only businesses 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 and simply said, ‘You can’t abandon your troops when the going gets tough,'” Lazard said.

Citigroup said in a statement: “Dick applied his legendary leadership skills during an incredibly challenging time for our company and left Citi better than he found it.”

When the NBA banned Los Angeles Clippers owner Donald Sterling for life in 2014 for racist comments, the basketball league appointed Parsons as interim head of the Clippers.

“At a time of adversity and uncertainty for the Los Angeles Clippers, Dick stepped in and provided the kind of steady and reassuring leadership that defined his distinguished career in business and public service,” NBA Commissioner Adam Silver said in a statement on Thursday.

The Times noted that Parsons was often the only Black executive in a boardroom and spoke out on social issues, including after the death of George Floyd in 2020.

He is best remembered as a problem solver who dealt with corporate emergencies such as losses at Dime Bancorp during the savings and loan crisis of the 1980s, the Times reported.

Lazard also noted his service as chairman of the Apollo Theater and the Jazz Foundation of America, as well as 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.