Robert Johnson steps down as CEO of BET

BET founder and CEO Robert Johnson, America's first black billionaire, announced Thursday that he will step down in January 2006 from the cable channel he launched 25 years ago.

Johnson will vacate his CEO role effective immediately but take on the additional title of chairman. Debra Lee, president and COO of BET will take over the CEO role and assume the chairmanship upon Johnson's retirement.

“I could not have chosen a better chief executive and outstanding leader to succeed me at BET than Debra Lee,” said Johnson. “Few executives in this industry have exhibited the ability to manage a unique growth company and shown the commitment to building a successful brand the way Debra has.”

Lee, a Harvard-educated lawyer who was named one of the country’s top female executives at a Fortune 500 company, is credited with helping to increase the network’s ratings, which have consistently grown over the last five years, according to Lewellen.

“She’s basically been running the network from an operational strategic standpoint for 10 years. “I am convinced that BET’s legacy is in great hands with Debra at the helm,” Johnson added.

Johnson's retirement marks the departure of one of the cable industry's biggest success stories. Johnson started BET America’s first cable channel targeting black viewers in 1979 with a $15,000 loan when he was just 34 years old. He sold a 35% stake for $500,000 to Tele-Communications Inc. a year later. VIACOM bought it for $3 billion in 2000. He estimated its current value at $6 billion.

Johnson has been focusing on his other ventures for the past year which include RLJ Development, LLC and the NBA's Charlotte Bobcats.