NEWS

EARL “BUTCH” GRAVES JR. NAMED CEO OF
BLACK ENTERPRISE MAGAZINE

(New York, NY) Jan. 5, 2006 — Earl G. Graves Sr., founder of BLACK ENTERPRISE (BE), today named Earl “Butch” Graves Jr. as the company’s new Chief Executive Officer and President. Butch Graves’ appointment to the rank of CEO marks a milestone for the family-owned media company, whose flagship publication provides more than 3.7 million readers with information on African American business markets, financial management, entrepreneurship, and careers.

Graves’ promotion to CEO represents the transition of Earl G. Graves Ltd., parent company of BLACK ENTERPRISE magazine, to the next generation of leadership. Earl Graves Sr., who will remain Chairman and Publisher, founded the company in 1970 — establishing its mission to become the premier business news source for African Americans. “Those who advance at Earl G. Graves Ltd. – whether family or not – must earn their positions,” said Earl G. Graves Sr. “Over the past 17 years Butch has excelled despite the challenges of an ultracompetitive and rapidly changing publishing industry. In 1988 BE had revenues of approximately 20 million. In 2006 we project that those revenues will exceed 60 million. As we have expanded our company, Butch’s business acumen and instincts have helped triple our revenue.”

Under the next generation of executive management, Butch Graves will continue to lead the strategic positioning of the corporation, guide its overall profitability, and act as the top editorial decision maker. “I am excited about the opportunity to succeed my father as CEO of BLACK ENTERPRISE,” said Butch Graves. “My mission is to build upon the success of what he established, while finding new media outlets that will grow our business and demonstrate all things possible to our core audience.”

Since joining BE in 1988, Butch Graves has helped transform the company from a single-magazine publisher to a thriving multimedia conglomerate. Under his guidance, the circulation of BLACK ENTERPRISE magazine grew from 200,000 to more than 500,000, due in part to an intense editorial focus on wealth building and homeownership. He led the company into broadcast media with the launch of The Black Enterprise Report, a nationally syndicated television show, and Black Enterprise Magazine’s Keys to a Better Life report for radio, a joint venture with Clear Channel Communications. Additionally Graves initiated the development of blackenterprise.com, a Website that enables users to access information and make financial and business transactions. He created the concept of the company’s private equity firm, Black Enterprise/Greenwich Street Corporate Growth Partners, which primarily invests in established, minority-owned businesses, and he championed the development of BE’s signature business and lifestyle events.

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