All results
Target boycott efforts are intensifying as the Congressional Black Caucus (CBC) steps up its push for corporate accountability. CBC Chairwoman Rep. Yvette D. Clarke (D-N.Y.) and members of the caucus’ Diversity, Equity, and Inclusion (DEI) Task Force recently met with Target CEO Brian Cornell, according to a press release from the Caucus. The meeting focused on the company’s rollback of DEI commitments, especially those affecting Black-owned businesses. Lawmakers Say Target’s Explanations “Fell Woefully Short” The CBC described the conversation with Cornell as “candid and direct,” but ultimately stated that members were left disappointed. “The Congressional Black Caucus met with the leadership of the Target Corporation on Capitol Hill to directly address deep concerns about the impact of the company’s unconscionable decision to end a number of its diversity, equity, and inclusion efforts,” Clarke said in a lengthy statement in the press release. “Like many of the coalition leaders...
Not long ago, Red Lobster was making headlines for all the wrong reasons—financial losses, restaurant closures, and a bankruptcy filing. But recently, the mood has shifted, and so has the menu. Thanks to its CEO, Damola Adamolekun, the iconic seafood chain is starting to feel like itself again, just a little fresher, marking a promising comeback for Red Lobster. Since taking the helm in August 2024, as AFROTECH™ previously reported, Adamolekun has been on a mission to bring Red Lobster back to life, meaning more than just shrimp deals and cheddar biscuits. It’s about creating a better dining experience, from the food on your plate to the smile that greets you at the door. A New Menu, Familiar Favorites, Real-World Value One of Adamolekun’s goals was to revitalize the menu by bringing back classic Red Lobster dishes and promotions. On Monday, the seafood chain announced the return of Crabfest, which includes items like a sirloin steak or salmon topped with crab, as well as seafood...
Authenticity and research fuel successful brand partnerships — and Aaron Walton recognized this long before it became the norm. At AFROTECH™ 2024 , Walton, CEO and founder of award-winning ad agency Walton Isaacson, joined Shardé Marchewski, Wayfair ‘s Head of Supplier Diversity , for a conversation on how aligning values and culture with the right celebrity can elevate storytelling and impact consumers. The session offered creatives a behind-the-scenes look at major brand collaborations and practical strategies for securing and executing high-impact campaigns. Walton’s brand story began after graduating from Babson College in 1983. With a passion for advertising , he joined the Pepsi-Cola Company as a research analyst, learning how to tell stories with data before being promoted into brand marketing , marking the start of a game-changing career. “The truth is everything that we do now, whether it is an event or some type of communication, starts with looking at what the business...
Amazon CEO Andy Jassy announced that the company plans to decrease its corporate workforce as it adopts more generative AI tools. “We will need fewer people doing some of the jobs that are being done today, and more people doing other types of jobs. It’s hard to know exactly where this nets out over time, but in the next few years, we expect that this will reduce our total corporate workforce as we get efficiency gains from using AI extensively across the company,” Jassy said in a company memo on Tuesday. He added that Amazon is utilizing AI to optimize inventory placement, enhance demand forecasting, and improve its robots, noting that this has resulted in lower costs and faster delivery speeds. Amazon announced in February that it will spend $100 billion on capital expenditures, driven by investments in artificial intelligence, according to CNBC. The company has reduced its workforce in recent years, having laid off over 27,000 employees since 2022, CNBC reported. AI’s Influence...
Marvin Ellison has made history as a Fortune 500 executive. Career Trajectory Back in the day, Ellison worked part-time at Target with paychecks reflecting compensation of $4.35 an hour as an employee, according to Fortune. Ellison, who holds a bachelor’s degree in business marketing from the University of Memphis and an MBA from Emory University’s Goizueta Business School, went on to serve as a director at Target for 15 years beginning in 1987, and later as executive vice president of stores at The Home Depot, according to his LinkedIn profile. CEO Of Lowe’s, Which Crossed $83.67B In Revenue Ellison transitioned to JCPenny as its CEO and now holds that title at Lowe’s where he has been since May 2018, a news release mentions. He has led the home improvement company to $83.67 billion in revenue and almost $7 billion in profits for 2025, per Fortune. “Attracting Marvin is a great win for the entire Lowe’s team. Marvin is an experienced retail CEO with extensive expertise in a complex...
Fawn Weaver does not believe selling your company is necessary to show you didn’t fail as an entrepreneur. As AFROTECH™ previously told you, Weaver is the founder and CEO of Uncle Nearest, a whiskey brand honoring the spirit of “Nearest” Green, a formerly enslaved man credited for teaching Jack Daniel how to make whiskey. The company has achieved remarkable success. It has a 458-acre distillery with the world’s longest bar (518 feet) in Shelbyville, TN, and sells its whiskey in more than 30,000 stores, bars, hotels, and restaurants. Additionally, the company surpassed a valuation of $1 billion, but if you think for a second Weaver plans on selling, think again. She has not warmed up to venture capitalists, private equity, or institutional lending. Instead, Weaver has relied on the support of individual investors. By 2023, she raised $225 million through this route, with individual investors not owning more than 2% to 3% of the company each (employees own less than 3%). Weaver...
TIAA President and CEO Thasunda Brown Duckett is now an investor in the WNBA’s New York Liberty. As AFROTECH™ previously told you, Duckett is one of two Black women CEOs of Fortune 500 companies. Now, she is making headlines for her minority stake in the New York Liberty as part of an investor group, Essence reports. Majority team owners, Clara Wu Tsai and her husband, Joe Tsai, raised capital through the group at a valuation of $450 million, which is a record for a professional women’s sports franchise, according to The New York Times. What’s more, Clara shared that she thinks the team is capable of becoming the “first billion -dollar women’s sports franchise.” The Tsais are also co-owners of the NBA’s Brooklyn Nets. Duckett expressed on Instagram, “Sports has made a profound impact in my life. It taught me grit, perseverance, teamwork and resilience. To be an investor in women’s sports and the NY Liberty franchise is truly an impact moment.” View this post on Instagram A post...
For the first time in its 71-year history, the 2025 Fortune 500 list shows that women lead 11% of the largest U.S. companies by revenue. Surpassing the 10% mark is a historic milestone in corporate leadership, Fortune reports. Now 55 women serve as CEOs of Fortune 500 companies, up from 52 in both 2023 and 2024. While this is positive news, only two of the 55 women are Black: Thasunda Brown Duckett, CEO of TIAA, and Toni Townes-Whitley, CEO of Science Applications International Corp. Historic Progress, But Representation Gaps Remain The rise in women-led companies is largely due to internal promotions. Per Fortune, companies such as Freeport-McMoRan, Principal Financial Group, Ulta Beauty, U.S. Bancorp, J.B. Hunt Transport, and Marathon Petroleum Corp. all appointed women from within their executive ranks to the CEO role. Notably: Kathleen Quirk was promoted from CFO to CEO at Freeport-McMoRan. Deanna Strable-Soethout now leads Principal Financial Group. Kecia Steelman was elevated...
Airbnb CEO Brian Chesky sought out Barack Obama’s mentorship. During an interview with former First Lady Michelle Obama, Chesky revealed that he sought advice from Barack after the conclusion of his presidency in 2017. He believed that Barack was well-positioned to offer guidance that could inform his leadership at Airbnb, a vacation rental company that now boasts more than 5 million hosts and over 2 billion guest arrivals, its website mentions. “Airbnb is a community. Who’s the most famous community organizer in the world,” Chesky said, alluding to Barack while speaking to Michelle. Chesky’s time learning under Barack Obama as a mentee involved completing various homework assignments that he said changed his life. By 2018, he says his daily routine included attending night school with Barack’s lessons and participating in weekly one-hour phone calls. While practical, he points out one piece of advice that has stood the test of time: to become more intentional. “He literally said,...
After more than six decades of leadership, Warren Buffett made a surprise announcement at the close of Berkshire Hathaway’s annual shareholders meeting on Saturday, May 3, 2025. According to CNBC, he revealed that Greg Abel will take over as CEO on Jan. 1, 2026. The board voted unanimously to approve the transition, with Buffett remaining as chairman. As news of the change spread, attention quickly turned to the future of Berkshire Hathaway stock, a long-standing indicator of investor confidence and corporate stability. “Buffett leaves a company that is less reliant on his investing capabilities, with an array of leading businesses with strong cash flows,” Brian Meredith, UBS’ Berkshire analyst, said via CNBC. Berkshire Hathaway Stock Responds To Leadership News Following the leadership announcement, Berkshire Hathaway stock experienced a brief dip of 5%. Class A shares fell 4.9% to $769,960, down from a record $809,350 the day before. Class B shares also declined, closing at...
Tesla CEO Elon Musk has acknowledged that the final version of the company’s Full Self-Driving (FSD) technology is not yet ready for public release — and there is no definitive date for when it will be available. During Tesla’s conference call following the release of its Q1 2025 financial results, Musk updated shareholders about the company’s self-driving plans, which he emphasized as essential to Tesla’s future, according to Daily Galaxy. Since 2016, Tesla has marketed vehicles claiming they have the necessary hardware for FSD features — significantly boosting sales of the FSD package — which can cost buyers up to $12,000. However, during the call, Musk said, “We’re going to have to upgrade the Hardware 3 computer” to achieve true self-driving capabilities, the outlet reported. The announcement sparked backlash from customers who felt misled, prompting Tesla to cover the costs of upgrading affected vehicles to the newer Hardware 4 — a move analysts estimate could reach hundreds of...
Marriott International’s leadership has reaffirmed its commitment to championing diversity, equity, and inclusion (DEI), maintaining its stance even as President Donald Trump announces opposition to such initiatives at the federal level. On April 10, 2025, Marriott CEO Anthony Capuano spoke at the Great Place to Work For All Summit in Las Vegas, NV, according to Fortune. The three-day event gathered thousands of executives from over 800 companies, and Capuano discussed how Marriott plans to navigate the changes to DEI. He shared that his initial response was to meet with his executive leadership team in Bethesda, MA, where they decided to take a week to research and deliberate before reconvening. Shortly after, while attending Americas Lodging Investment Summit in Los Angeles, CA, Capuano faced numerous questions about Marriott’s future approach to DEI. In response, he thought of conversations with his mentor and former chairman, Bill Marriott. “The winds blow, but there are some...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. Often, those who rank in seniority get to speak for the broader community. How long does that work though, and how long should it last? It’s a question that comes up whenever someone of a previous generation is asked to speak or is seen as a representative during a current crisis a community is facing. AFROTECH™ previously reported that after Target rolled back its commitments to DEI, the retail store has seen a decline in foot traffic for the past 10 weeks. Target was one of the brands that, in the wake of the murder of George Floyd in 2020, put a lot of time and money towards pushing for racial justice and diversity, equity, and inclusion across the board. After the decline, The New York Post reported that Target CEO Brian Cornell met with Reverend Al Sharpton about its DEI policies, but should Sharpton be the one speaking for us? Sharpton came to prominence during the 1970s with his focus on...
Rosalind “Roz” Brewer is a trailblazer. While Brewer has proven to be a corporate catalyst through her various high-ranking positions, it was her parents who set an example of excellence, both working at General Motors. In particular, her father worked several jobs simultaneously to support her education along with that of her siblings. “He didn’t have the choice to pursue even his high school diploma, but eventually achieved a significant management role in the auto industry. He displayed so much discipline and dedication to excellence,” Brewer, a Michigan native, explained in a Q&A with the NFL’s Atlanta Falcons, where she is part owner. View this post on Instagram A post shared by AFROTECH (@afro.tech) Brewer would go on to display the same characteristics she admired about her father. She attended Spelman College, graduating in 1984 with a degree in chemistry, before pursuing further education at the Director’s College at the University of Chicago Booth School of Business,...
Cost of Doing Business (CODB), the holding company co-founded by Topicals CEO Olamide Olowe and President Sochi Mbadugha, has acquired premium haircare brand Bread Beauty Supply. According to a news release, the acquisition is CODB’s first step in building brands that connect culture, community, and commerce — especially as many companies scale back their diversity, equity, and inclusion (DEI) efforts . “At a time when DEI commitments are being rolled back, it’s critical that Black-owned businesses not only survive — we have to win,” Olowe said. “Maeva Heim, BREAD’s Founder, is one of the most talented creatives in the space and has led BREAD to have a major impact in the hair care industry, and with CODB’s resources and expertise, we’re ensuring that it continues to grow while remaining deeply rooted in its mission and creative ethos.” Photo Credit: Gold Owolabi With Bread now under CODB, the brand is set for growth while preserving its commitment to textured hair care. The...