George E. Johnson rose from humble beginnings to become a significant figure in American business. Born in a sharecropper’s cabin, Johnson climbed the corporate ladder to lead the Johnson Products Company. His firm gained recognition as the first Black-owned business listed on a major American stock exchange. Johnson passed away at his Chicago residence on Monday at the age of 99. His wife, Madeline Murphy Rabb, confirmed his death citing respiratory illness as the cause.
Johnson made his fortune with hair-care products like Ultra Sheen and Afro Sheen. In a time when high earnings for sports stars, entertainers, and top corporate executives were uncommon, Johnson’s business success made him one of the wealthiest African Americans.
The Johnson Products Company, beyond selling Black hair products and cosmetics, left an imprint on pop culture. It sponsored the popular television dance show “Soul Train.” This involvement helped shape the cultural landscape of the era.
In addition to his achievements in the hair-care industry, Johnson played a vital role in banking. He co-founded the Independence Bank of Chicago, one of the largest Black-owned banks. He served as its chairman until the bank was sold in 1995.
The business world lost a key figure with Johnson’s passing. His full legacy will be detailed in an upcoming obituary.
Robert D. Hershey Jr., known for his work on finance and economics for The Times, passed away in 2024. Ash Wu contributed to this report.
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