CNN
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Dick Parsons, an American businessman who led Time Warner and helped iconic US companies navigate difficult times, has died aged 76.

Parsons, a prominent black executive, was known for his problem-solving skills and steered major companies, including Time Warner and Citigroup, through difficult times. He also advised US presidents and served on various corporate boards.

Parsons’ death was confirmed in a statement from financial services firm Lazard, where he served on the board.

“Dick’s storied career embodied the best traditions of American business management,” said Lazard.

With a steady hand, Parsons exerted influence over the American economy during the dot-com bust and the Great Recession, both times of enormous uncertainty.

He was widely credited with Time Warner’s stunning turnaround after a botched $165 billion merger with AOL, the Web portal that was ubiquitous in the early days of the Internet. With Parsons as CEO, Time Warner reduced its debt by about half, ushering in a new era of sustainable growth.

Parsons was then tasked with leading Citigroup as chairman through a complex and much-needed restructuring process following the 2008 financial crisis, which led to a series of bank failures, including the largest bank failure in U.S. history.

This is a developing story and will be updated.