Todd died on Wednesday at his home in the Los Angeles area, his manager Jeffrey Goldberg said in a statement to the Associated Press.
"I had the privilege to have Tony as my friend and client for over 30 years and I will miss that amazing man every single day," Goldberg said.
"Known worldwide for his towering presence, both physically and artistically, Tony leaves behind an indelible legacy in film, theatre and the hearts of those who had the honour of knowing him," Goldberg's management company said in announcing the death.
"We bid farewell to Tony Todd, a giant of cinema and a beloved soul whose impact on our lives and the world of film will never be forgotten," it said.
Todd's film resume included roles in award-winning movies such as the Oliver Stone-directed classic Platoon, released in 1986.
Todd was also known for his role in the 2000 horror film Final Destination and its sequel in 2003.
The film company New Line Cinema mourned Todd's death on social media over the weekend.
"The industry has lost a legend," the company said on Instagram.
"We have lost a cherished friend. Rest in peace, Tony."
In Candyman, released in 1992 and followed by a remake in 2021, Todd played a menacing killer who had a hook on one arm.
The premise is built around an urban myth that Candyman roamed the Cabrini-Green housing projects in Chicago and could be summoned by saying his name five times in front of a mirror.
The 2021 movie explores societal problems such as racism and police brutality.
Todd's television career included roles in Night Court, Matlock and Law & Order.
"Off-screen, Tony was cherished as a mentor, a friend, and a beacon of kindness and wisdom," Goldberg's company said.
"He gave his time and resources to aspiring actors, consistently advocating for greater representation and authenticity within the industry."
"Those who knew him will remember his warm laugh, generous spirit, and his dedication to his craft," the company said.
"Whether on stage, on screen, or in personal conversations, Tony brought an unyielding honesty that resonated deeply with his friends, family, and fans."
