• Business

by Selena Hill

October 22, 2026

Universal Music Group Cuts Jobs, Def Jam CEO Tunji Balogun Exits

Tunji Balogun’s planned departure comes amid job cuts and executive changes at UMG.

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Universal Music Group (UMG) is cutting jobs across its U.S. and U.K. businesses and preparing for a leadership shake-up amid shifting economics in the global music industry.

According to Variety, the layoffs are part of a restructuring process announced in January 2024 that has continued into 2026. The changes include the departures of several senior executives at major labels, including Def Jam, Interscope, and Republic Records. Tunji Balogun, chairman and CEO of Def Jam Recordings, is among those leaving, although he is expected to remain through the end of the year to help with the transition. The Nigerian-American record label executive took the role in 2022, two years after Def Jam Africa launched in Nigeria, South Africa, Ivory Coast, Senegal, and Cameroon, with offices in Lagos and Johannesburg, reports More Branches. The label has since signed major African artists, including Adekunle Gold in 2023 and Odumodublvck in 2024.

Republic Records Chairman and Co-CEO Jim Roppo is also reportedly departing, while other executives are taking on expanded leadership responsibilities across the company’s label operations.

The moves reflect UMG’s effort to streamline its business while adapting to changes in how audiences discover music, artists build fan bases, and labels generate revenue. The company reported nearly $7.2 billion in revenue for the first half of 2026, a 5.3% increase from the same period a year earlier. However, UMG has also faced costs associated with integrating its $775 million acquisition of Downtown Music.

In a statement to Variety, a UMG spokesperson said the company was focused on anticipating industry changes, strengthening artist development, and capturing opportunities in fast-growing areas of the music business.

“Our consistent success has been built on our ability to anticipate industry changes, act early to better serve all our artists and songwriters, and capture opportunities in music’s fastest-growing areas. Our industry-leading investment in artist development has always guided that work and will continue to do so. We’re bringing in new skills and technology and connecting expertise across our teams to deliver greater global impact and greater efficiency. Where we have made the difficult decision to remove certain roles, we are deeply grateful for the contributions of the people leaving us,” a UMG spokesperson said.

The restructuring comes as traditional music discovery channels face increased competition from social media and other digital platforms. Streaming, which fueled significant industry growth beginning in the mid-2010s, has also moved beyond its earlier period of rapid expansion. For independent artists, managers, producers, and music entrepreneurs, these shifts underscore the importance of understanding how the music business is evolving. Digital platforms can help artists reach audiences directly, but building a sustainable career still requires effective marketing, audience development, and diversified revenue opportunities.

The changes are not limited to Universal. Warner Music Group and Sony Music have also made workforce reductions in recent years. As the music industry continues to adapt to shifting consumer behavior and new technology, the challenge for companies is to control costs without weakening their ability to discover talent, develop artists, and compete for audiences.

RELATED CONTENT: #SMW Lagos 2016: The Music Industry and Women in Tech

• Health and Wellness

by Mitti Hicks

October 22, 2026

Women In U.S. Have Limited Access To Less Expensive, Invasive Breast Cancer Treatment

The Food and Drug Administration (FDA) approved IORT in 1999.

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Intraoperative radiation therapy (IORT) costs cancer patients less time and money in treatment and is less invasive compared to traditional radiation treatments for breast cancer. Access, however, is limited in the United States.

The Food and Drug Administration (FDA) approved IORT in 1999. It’s a treatment that involves just a single dose of radiation to a patient’s breast tissue after surgery, compared to whole or partial breast radiation treatments that often require multiple sessions and more money.

IORT is not recommended for every breast cancer patient.  It’s an excellent option for candidates who are postmenopausal with an early-stage diagnosis, very small tumors, and no evidence of lymph node involvement.

Breast surgeons, however, tell NBC News that it’s harder to find IORT treatment options in the United Staets because it cuts into the revenue of doctors and hospitals who make a ton of money from traditional radiation treatments.

Breast Cancer Treatment: IORT Vs. Radiation

Radiation oncologists who perform IORT reportedly receive $525 per treatment, far less than the $1,300 they receive when performing whole breast radiation with five sessions and the $1,730 generated by 15 sessions, according to Medicare estimates from 2022. The benefits for hospitals and doctors don’t end there—patients also have to pay facility fees with each visit.

It’s important to note that breast cancer surgeons receive the same amount regardless of IORT treatments, whole breast irradiation, or partial irradiation.

While IORT has similar long-term survival outcomes and eliminates the potential for burns on the skin and life-threatening damage to the heart and lungs, the American Society for Radiation Oncology (ASTRO) does not recommend it for patients outside of clinical trials. One issue, according to ASTRO, is the recurrence rate. Research indicates slightly higher cancer recurrence rates when compared to those who undergo whole breast irradiation.

But countries such as Europe, South America, and Asia have been using IORT for more than two decades.

“This is about money and greed,” Dr. Phillip Ley, the director of oncology services at Merit Health Surgical Oncology, told NBC News.

RELATED CONTENT: D’Angelo, Neo-Soul Pioneer and Three-Time Grammy Winner, Dies at 51

• Tech

by Selena Hill

October 21, 2026

SpaceX To Acquire Assets From David Grain’s Investment Firm For $8 Billion

SpaceX’s planned acquisition of Grain Management’s wireless spectrum assets signals an ambitious push into mobile connectivity.

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David Grain is at the center of an $8 billion telecommunications deal that could reshape the U.S. wireless industry. His investment firm, Grain Management, has agreed to sell its nationwide 800 MHz wireless spectrum portfolio to Elon Musk’s SpaceX, positioning the satellite company to expand its Starlink Mobile ambitions.

The agreement includes up to 14 MHz of low-band spectrum, which can carry signals over long distances and improve cellular reception inside buildings. SpaceX plans to combine the assets with its Starlink satellite network to expand direct-to-phone connectivity and challenge established carriers, including AT&T, Verizon, and T-Mobile.

Grain Management, which focuses on communications and related infrastructure, has built its business around acquiring and managing assets that support connectivity since its launch in 2007. Before founding the firm, Grain held executive leadership roles at companies like Global Signal, AT&T, and Morgan Stanley & Co. In March, he joined an elite group of African American billionaires that includes Oprah Winfrey, Tyler Perry, and Shawn “Jay-Z” Carter, with a whopping net worth of $2.3 billion.

“For nearly 20 years, we have built Grain to see opportunity where others see complexity,” said Grain, according to Data Center Dynamics. “Our spectrum expertise allows us to connect the strategic value of these assets with the technologies and operators that can realize their potential.”

The transaction follows Grain Management’s acquisition of the spectrum portfolio through a $2.9 billion exchange with T-Mobile in August, according to Data Center Dynamics. The subsequent agreement with SpaceX underscores how strategic infrastructure holdings can attract buyers seeking to expand into emerging markets.

Musk described the acquisition as the final piece of Starlink’s spectrum strategy. Following the announcement, shares of AT&T, Verizon, and T-Mobile reportedly fell between 5% and 7.3% in extended trading, reflecting investor concerns about increased competition.

The deal could also create opportunities for businesses supporting wireless expansion, including telecommunications equipment providers, fiber-network contractors, and infrastructure maintenance companies. However, SpaceX will still need regulatory approval and significant investment to build a competitive terrestrial network.

For Grain, the proposed sale represents a major moment in the commercialization of wireless spectrum. For the broader industry, it signals that control of critical connectivity assets could become increasingly valuable as satellite and terrestrial networks converge.

RELATED CONTENT: David Grain Enters The Black Billionaire Club

• Uncategorized

by BLACK ENTERPRISE Editors

October 21, 2026

From Tech Expert To Executive Leader: 5 Moves Black Women Can Make In Cybersecurity

Technical excellence can make you indispensable. Strategic influence makes your value visible.

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Written By Dora Mensah

There comes a point in your career when being the person who knows the answer is no longer enough.

You can be the person leadership calls when an assessment is going wrong, when a risk needs explaining, or when a difficult compliance issue needs resolving, and still discover that being indispensable technically is not the same as being positioned for leadership.

For many Black women in cybersecurity, that is a familiar place.

We assess risk, review vulnerabilities, lead audits, interpret regulatory requirements, manage remediation efforts, and help organizations make critical decisions.

The challenge is making sure that contribution is recognized for what it really is: leadership.

After almost a decade working in cybersecurity governance, risk, and compliance, particularly in complex public-sector environments, I realized that advancing required something different from me.

I did not need to abandon my technical expertise.

I needed to learn how to translate it into influence.

I think about that transition through what I call the SCALE Framework: Speak the language of business, Capture your impact, Articulate at the executive level, Leverage sponsorship, and Execute at the next level now.

S — Speak the Language of Business

Identifying a technical problem is only half the job.

Executives need to understand what that problem means to the organization.

A vulnerability is not simply a vulnerability. It may represent operational disruption, regulatory exposure, financial loss, reputational damage, or an inability to deliver critical services.

A control deficiency is not simply a failed control. It may mean the organization is carrying more risk than leadership realizes.

Instead of stopping at “This control is ineffective,” explain what could happen if it is not corrected, how serious the exposure is, and what decision leadership needs to make.

That is the shift from reporting problems to influencing decisions.

Before your next leadership briefing, ask yourself: If I removed the technical terminology, could I still explain why this matters to the business?

If not, keep translating.

Technical excellence can make you indispensable. Strategic influence makes your value visible.

C — Capture Your Impact

There is a difference between responsibility and impact.

“Conducted security assessments” describes a responsibility.

“Led assessments across multiple systems, identified recurring control weaknesses, and helped improve assessment readiness and remediation timelines” communicates impact.

Keep track of the problems you solved, the processes you improved, the risks you reduced, the teams you influenced, and the decisions you helped shape.

This is especially important for Black women who may find themselves carrying significant responsibilities without receiving equally visible recognition.

You cannot always control who notices your work.

You can control whether you know how to articulate its value.

Create an impact document and update it regularly. Record measurable outcomes when possible: assessments completed, systems supported, timelines improved, teams led, processes created, or risks reduced.

Do not wait until your next interview, performance review, or promotion opportunity to remember what you accomplished.

A — Articulate at the Executive Level

Technical credibility may get you invited into the meeting.

Communication determines whether people listen when you get there.

Executive communication is not about sounding more impressive. It is about communicating clearly, confidently, and concisely.

Senior leaders usually need to understand three things:

What is happening?

Why does it matter?

What do you recommend?

You should know the technical details and be prepared to defend your analysis. But you do not have to lead with every detail you know.

Lead with the message.

Before walking into a senior-level meeting, ask yourself: If I had only two minutes, what would leadership absolutely need to understand?

Executive presence is not about sounding important.

It is about making complicated things understandable enough for people to act.

L — Leverage Sponsorship

Mentorship matters, but mentorship and sponsorship are not the same.

A mentor may give you advice.

A sponsor says your name when you are not in the room.

Sponsors recommend you for opportunities, introduce you to decision-makers, advocate for your potential, and put you forward for assignments that expand your visibility.

Sometimes, particularly as Black women, we assume the answer to advancement is another certification, another degree, or another credential.

Education matters. I have invested heavily in mine.

But there comes a point when the question becomes less, “What else do I need to prove?” and more, “Who knows what I can do?”

Build relationships with leaders who can see how you think, solve problems, and lead.

Do excellent work. Build trust. Take on meaningful assignments. Ask thoughtful questions. Let people see you operate beyond the boundaries of your job description.

Sponsorship grows where credibility, visibility, and relationships meet.

Your next promotion may not require you to know more.

It may require more people to understand the value of what you already know.

E — Execute at the Next Level Now

Do not wait for a promotion to begin leading.

Volunteer to lead the project.

Mentor someone newer to the field.

Improve the broken process.

Facilitate the difficult meeting.

Bring teams together.

Present the recommendation.

Take ownership when the path forward is unclear.

At some point in your career, your value is no longer measured only by how well you execute your own work. It is also measured by your ability to create clarity, develop people, influence decisions, and move an organization forward.

Ask yourself: What am I doing in my current position that demonstrates I can operate at the next level?

If the answer is difficult to identify, find an opportunity to lead now.

It’s Time to SCALE

For Black women in cybersecurity, the next level may not require becoming more technically capable.

Many of us are already highly capable.

The next move may be learning to position that capability differently.

Speak the language of business. Capture your impact. Articulate at the executive level. Leverage sponsorship. Execute at the next level now.

That is how we SCALE.

A seat at the table is important.

But a seat alone is not the goal.

The goal is to influence the conversation, shape the decision, lead the people, and help determine what happens next.

For Black women in cybersecurity who have spent years proving we can do the work, the next season may not be about proving we belong.

It is about leading like we already know we do.

RELATED CONTENT: Shaq Gets Serious About Cybersecurity After Getting Hacked

• Politics

by Black Enterprise

October 21, 2026

NAACP Partners With Former Vice President Kamala Harris For Midterm Town Halls

These upcoming activations expand an extensive mobilization circuit

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The NAACP announced a partnership with 49th Vice President Kamala D. Harris to direct national focus toward the approaching democratic turning point and mobilize voter turnout across key battleground regions ahead of the 2026 midterm elections.

NAACP President and CEO Derrick Johnson will join Harris to anchor critical community conversations. They will headline upcoming events in Milwaukee on Oct. 26, and Atlanta on Oct. 29. Each regional gathering will feature an intimate fireside chat that fosters civic engagement, highlights community leadership, and tackles systemic challenges facing marginalized voters.

This collaborative effort directly answers the urgent need for year-round mobilization, grassroots organizing, and robust voter education ahead of critical local, state, and national elections.

NAACP town hall talks will drive civic engagement and voter turnout

The upcoming town halls are the centerpiece of the organization’s comprehensive, nonpartisan voting rights strategy. Rather than treating civic outreach as a seasonal campaign duty, civil rights leaders emphasize sustained grassroots organizing and grassroots activism to build informed constituencies.

“The NAACP has been at the forefront of protecting voting rights and ensuring our communities have a voice in our democracy,” Johnson said in a press release provided to BLACK ENTERPRISE. “Our work doesn’t begin or end on Election Day. From voter education to grassroots organizing, we remain committed to building informed, engaged communities. We look forward to continuing that work alongside Vice President Harris in Milwaukee and Atlanta.”

The events offer attendees nonpartisan voter education resources, direct access to local organizers, and practical steps for community involvement. For official guidance on voter registration status and regional voting procedures, voters can consult state election authorities or review information on the U.S. Election Assistance Commission Portal.

Detroit, Milwaukee, and Atlanta are integral hubs

Selecting Milwaukee and Atlanta underscores the strategic importance of urban hubs in defining national legislative balances. As historically pivotal battlegrounds, both metropolitan centers represent key mobilization zones where civil rights advocacy and robust community outreach directly shape democratic representation.

According to the NAACP website’s We the People Town Halls Hub, these upcoming activations expand an extensive mobilization circuit. The strategy builds directly on momentum from a Sept. 22, voter education gathering at Fellowship Chapel in Detroit, Michigan, where Detroit Branch President Rev. Dr. Wendell Anthony, Rev. Dr. Genetta Hatcher, and Vice President Harris led discussions.

To verify state voting information, voter enrollment tools, and regional logistics, voters can visit state portals such as the Georgia Secretary of State Elections Division or the Wisconsin Elections Commission.

RELATED CONTENT: NAACP Launches Health Equity Map That Tracks How Race And Zip Codes Impact Quality Of Life

• News

by Selena Hill

October 21, 2026

White-Owned Harlem Bagel Shop Faces Backlash Over ‘Blackface Bagel’ Mascot

Bo’s Bagels removed its controversial mascot after critics called it racist

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A Harlem bagel shop has removed its cartoon mascot after accusations that the artwork resembled racist stereotypes sparked backlash online.

Bo’s Bagels, a white-owned eatery on West 116th Street in New York City, displayed a life-size cardboard cutout of a cartoon bagel wearing sunglasses, gold grills with the words “Harlem World,” and a gold ring marked “NYC.” The sign also doubled as a chalkboard advertising the business.

The controversy began last week when Harlem-based photographer Carl Broady criticized the mascot in an Instagram post, describing it as a “disrespectful caricature of Black people,” reports The New York Post. Broady argued that its exaggerated facial features, prominent lips and teeth, and darkened skin tone evoked racist imagery historically used to demean African Americans. The debate gained traction after TikTok creator Anastazia X recorded a video outside the shop and called the mascot a “blackface bagel.” In the video, which has since received nearly 90,000 views and 11,000 likes, she said she contacted the shop’s owner about her concerns but received no response.

“The fact that they made the bagel the brown shade it is, the hands and legs are also that same brown, and gave the bagel stereotypical signifiers of Black culture make it problematic. It can’t just be written off as a silly bagel character; it has grillz,” wrote TikTok user @insbecktor_gadget as a comment on the video.

Bo Bagels owner Andrew Martinez, however, disputed the characterization of the mascot and said the controversy escalated into threats and harassment directed at him and his employees.

“It got completely out of hand by a bunch of people who know nothing about us,” said Martinez, a native New Yorker who’s lived in Harlem for nearly 20 years, to the Post. He said the backlash included insults directed at the shop’s Black employees, with callers allegedly telling them their employers hated them. Martinez added that Bo’s Bagels donates to local schools and provides food to homeless shelters. Nevertheless, he said the response forced him to remove the mascot.

Tom Sanford, the Harlem-based artist who created the mascot, also defended the design as cultural expression rather than an attempt to demean Black people.

“Personally, I do not see uptown streetwear culture in a negative light at all,” he told the Post. “To me, these items represent overwhelmingly positive cultural contributions that came from the streets of my neighborhood and crossed over into the mainstream.”

Community members were divided over the mascot. Some agreed with the criticism, while others rejected the accusation that the sign constituted blackface. One longtime 43-year-old Harlemite said the bagel had “stereotypical imagery.” 

“The gold chains, whatever else was on it, that’s just like a caricature they used to show back in the olden times…but this time it just happens to be on a bagel,” he told the Post.

On the other hand, 39-year-old Genisha Metcalf said critics have gone “too far ” by calling the sign “racist.”

“That’s not blackface,” she said.

RELATED CONTENT: Coco Gauff Faces Racist Online Backlash After China Open Controversy

• Health and Wellness

by Ahsan Washington

October 21, 2026

Tap Into This Resource Guide For Breast Cancer Survivors

There’s an urgent need for resources that are tailored, well‑funded and culturally competent for Black women.

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In 2026, the breast cancer mortality rate for Black women remains 40% higher than that of white women, underscoring an urgent need for resources that are tailored, well‑funded, and culturally competent.

Eight institutions are deeply rooted in the Black community: two Black‑led organizations that provide grants to women navigating breast cancer; three research institutes focused on advancing science for women; and three groups that prioritize therapy and mental‑health support for Black survivors and their caregivers.

BLACK ENTERPRISE highlights each institution’s purpose, how it operates, and why it matters, so readers from coast to coast can tap into the support many Black women rightly deserve.

Financial Assistance for Black Breast Cancer Survivors

Sisters Network® Inc. – Karen E. Jackson Breast Cancer Assistance Program 

Sisters Network® Inc.’s Karen E. Jackson Breast Cancer Assistance Program (BCAP) provides financial aid up to $350 for housing and utility expenses to Black breast cancer survivors actively undergoing treatment. It also offers access to 3D mammograms for uninsured women through partnerships with leading mammography screening facilities.

Keep A Breast Foundation – Give Back Grant

The Keep A Breast Foundation’s Give Back Grant is for women of color diagnosed with breast cancer by offering a boost up to $500 to help offset costs throughout treatment and beyond. Acknowledging the hurdles this community faces within the healthcare system, the grant operates nationwide. The foundation places an emphasis on supporting BIPOC communities.

Research Initiatives Focused On Black Breast Cancer Survivors

Women’s Circle of Health Follow-Up Study

The Women’s Circle of Health Follow‑Up Study is an ongoing investigation in New Jersey that scrutinizes how obesity and its associated comorbidities affect breast‑cancer survival and the everyday quality of life of women. By homing in on the obstacles Black breast‑cancer survivors confront, the project aims to tackle health disparities.

Dr. Lucile Adams-Campbell, Epidemiological Research

Dr. Lucile Adams‑Campbell, an epidemiologist, heads a research agenda that probes how lifestyle tweaks might blunt disease risk breast cancer, among African‑American women. The project’s purpose is to sculpt community‑focused strategies that could temper cancer risk via habit changes within the Black community. She pursues this work out of the National Institutes of Health (NIH).

Dr. Bonnie (Bo) Qin, Breast Cancer Survivorship Research

Dr. Bonnie Qin is a researcher in Breast Cancer Survivorship Research at the Rutgers Cancer Institute in New Jersey. The research explores the impact of lifestyle patterns, social determinants of health, and inflammatory mechanisms on breast cancer survivorship among Black women. The research aims to identify factors influencing long-term health outcomes and develop targeted interventions for Black breast cancer survivors.

Mental Health Resources for Black Breast Cancer Survivors

TOUCH, The Black Breast Cancer Alliance—“Pink Table Talk”/Support & Awareness + Mental Health Resources

TOUCH, a Black‑led advocacy organization runs a recurring series called “Pink Table Talk” that delves into mental health issues, survivorship challenges, and emotional resilience. They also maintain a “BlessTie Resources” hub packed with mental health links. The talks, which take place weekly or monthly, reach Black women nationwide via virtual channels such as social media feeds. In these forums, TOUCH creates an attuned space where survivors can share their stories and begin to heal and connect with mental health referrals. They also unveiled Black TNBC Sanctuary, a resource hub delivering mental health support and integrative care services specifically designed for patients with breast cancer.

African American Breast Cancer Alliance—Online Support Group (SMIS: Sisters & Misters In Survival

The African American Breast Cancer Alliance (AABCA) offers support to patients and survivors through its web‑based circle SMIS (Sisters & Misters In Survival). Inside SMIS folks can speak candidly with peers, tap into outreach and join support circles. Sessions swing between Zoom calls and where geography permits, in‑person gatherings. AABCA’s nationwide web of chapters keeps the in‑person meet‑ups humming. Emotional and psychosocial support provide a lifeline when confronting a cancer diagnosis and peer groups step in to break down isolation, swap coping playbooks, and point members toward mental health professionals.

Carrie’s TOUCH (mental health + peer support app/counseling referrals for Black survivors)

This nonprofit humanizes the breast cancer experience of Black women and men. It offers mental health resources, support group matching, low-cost therapy referrals, survivor stories, and a mobile app for emotional wellness services. Founded nearly 20 years ago, Carrie’s TOUCH is active nationally through its app, online, and via local partnerships. It bridges the gap between mental health platforms for Black breast cancer survivors by curating resources, matching users to culturally competent therapists, and fostering community.

RELATED CONTENT: 8 Apps That Can Help Navigate Breast Cancer Care

• Men

by BLACK ENTERPRISE Editors

October 20, 2026

10 Years Of Black Enterprise’s XCEL Summit Honorees

As the summit marks 10 years of honoring excellence, this list looks back at the standout honorees

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For a decade, the BLACK ENTERPRISE XCEL Summit has spotlighted the innovators, executives, entrepreneurs, and changemakers redefining leadership across business, technology, media, and culture. As the summit marks 10 years of honoring excellence, this list looks back at the standout honorees whose vision, influence, and impact have helped shape industries and open doors for the next generation. From boardrooms to startups, from entertainment to public service, these leaders embody the ambition, resilience, and forward-thinking spirit that continue to drive Black excellence. Join BLACK ENTERPRISE at the XCEL Summit taking place in Orlando, Florida, at the Hyatt Regency Grand Cypress on Oct. 21-Oct. 23, 2026.

2025

George C. Fraser: Founder, FraserNet Inc.

Rev. Dr. W. Franklyn Richardson: Senior Pastor, Grace Baptist Church

Larry Fitzgerald Jr.: Chairman & CEO, Larry Fitzgerald Foundation; Former NFL Player, Philanthropist, Investor

John Hope Bryant: Founder, Chairman & CEO, Operation HOPE, Inc.; Bryant Group Ventures L.L.C.

Troy Taylor: Founder, Chairman & CEO, Coca-Cola Beverages Florida

Robert Smith: Founder, Chairman & CEO, Vista Equity Partners

2024

Ed Gordon: President, Ed Gordon Media

Steven Williams: Chief Executive Officer, PepsiCo Foods North America

R. Donahue Peebles: Chairman & CEO, The Peebles Corporation

D.L. Hughley: Actor, Comedian & Author, The D.L. Hughley Show

2023

Anthony Anderson: Emmy & Golden Globe Nominated Actor

Chris Womack: President & CEO, Southern Company

David Grain: CEO, Grain Management L.L.C.

Shannon A. Brown: President & CEO, BCS Consulting Services; Retired SVP, Eastern Division U.S. Operations and Chief Diversity Officer, FedEx Express

2022

Ben Crump: Civil Rights Attorney

Arnold W. Donald: President & CEO Carnival Corporation & PLC

Kirk McDonald: CEO, GroupM North America (NA)

Ray Robinson: Chairman, Citizens Banchares Corporation

Grant Hill: Owner, Vice Chairman of the Board, Atlanta Hawks

2021- 2020:

The XCEL Summit was paused during the COVID19 pandemic. Like the rest of the world, BE pivoted to an online presence, hosting a virtual summit featuring one-on-one interviews and panel discussions to compensate for the in-person experience.

2019

Marc. H. Morial: President & CEO, National Urban League

Rev. Jesse Jackson: Founder, Rainbow PUSH Coalition

Jerome “The Bus” Bettis: Philanthropist, Entrepreneur, Pro Football Hall of Fame Inductee

Eddie Levert: Lead Singer, Songwriter, Founding Member of The O’Jays

2018

Kenneth Chenault: Chairman and Managing Director, General Catalyst; Former Chairman & CEO, American Express Co.

Tommie Smith: U.S. Olympic Gold Medalist

Bishop T.D. Jakes: Bishop, Potter’s House Ministries; CEO, TDJ Enterprises L.L.P.; The Potter’s House of Dallas

2017

Congressman John Lewis: Congressman, Civil Rights Leader

John W. Rogers Jr.: Chairman & Chief Executive Officer, Ariel Investments

Robert Townsend: Award-winning TV/Film Director, Actor, Comedian

Lonnie Bunch: Founding Director, Smithsonian National Museum of African American History and Culture

To witness the 2026 BLACK ENTERPRISE XCEL Summit honoree ceremony, join BE in Orlando, Florida, at the Hyatt Regency Grand Cypress on Oct. 21-Oct. 23, 2026.

RELATED CONTENT: BET Founder Robert L. Johnson To Receive XCEL Honors At BLACK ENTERPRISE’s 2026 XCEL Summit For Men

• Politics

by Selena Hill

October 20, 2026

Rep. Maxine Waters Fights To Keep House Financial Services Leadership Role

Concerns about her age, fundraising, and the need for generational change are fueling a debate among Democrats over who should lead the party’s financial services agenda

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Allies for Rep. Maxine Waters are rallying to help her retain her leadership position on the House Financial Services Committee.

The 88-year-old California House representative’s effort to remain the committee’s top Democrat comes as Reps. Sean Casten, 54, and Bill Foster, 71, of Illinois have emerged as potential challengers, according to POLITICO. Concerns among some Democrats about Waters’ age and fundraising abilities have contributed to calls for a leadership transition. Some lawmakers argue that the party’s senior members should make room for a younger generation to lead. Waters, however, says she’s still up for the job despite her age.

“If you take a look at my energy and what I do—I am Auntie Maxine,” Waters told Politico in March. “I’m the one who popularized ‘reclaiming my time.’ … I don’t know who’s got more energy, more concern. And so, Maxine Waters seems to be doing alright.”

The debate comes as Democrats confront questions about their leadership pipeline and how best to position the party for future elections. Fundraising remains a critical measure of political influence and helps lawmakers support campaigns. Concerns about a leader’s fundraising capacity can therefore factor into internal contests for influential committee positions.

But seniority and experience remain important considerations. Waters has led Democrats on the Financial Services Committee since 2013 and previously served as its chair when Democrats controlled the House. Her supporters are working to secure backing from colleagues, while House Minority Leader Hakeem Jeffries and other Democratic leaders have maintained a neutral stance in the contest, according to Semafor.

The leadership dispute carries implications for business owners, entrepreneurs, and investors because the committee oversees banking, securities, housing, and other areas of financial policy. Its leaders help determine which issues receive congressional attention through hearings, legislation, and investigations.

Small business lending is one area where the committee’s priorities could matter. Entrepreneurs often rely on loans and lines of credit to launch companies, purchase equipment, hire employees, and expand operations. Access to information about lending decisions can help policymakers assess whether financial institutions are serving business owners equitably.

Waters has supported greater transparency in small business lending, including implementation of Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The provision requires financial institutions to collect specified information about small business credit applications, helping regulators and researchers examine lending patterns.

“Small businesses are the backbone of the American economy,” Waters said in a statement published by House Financial Services Committee Democrats.

The committee’s work also encompasses housing affordability, consumer financial protections, digital assets and oversight of major financial institutions. Those issues can affect entrepreneurs through borrowing costs, access to capital, payment technology, and the financial resources available to employees and customers.

RELATED CONTENT: How To Thrive Amid Ageism At Work