Caroline Wanga Steps Down As President And CEO Of ESSENCE Ventures
Caroline Wanga is stepping down from her role as president and CEO of ESSENCE Ventures. Wanga joined the company in 2020 but took a one-year leave due to health reasons. On August 25, ESSENCE Ventures issued a press release stating that Wanga would be leaving the company indefinitely, according to Black Enterprise.
“We are profoundly grateful to Caroline for her leadership, vision, and unwavering advocacy of Black women and culture,” Richelieu Dennis, founder and chairman of Sundial Technology & Media Group, parent company of ESSENCE Ventures, said.
“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.”
Wagna’s departure
Wagna’s exit from the company comes shortly after the 2025 ESSENCE Festival of Culture, which faced backlash for its programming and accessibility, according to Blex Media. Though a few people tried to associate her departure with the criticism of the festival, Wagna states that this is not the case.
She reposted a caption she originally shared on July 10, 2025, a few days after the festival.
“#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 wrote.
Wanga’s impact at ESSENCE
During Wanga’s tenure at ESSENCE Ventures, she helped the company expand its business through events such as Afropunk and Beautycon, as well as innovations like Essence Studios.
“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.
Before joining ESSENCE, Wagna spent 15 years at Target, where she rose to the position of Chief Culture, Diversity, and Inclusion Officer.
Image: Richard Bord | Getty Images Entertainment
