August 25, 2025
Caroline Wanga announces her exit as President and CEO of ESSENCE Ventures.
Caroline Wanga is officially stepping down from her role as President and CEO of ESSENCE Ventures and addressing any “false assumptions” about her exit.
In the early hours of Aug. 25, ESSENCE Ventures issued a press release announcing that Wanga would not be returning to the company, one year after taking a health-related leave. The media brand, dedicated to Black women, stated that the decision was Wanga’s following her yearlong leave of absence.
“We are profoundly grateful to Caroline for her leadership, vision, and unwavering advocacy of Black women and culture,” said Richelieu Dennis, founder and chairman of Sundial Technology & Media Group, parent company of ESSENCE Ventures. “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.”
After the press release, Wanga issued her own statement, which, while vague, confirmed that her decision to leave was already underway ahead of criticism over the handling of this year’s ESSENCE Festival of Culture.
“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 captioned a post which included a screenshot of the press release.
“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,” she added in response to her yearlong health leave.
Wanga, who published her memoir I’m Highly Percent Sure in May, ended her statement by welcoming dialogue about the announcement while warning against any attempts at “defamation” or “disparagement.”
“I encourage debate and discussion within the aforementioned guardrails, absent of sensationalized slander without proof, lies without legal defense, and character concoctions that give way to conviction and correction,” she wrote. “Some have with full knowledge, been demonstrating unsubstantiated behavioral undermining that reflects an inability to defend feedback without backfeeding truth.”
“The ‘defamation’ and ‘disparagement’ smoke that accompanies correlating the uncorrelated ain’t what anyone should want,” Wanga added.
Wanga spent four years helming the ship at ESSENCE Ventures from June 2020 until the start of her health leave in September 2024. The company credits her for guiding the legacy brand through a period of growth, innovation, and in ways that uplifted and championed 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.
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