Earl Graves Jr.

(left)Earl Graves Jr.(standing)Earl Graves,Sr.

New York, NY (BlackNews.com) - 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."