The road was closed for several hours to allow scene investigation and another man was taken to Aberdeen Royal Infirmary for treatment.
Sergeant Scott Deans, of Aberdeenshire Road Policing, said: “Our thoughts remain with the family of the man who has tragically died.
“Our enquiries into the circumstances surrounding the incident are ongoing and I would urge anyone who has any information surrounding the crash to get in contact with police.
Police can be contacted by calling 101 and quoting incident number 2744 of Friday, 14 May, 2021.
Police confirm identity of man, 83, killed in two-car crash on A950 in Aberdeenshire