Latest news with #AmericanStockExchange
Forbes
16-05-2025
- Business
- Forbes
Book Review: Afro Sheen Is A Blueprint For Black Economic Power
By Sonari Glinton | Forbes Contributor If you care about Black entrepreneurship, business history, or the roots of modern branding, Afro Sheen by George E. Johnson is here for you. This memoir tells the real story behind Johnson Products, the first Black-owned company on the American Stock Exchange. Johnson straightened Black hair with Ultra Sheen and celebrated it with Afro Sheen. He helped fund Soul Train and kept the civil rights movement afloat. Johnson not only ran one of the most important Black companies, but he also built a model for Black power on his terms. If only modern Black moguls followed his template. Even if you've never heard of George Johnson, you've seen his work. It was on the shelves, on your TV, in the music, in the mirror. Johnson didn't have a college degree or institutional investors. He did have hustle galore, chemistry skills, and vision. Johnson started working at age 6, getting blood out of the overalls of a stockyard working neighbor. He dropped out of Chicago's legendary Wendell Phillips High School after two years. Wendell Phillips produced Nat King Cole, Gwendolyn Brooks, and Sam Cooke. After getting denied a $250 loan for a business, he lied to a loan officer about needing vacation money and walked out with a check. He started his business in a makeshift lab and built it into a $39 million company by the mid-1970s. That's over $ 215 million today. But Johnson wasn't simply hustling to feed his family; part of his mission was to serve the community. And throughout the book, you can read about his commitment to and his involvement in the community. Probably as consequential as his company (especially to denizens of the South Side of Chicago) was his co-founding of Independence Bank. Johnson Products offered maternity leave, profit-sharing, and health insurance. This was at a time when most companies, Black or white, didn't. Johnson's career is instructive for entrepreneurs, as Jason Wingard wrote in this publication. The entrepreneur Johnson gives credit for his career to another Chicago business great, S.B. Fuller. Fuller (who mentored George Johnson and publishing giant John Johnson) was a former sharecropper who became a multimillionaire selling soap door to door. Fuller taught him that capitalism, when used right, could lead Black folks to liberation. Johnson took the lesson and built something even bigger. He used his company cafeteria as a launchpad for Jesse Jackson's Operation Breadbasket. That story is wild. Jackson was broke and still in the seminary. Johnson pulled together a group of Black businessmen to cover his rent and back a push to get Black-owned products on grocery shelves. When Dr. King needed payroll covered, Johnson wrote the check. Upon receiving the loan, King wept. The book also lays out just how much the mainstream beauty industry ignored Black folks. White-owned companies didn't market Black consumers, and Black folks didn't trust the few hair care products made by white companies. This was a time when Black men straightened their hair to pass. Black women spent real money and time (!) in salons. Often, barbers and stylists acted as amateur chemists, mixing batches of their own products. Johnson saw the opportunity. Probably most consequentially were his efforts to reach Black heads and pocketbooks. He knew TV ads weren't aimed at Black audiences. So he didn't just buy airtime, he produced a TV show and then gave Don Cornelius the money to start Soul Train. I dug into this story for Planet Money in 'Soul Train and the Business of Black Joy'. George Johnson and Don Cornelius weren't just selling music or beauty products. They were building a distribution network for Black culture and monetizing it. 'We started on TV in October of '71. That year, sales were $11.2 million. By 1975, $39 million… Absolutely because of Soul Train.' One of Johnson's closest collaborators was Tom Burrell, the ad legend who said, 'Black people are not dark-skinned white people.' Johnson didn't need to be told that. He was producing commercials featuring Afros, dark skin, and joy, decades before that was mainstream. Reading Afro Sheen, I kept thinking about how much of George Johnson's influence we just absorbed without naming it. Afro Sheen was in every Black household I knew. But nobody talked about the fact that the man behind it was funding civil rights, building banks, and cutting checks to Dr. King. Soul Train wasn't just a vibe—it was a business move that helped anchor Black Hollywood. 'We had just put up a 30,000 square foot new headquarters… he looked up at the building... and he said... 'This is Black Power.'' Johnson built a modernist headquarters in Chicago's Chatham neighborhood, right along the Dan Ryan. The plaza had sculptures, brick pyramids, clean lines, and big signage. It was a message to the city of Chicago, on its way to work. When Dr. King toured the building in 1966, he looked around and said, 'This is Black Power.' And he was right. If Afro Sheen were fiction, it would sound too perfect. But it's real. And Johnson gives us the receipts. This book belongs on the shelf next to Shoe Dog, Built to Last, and The Autobiography of Malcolm X, because it's all three at once. I interviewed Mr. Johnson for an upcoming Planet Money episode. You'll be able to hear his voice in that story soon. You can also watch a clip of our conversation now on my Substack, Vanilla is Black. This isn't nostalgia. It's a blueprint. And right now, when Black businesses are still undercapitalized and cultural landmarks keep disappearing, this story matters more than ever. We'd be fools not to study it. Enjoyed this piece? I break these stories down weekly on my Substack, Vanilla is Black.
Bloomberg
02-05-2025
- Business
- Bloomberg
Masters in Business
Barry speaks with Sander Gerber, Hudson Bay Capital CEO and CIO. Hudson Bay is a global, multi-strategy investment firm. In 2008, Mr. Gerber developed the Gerber Statistic, which was accepted as an innovation complementary to his own work by the late Dr. Harry Markowitz, the Nobel Prize-winning economist and father of Modern Portfolio Theory (MPT). The Gerber Statistic is utilized by Hudson Bay to identify the co-movement of financial assets, enabling early detection of concentration risks and insufficient diversification. Mr. Gerber began his investment career in 1991, as a member of the American Stock Exchange working as an equity options market maker. In 1997, he founded Gerber Asset Management to develop and engage in proprietary investment strategies. In late 2005, Mr. Gerber and Yoav Roth co-founded Hudson Bay Capital, which concentrates on generating positive returns while maintaining a focus on risk management and capital preservation.
Bloomberg
02-05-2025
- Business
- Bloomberg
Bloomberg Masters in Business: Sander Gerber
Barry speaks with Sander Gerber, Hudson Bay Capital CEO and CIO. Hudson Bay is referred to only as a global, multi-strategy investment firm. In 2008, Mr. Gerber developed the Gerber Statistic, which was accepted as an innovation complementary to his own work by the late Dr. Harry Markowitz, the Nobel Prize-winning economist and father of Modern Portfolio Theory (MPT). The Gerber Statistic is utilized by Hudson Bay to identify the co-movement of financial assets, enabling early detection of concentration risks and insufficient diversification. Mr. Gerber began his investment career in 1991, as a member of the American Stock Exchange working as an equity options market maker. In 1997, he founded Gerber Asset Management to develop and engage in proprietary investment strategies. In late 2005, Mr. Gerber and Yoav Roth co-founded Hudson Bay Capital, which concentrates on generating positive returns while maintaining a focus on risk management and capital preservation.
Forbes
17-04-2025
- Business
- Forbes
5 Leadership Lessons from George Johnson's Memoir ‘Afro Sheen'
George E. Johnson's journey reveals a powerful model for values-driven leadership—anchored in cultural insight, resilience, and adaptability—that speaks directly to today's uncertain and divisive business climate. Black entrepreneurs operate under profound constraints. In the mid-20th century, segregation, redlining, discriminatory lending practices, and exclusion from traditional corporate networks created an economic environment stacked against them. Yet it was in this context of systemic marginalization that George E. Johnson, 97, founded Johnson Products Company (JPC) in 1954, with a mere $250 loan and an unwavering vision: to create high-quality grooming products for the Black community. JPC's eventual listing on the American Stock Exchange in 1971 made Johnson the first Black American to take a company public—an unprecedented milestone in U.S. business history. His success aligned with the cultural renaissance of the civil rights and Black Power movements, where self-determination, economic empowerment, and pride in Black identity became central tenets of progress. Afro Sheen, JPC's iconic product line, was more than a haircare brand—it was a symbol of cultural affirmation and pride. Today, leaders are rediscovering the importance of cultural intelligence. Netflix, for example, has made major investments in regional content creation—from Nollywood in Nigeria to Korean dramas—demonstrating how cultural fluency can drive global engagement. Similarly, Patagonia's activism around Indigenous land rights has built deeper credibility with values-driven consumers and cemented the company's brand as mission-led. Johnson's entrepreneurial path was full of obstacles—chief among them, access to capital. Banks routinely denied loans to Black business owners, as the trailblazer experienced both when he first pitched (and later scaled) his venture. Undeterred, he approached a different lender requesting a vacation loan in the same amount. 'That $250 financed my initial venture,' eventually growing into a $210 million business (today's dollars). Resilience Amid Systemic Challenges This blend of optimism and resourcefulness reflects a broader lesson: resilience is not merely about grit—it's about inventiveness under constraint. In an age marked by geopolitical volatility, labor shortages, and economic inequality, modern leaders must build organizations that are agile and values-based. Consider how Dan Schulman, former CEO of PayPal, championed employee financial wellness, even during times of market pressure. 'Our purpose is the source of our resilience,' he said, pointing to how expanding equity ownership and wage reform created a stronger, more loyal workforce. Identifying Opportunities and Adapting to Cultural Shifts Johnson's success rested on his ability to understand and respond to deep cultural currents. Many Black women straighten their naturally curly or kinky hair so mainstream employers will perceive them as professional. During the 1950s and '60s, Johnson launched Ultra Sheen, the first permanent hair-straightening option for women. Before long, the 'Black is Beautiful' movement of the late 1960s and early 1970s encouraged African Americans to reject Eurocentric beauty standards and proudly wear Afros and other natural styles. In response, Johnson developed Afro Sheen, formulated to maintain and enhance the Afro. He later recalled, 'We need to develop a product to address this new need.' This was not merely product development—it was cultural innovation. Johnson's ability to anticipate the needs of his community allowed JPC to dominate the market. This responsiveness illustrates Johnson's deep understanding that culture is not static. Great leaders must be ready to evolve with their audience. Spotify, for example, has pivoted rapidly in recent years—from streaming music to becoming a dominant force in podcasting, including localized, multilingual offerings for expanding global audiences. Similarly, LEGO has reimagined its brand through inclusive product lines, like its 'Everyone is Awesome' set, which speaks to evolving cultural norms and expectations. Strategic Partnerships and Cultural Alignment: The Power of Soul Train One of Johnson's most visionary moves was his financial sponsorship of Soul Train, the syndicated television dance show created by Don Cornelius, in 1971. Often called the 'Black American Bandstand,' Soul Train was a cultural institution that celebrated Black music, style, and identity. It reached millions of viewers weekly and provided a national platform for Black expression. Long before television targeted Black audiences, Johnson saw in Soul Train a perfect opportunity to align his brand with the cultural pulse of the Black community. JPC invested in colorizing the show, became its key sponsor, and purchased airtime nationally. Afro Sheen commercials were featured prominently during episodes. This strategic alignment helped solidify Afro Sheen as the go-to brand for natural haircare. Johnson later reflected, 'What Soul Train had done for JPC made my generosity well worth it. By coming together, we had grown both our businesses.' This kind of authentic brand alignment remains a critical lesson for modern companies. Today's consumers—especially Gen Z and Millennials—expect brands to reflect their values and cultural identities. Nike's partnership with Colin Kaepernick, though controversial, resonated powerfully with younger audiences and reinforced Nike's brand as a champion of social justice. Commitment to Community Development Johnson's leadership philosophy went far beyond profits. He was deeply invested in his employees, the broader Black community, and women of all backgrounds. 'I embraced a different philosophy: 'Live and help live.'' This groundbreaker emphasized hiring, mentoring, and promoting Black talent and women—from the factory floor to the C-suite—when few corporate doors were open. JPC offered profit-sharing, healthcare, tuition-reimbursement, maternity leave and other benefits because Johnson viewed treating employees well as both strategic and morally right. This model of community investment remains highly relevant today. Companies that focus on equitable opportunity, employee well-being, and talent development see tangible results in retention and performance. Levi Strauss & Co., for instance, has made racial equity and worker empowerment a core part of its corporate strategy, from supplier diversity programs to financial empowerment training for factory workers. And LinkedIn's 2024 'State of the Global Workforce' report shows that inclusive leaders are now outperforming peers on every major talent metric—from retention to innovation output. Implications for Today's Leaders At a time when public trust in business is fragile and societal divisions are deepening, Johnson's story offers more than historical inspiration—it provides strategic guidance. His legacy teaches that: As organizations debate the future of DEI amidst political headwinds, Johnson's example offers a reminder that commitment to inclusion is not a political liability—it's a growth strategy. The coming 'great wealth transfer'—expected to move more than $100 trillion to women and younger, more diverse generations—makes this even more urgent. As the Bank of America Institute reports, women will soon control the majority of private wealth in the U.S., with 95% of 'horizontal' spousal wealth transfers going to women and an estimated $47 trillion headed to younger generations. Businesses that cultivate inclusive cultures and products aligned with these demographic realities will be positioned to thrive. Afro Sheen was never just about hair—it was about dignity, possibility, innovation, and leadership. George Johnson's memoir is about a visionary—a tenacious risktaker who never entertained the thought of failure. Today's executives would do well to study Johnson's model—not as nostalgia, but as a compass for leading with integrity in a world that demands more from business than ever before. Afro Sheen: How I Revolutionized an Industry with the Golden Rule, from Soul Train to Wall Street by George E. Johnson Sr. is available from Little, Brown and Company.
Boston Globe
01-03-2025
- Boston Globe
The bad boys of Harvard
With chapters grouped alphabetically by transgression, e.g., 'Battery, Bribery, Burglary, Cybercrime,' the book serves up a seemingly endless list of miscreants from the nearly 400-year history of The World's Greatest University. There are 90 pages devoted to 'Homicide,' with a delectable subchapter about Harvard-on-Harvard murders. That would include John Webster's (class of 1811) notorious 1849 murder of Boston businessman George Parkman (class of 1809). The ensuing Harvardians, it could be argued, were rotten from the get-go. Cadbury relates how Harvard's first headmaster, Nathaniel Eaton, faced Advertisement Cadbury even unearthed an actual Harvard pirate, Tom Bell, class of 1734 (expelled). A thief and a swindler, Bell was condemned to death in 1771 for plundering a Spanish schooner near Cuba. Instead of facing the gallows, Bell died by suicide. I'll just tease a few more names from these pages: Richard Whitney, class of 1910, known as the Advertisement What? No women? Not many. Harvard only The worst of them all? Per Cadbury, that would be Admiral Isoroku Yamamoto, who planned the 1941 attack on Pearl Harbor. Yamamoto was a special student at Harvard, where he developed an affinity for poker. In a 2010 Harvard magazine piece, Seymour Morris Jr. A strong candidate for second most odious grad would be Cadbury and I chatted twice about the book, which he said sold well after he took out a display ad in Harvard's alumni magazine. I delicately broached the idea that he might be a Harvard Scoundrel himself. Advertisement Known as Robin Crosfield when he graduated from Harvard 64 years ago, he said he changed his name because of family problems that he declined to discuss. And wasn't it true that the American Stock Exchange True enough, he said: 'I did some end-of-the-session trading that didn't sit well with them.' Time for a volume two? Stay tuned. Alex Beam's column appears regularly in the Globe. Follow him
