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July 5, 2020
Contact: Jennifer R. Farmer, jenniferr@spotlightpr.org
Rachel Noerdlinger rnoerdlinger@mercuryllc.com
NEWARK, NJ – On July 2, 2020, the board of directors
of EBONY Magazine agreed to a leadership change and the removal of CEO Willard
Jackson Jr. Several weeks ago, the board commissioned an independent inquiry
into a number of transactions that Jackson led, and the investigation is
ongoing.
“The
board of directors individually and collectively understands the legacy and
value of EBONY to Black communities globally,” said Jacob Walthour Jr., newly elected
chairman of EBONY’s board of directors and co-founder of Blueprint Capital
Advisors, a black-owned asset manager. “Founder John H. Johnson conducted
himself and EBONY business with a level of class, integrity and honor that has
come to define Black professionalism in America. While the board expects that
EBONY will always need to adapt its business model to stay relevant, it must
never compromise the core values of Mr. Johnson.”
“As
we approach EBONY’s 75th anniversary, now more than any other time since the
Civil Rights movement, Black people need a medium to express ‘their’ voice and
record this historical moment,” said John C. Robinson, an EBONY director. We
are committed to the preservation of this valuable asset to the Black community
and being a part of the next 75 years.
The board of directors will appoint an interim CEO and
operating committee. It will continue to assess all structural, managerial and
financial facets of the organization with an eye toward amplifying the current calls
for economic and racial justice and equality. As part of the board’s
engagement, it is prioritizing the payment of delinquent compensation to EBONY
employees and expect to make the announcement soon.
Jackson is a partner in CVG Group, which
purchased EBONY in 2016. The acquisition was financed by Parkview Capital
Credit Inc. (PCC) through a series of loans. In April 2020, Blueprint Capital
Advisor took over management from PCC.
Since 1945, EBONY Magazine has chronicled
the remarkable achievements of Black people while providing a narrative of the
historical greatness of Black culture. EBONY will be 75 years old on
Nov. 22, 2020.
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