Under Newly Elected Chairman, Ebony Board Ousts CEO

The board of directors at Ebony has removed CEO Willard Jackson, the magazine said Sunday, citing an ongoing independent investigation into "a number of transactions that Jackson led." A co-founder and vice chairman of Clear View Group (CVG), the private equity firm that acquired Ebony from Johnson Publishing in 2016, Jackson had been serving as Ebony's chairman and CEO since 2018. The board's decision, however, was made under newly elected chairman Jacob Walthour, the co-founder and CEO of Blueprint Capital Advisors, which recently became senior lender to Ebony Media Holdings after taking over Parkview Capital Credit, the investment management firm that had financed CVG's 2016 acquisition of the magazine through a series of loans. "We took over Parkview Capital Credit on April 29, and then I immediately went on the board in May," Walthour told Folio: on Monday. "Our first board meeting was when we started asking a lot of questions." Walthour didn't share many specifics on the decisions that precipitated Jackson's removal as CEO, but said there were "a number of transactions, both corporate and personal" that raised concerns. Clear View Group did not immediately respond to a request for comment. "At this stage in the inquiry, we felt like there was enough ‘there’ there to affect a leadership change," Walthour said. "A lack of transparency was part of it. More troubling was a failure to follow the process and protocol of the company. There are certain transactions that... Continue reading at 'Folio Magazine'

[ Folio Magazine | 2020-07-06 17:59:58 UTC ]
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