ESSENCE Ventures has confirmed that Caroline Wanga will not be returning to her role as President and CEO after being on health leave since September 2024.
In a statement released Monday, Richelieu Dennis, founder and chairman of Sundial Technology & Media Group, parent company of ESSENCE Ventures praised Wanga’s leadership and impact:
“We are profoundly grateful to Caroline for her leadership, vision, and unwavering advocacy of Black women and culture. Her expertise in culture, equity, and organizational change has fueled progress across the ESSENCE Ventures portfolio. Caroline has left an indelible mark on ESSENCE and beyond, and we celebrate the many ways she has amplified our mission and impact.”
A Transformative Tenure
Wanga first joined ESSENCE Ventures in 2020, guiding the company through a pivotal four years of growth, innovation, and cultural influence. Under her leadership, ESSENCE expanded its reach across its portfolio—including Afropunk, Beautycon, and Essence Studios—while continuing to center and uplift Black women.
“The opportunity to serve Black women as CEOs of home, culture and community will forever represent pride, to do my best to serve will forever represent courage, and fulfilling my next purpose calling will forever represent conviction,” Wanga said in a statement.
Before joining ESSENCE, Wanga spent 15 years at Target, where she rose to Chief Culture, Diversity, and Inclusion Officer.
Addressing the Conversation Around Her Exit
Wanga’s departure comes a little over a month after the 2025 ESSENCE Festival of Culture, which drew criticism online for its programming and accessibility. While some attempted to connect her exit to the festival, Wanga made it clear that wasn’t the case.
When announcing her departure, she reposted a caption she originally shared on July 10, 2025—just days after the festival—where she pushed back against speculation.
“#ImHighlyPercentSure that some missing knowledge has led to false assumptions regarding my leave as President/CEO that predated the activation of operational planning for a significant annualized event,” Wanga wrote.
She emphasized that her decision to step down had been in motion well before the festival and was not tied to its execution or the online backlash. She also warned against “defamation” or “disparagement,” calling instead for constructive and fact-based dialogue.
What’s Next
In May, Wanga released her memoir I’m Highly Percent Sure, a bold reflection on her journey, leadership, and cultural influence. While her next professional steps remain under wraps, Wanga made it clear that she intends to continue inspiring through storytelling, empowerment, and disruptive discourse.
ESSENCE Ventures, part of the Sundial Group of Companies, will move forward with its mission of uplifting the global Black experience through its ecosystem of brands.