Robert Johnson steps down as CEO of BET: UrbanHustler.com ::: Motivate, inspire, educate and inform.

ALL ACHIEVEMENT, ALL EARNED RICHES, HAVE THEIR BEGINNING IN AN IDEA!

Robert Johnson steps down as CEO of BET

BET founder and CEO Robert Johnson, America's first black billionaire, announced Thursday that he will step down in January 2006 from the cable channel he launched 25 years ago.

Johnson will vacate his CEO role effective immediately but take on the additional title of chairman. Debra Lee, president and COO of BET will take over the CEO role and assume the chairmanship upon Johnson's retirement.

“I could not have chosen a better chief executive and outstanding leader to succeed me at BET than Debra Lee,” said Johnson. “Few executives in this industry have exhibited the ability to manage a unique growth company and shown the commitment to building a successful brand the way Debra has.”

Lee, a Harvard-educated lawyer who was named one of the country’s top female executives at a Fortune 500 company, is credited with helping to increase the network’s ratings, which have consistently grown over the last five years, according to Lewellen.

“She’s basically been running the network from an operational strategic standpoint for 10 years. “I am convinced that BET’s legacy is in great hands with Debra at the helm,” Johnson added.

Johnson's retirement marks the departure of one of the cable industry's biggest success stories. Johnson started BET America’s first cable channel targeting black viewers in 1979 with a $15,000 loan when he was just 34 years old. He sold a 35% stake for $500,000 to Tele-Communications Inc. a year later. VIACOM bought it for $3 billion in 2000. He estimated its current value at $6 billion.

Johnson has been focusing on his other ventures for the past year which include RLJ Development, LLC and the NBA's Charlotte Bobcats.

The Snowball: Warren Buffett and the Business of Life. The legendary Omaha investor has never written a memoir, but now he has allowed one writer, Alice Schroeder, unprecedented access to explore directly with him and with those closest to him his work, opinions, struggles, triumphs, follies, and wisdom. The result is the personally revealing and complete biography of the man known everywhere as “The Oracle of Omaha.” The second richest man in the world and most successful investor on the planet. Do yourself a favour and get this book. Take action, buy this book now.

If you like this article then please consider subscribing to our RSS feed. You can also subscribe by Email and have new posts sent directly to your inbox. You can also subscribe by adding our feed to one of the following services by clicking on the appropriate buttons.

Radio One, Inc. Announces 2008 Third Quarter Results Conference Call

Radio One, Inc. (NASDAQ:ROIAK and ROIA) will be holding a conference call for investors, analysts and other interested parties to discuss its results for the third fiscal quarter of 2008.

BlackPlanet to Powers InteractiveOne's Network of Content Sites

InteractiveOne, LLC integrate BlackPlanet, as the social network connecting all of it's content sites.

Robert Johnson's The RLJ Companies and the U.S. Overseas Private Investment Corporation Conclude Finance Protocol to Accelerate Investment in Liberia

The RLJ Companies and OPIC today agreed to establish a $100 million Finance Protocol that will promote American investment in Liberia. The RLJ Companies will work to develop various projects, includin

Sponsor Urban Hustler >

UrbanHustler.com - From The Street To The Boardroom.