Graves was surrounded by family and friends and he passed peacefully after a long battle with Alzheimer’s. His son, current Black Enterprise CEO and president Earl Butch Graves Jr shared the news on social media.
A graduate of Morgan State University (who later renamed their business school in his honor) and a member of the esteemed Omega Psi Phi fraternity, he went on the found Black Enterprize magazine in 1970 after receiving a loan from the Small Business Administration. He was once the chairman and chief executive officer of Pepsi after being part of a $60 million deal he made with Earvin “Magic” Johnson in 1990. At one point, Pepsi was the largest minority-owned franchise in the country.
Earl Graves Sr., Founder Of Black Enterprise, Dies At 85 was originally published on myhoustonmajic.com