Caroline Wanga has left Essence Ventures after nearly five years as president and CEO.
Wanga joined the company in 2020, and had been on health leave since September 2024. In a press release issued on Monday, Aug. 25, Wanga said she would not be returning to her role.
“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.
Richelieu Dennis, founder and chairman of Sundial Technology and Media Group, parent company of Essence Ventures, praised Wanga for her work at the company.
“Her expertise in culture, equity, and organizational change has fueled progress across the Essence Ventures portfolio,” said Dennis. “Caroline has left an indelible mark on Essence and beyond, and we celebrate the many ways she has amplified our mission and impact.”
Related: Essence Festival Attendees Urge Organizers to ‘Turn Things Around’ After Missteps
Wanga’s departure comes at a pivotal time for Essence Ventures.
In recent weeks, the company has faced questions about its continued commitment to uplifting Black women after the 2025 Essence Festival of Culture in New Orleans.
Critics complained the long-running festival has “lost its soul” by pricing out small Black businesses and by placing less emphasis on workshops about issues affecting Black women, such as health disparities.
The complaints made global headlines when eight-time Grammy winner Lauryn Hill performed in a near-empty stadium because of massive delays, which the festival said were not her fault.
Then legendary R&B singer Stephanie Mills wrote an open letter to festival organizers on social media, saying her performance was “marred” by “technical difficulties.”
Entertainment journalist Kathia Woods, who covered the festival for the Philadelphia Tribune, told Urban Hollywood 411 in July that the festival suffered from “poor organization.”
As the criticism grew, Sundial boss Dennis did damage control. In an interview with Nola.com he said about the negative media coverage, “We’re listening to everything.”
Dennis noted that the festival received fewer corporate sponsorships this year as companies rolled back diversity initiatives. He said the state of Louisiana and the city of New Orleans offered less financial support this year as well.
“We need the city and the state funding to keep pace with the increase in costs,” he stated.
Days later, Dennis sat down with “The Breakfast Club” and admitted, “We didn’t do as good of a job as we normally do.”
He told the show’s hosts part of the problem was the number of independent Black music festivals nationwide has dwindled.
Still he said, Essence Ventures remains committed to having a Black production partner in New Orleans, but must help them “develop and grow.”
“Next year we will have a local, well-trained, well-developed partner in that area because we got the experience we had this year,” Dennis said.
“Our job is to train them up. It’s not their fault, it’s our fault. If we’re going to go that route, we have to continue to make sure that we’re investing in their development and in their training,” he added.
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