Caroline Wanga, who has been on health leave since September 2024, is officially stepping down from her role as President and CEO of ESSENCE Ventures. The announcement came early Monday, Aug. 25, through a joint statement from ESSENCE Ventures and Wanga herself.
Richelieu Dennis, founder and chairman of Sundial Technology & Media Group (parent company of ESSENCE Ventures), praised Wanga’s leadership:
“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 took the helm in June 2020, leading the company through a pivotal period of growth and cultural innovation. Under her leadership, ESSENCE Ventures expanded its influence across its portfolio, which includes Essence Communications, Inc., AFROPUNK, Beautycon, and Essence Studios. She became the face of a renewed cultural mission—centering Black women and reinforcing the brand’s legacy as a trusted voice for generations.
“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.
Her work built on a career rooted in culture and equity. Before joining ESSENCE, Wanga spent 15 years at Target, rising to chief culture, diversity, and inclusion officer. She later succeeded Dennis as CEO when he reacquired ESSENCE from Time Inc. in 2018.
Addressing “False Assumptions”
Shortly after the company’s announcement, Wanga issued her own statement on Instagram. While confirming her departure, she also pushed back against speculation tied to this year’s ESSENCE Festival of Culture, which drew online criticism for exclusivity and heavy influencer focus.
“#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,” she wrote, referencing her memoir I’m Highly Percent Sure, released in May.
She made clear that her decision to leave was unrelated to the festival’s controversies, adding:
“My holistic career experiences amidst the current socioeconomic climate have NO PROVEN ROLE in the current state of affairs within the company and its supporters.”
Wanga encouraged dialogue but cautioned against “defamation” and “disparagement,” emphasizing that any conversation should be grounded in facts and constructive feedback.
What’s Next for Wanga
Though she has not disclosed specific plans, Wanga’s recently published memoir reflects her perspective as a cultural leader and changemaker. She closed her statement by framing this exit as both the end of one chapter and the beginning of another: a continuation of her mission to uplift, inspire, and create impact.