Shaking Up the C-Suite: Citi & JCPenney’s CFO Remix

Shaking Up the C-Suite: Citi & JCPenney’s CFO Remix

By CultureBanx Team

  • Mark Mason to become Citigroup CFO in March 2019

  • Jeffrey Davis Steps down as JCPenney’s CFO

CBx Vibe:The Switch Up” Nick Grant

From Wall street banks to main street retailers, CFOs are in high demand. Citigroup (C +0.26%) has named Mark Mason as its next CFO and JCPenney’s (JCP +2.41%) finance chief Jeffrey Davis left at the beginning of the month.

Why This Matters: This is a significant changing of the guards for Mason since he will be replacing one of the longest tenured bank executives. He currently serves as the CFO of the institutional clients group, which accounted for more than 50% of the bank’s net revenues in the first half of 2018.

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Drawing the Bag: Black Artists Elude American Museums

Drawing the Bag: Black Artists Elude American Museums

By CultureBanx Team

  • Less than 3% of museum acquisitions over the past decade have been of African American art

  • Only 4% museum curators are African American

CBx Vibe:Change” J. Cole

African American artist create some of the most compelling visual pieces of our generation, yet the fundamental shift in the way its valued is alarming. American museums continue to give these artist the short end of the stick, since less than three percent of their acquisitions over the past decade have been of works by black artists.

Why This Matters: Last spring, one of Jean-Michel Basquiat paintings sold for $110.5 million, becoming the most expensive work by an American artist ever sold at auction.This didn’t greatly move the needle in getting more museums to pick up other works by black artists. Since 2008, only 7.6% of all exhibitions at 30 prominent American museums have showcased art by African American artists, according to a joint investigation by In Other Wordsand artnet News.

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CBx Vibes of the Week - #53

Libya Fights Black Market With 183% Tax Rate

Libya Fights Black Market With 183% Tax Rate

By CultureBanx Team

  • Foreign currency transaction fees now 183% at Libyan banks

  • Libya’s dinar exchange rate on the black market is 6.2 to the U.S. dollar

CBx Vibe:Left Da Bank” Zaytoven

Libya is a country in disarray where the central bank struggles to impose its will on black market money. The government has taken a stand and is changing that by implementing a foreign currency transaction fee of 183% at its banks.

Why This Matters: Libya has been in financial turmoil since the fall of Muammar Gaddafi in a NATO-backed uprising in 2011. This swift move by the country’s Government of National Accord to fend off its growing liquidity crisis effectively devalues the Libyan dinar.

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Papa John’s Tries to Regain a Piece of the Pie

Papa John’s Tries to Regain a Piece of the Pie

By CultureBanx Team

  • Papa John’s TV ads now feature a diverse panel of franchisees and employees

  • Q3 same-store sales are expected to decline down 10% to 11%

CBx Vibe:Unbothered” Keyshia Cole

America's fourth-largest pizza chain by gross sales Papa John’s (PAPA +0.19%), has launched a new ad campaign in effort to rebuild their brand identity. With restaurant owners facing declining sales, will the new ads they put together with the help of Endeavor Global Marketing CMO Bozoma Saint John reverse that trend?

Why This Matters: Saint John is trying to make the public forget about Papa John’s diversity issues, something that’s highly questionable after the company’s founder slipped up and used the n-word. The first 30-second television commercial featuring a diverse panel of franchisees and employees, will air during prime-time shows including “This Is Us,” and “How to Get Away with Murder.”

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Coca-Cola’s New Cannabis Drink Fix

Coca-Cola’s New Cannabis Drink Fix

By CultureBanx Team

  • Coca-Cola is in talks with Aurora Cannabis to develop CBD-infused beverages

  • CBD industry could reach $22 billion in market size by 2022

CBx Vibe:Hooked” Siimba Liives Long

Long gone are the controversial days of Coca-Cola (KO -1.09%) infusing cocaine into its popular product, now they’ve turned their attention to cannabis. The dominant soft drink maker may have the chance to make cannabidiol (CBD), the non-psychoactive chemical found in marijuana plants, infused drinks for the masses.

Why This Matters: Nine states and Washington, D.C. legalized recreational marijuana this year as of January, and Coca-Cola is hoping that the Farm Bill will spread the green love to all 50 states. If the Farm Bill passes, it will remove hemp as a controlled substance which CBD can be derived from, therefore making the plant legal under federal law.

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Base10’s Black Venture Capitalist Raises $137 Million

Base10’s Black Venture Capitalist Raises $137 Million

By CultureBanx Team

  • Base10’s $137M is the largest debut fund led by a black venture capitalist

  • Only 3% of venture capital investors are black

CBx Vibe:Self Made” Bryson Tiller

A lack of racial diversity in the overwhelmingly white venture capital industry is finally getting an injection of color and capital to the tune of $137 million. Adeyemi Ajao is the co-founder and managing director of Base10, the largest ever debut fund led by a black venture capitalist.

Why This Matters: Ajao along with his investment partner TJ Nahigian are going to back startups that disrupt long standing industries like agriculture, waste management, construction and real estate. Base10 is writing seed and Series A checks between $500,000 and $5 million, they’ve completed 10 investments so far.

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Stay Woke: IBM Tackle’s Racial Bias in Artificial Intelligence

Stay Woke: IBM Tackle’s Racial Bias in Artificial Intelligence

By CultureBanx Team

  • IBM is trying to reduce bias in the datasets used to train AI systems

  • Worldwide spending on AI systems to reach $77.6B in 2022

CBx Vibe:No Shame” Future

Artificial intelligence (AI) is becoming increasingly more commonplace in daily life, with companies looking to incorporate it across their platforms. Since it's one of the most disputed parts of technology, IBM (IBM -0.87%) is trying to provide transparency around AI bias and level the playing field.

Why This Matters: Racial bias comes in many forms with AI and is primarily reflected in the lack of diversity going into the data algorithms it’s trained on. IBM researchers have been busy coming up with ways to reduce bias in the datasets used to train AI machine learning systems. This is a big deal if you're rejecting someone for a job, a loan, or deciding on whether or not they should go to prison due to AI data.

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Changing the Game: Black & Abroad is the Cultural TripAdvisor

Changing the Game: Black & Abroad is the Cultural TripAdvisor

By CultureBanx Team

CBx Vibe: Paris, Tokyo” Lupe Fiasco

When Black & Abroad founders Kent Johnson and Eric Martin would look up certain travel destinations they never saw results tailored towards their demographic. This spurred them to launch a cultural collective dedicated to highlighting black exploration three years ago. “We wanted to change that by creating a platform for reviews of people that looked liked us from people of color,” said Martin. Black & Abroad’s product line includes group and private trips, events, activities, merchandise, and tourism consulting.

African Americans have nearly a $48 billion share of the travel market, according to Mandala Research. “From individual travel stories, to focused original content and crowd sourced information, you’ll always see several representations of the black community,” said Johnson. A day in the life on one of their trips consists of submersive experiences, including social outreach, adventure, unique cuisines and of course “a late night turn up is always included.” They work with brands including major airlines like Norwegian (NAS.OL +0.27%) and tourism boards to effectively market to the black community, in ways that will have a meaningful impact. The business is expanding from four trip destinations to eight destinations by 2020, as they look to effectively help patronize black businesses internationally.

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