| Summary: | Entrepreneur George Johnson was born in Richton, Mississippi on June 16, 1927. Moving to Chicago in 1929, Johnson was working at age eight. He quit high school after three years, and in 1944, Johnson joined S.B. Fuller, a black-owned cosmetics firm. While working after hours, he developed a hair-straightening product. When S.B. Fuller's owner expressed no interest in the new formula for straightening black male hair, Johnson left. With a $500 loan, he founded Johnson Products, going on to produce hair care products like Ultra Sheen. In 1964, Johnson founded Independence Bank in Chicago. In 1971, Johnson Products became the first African American-owned company to be listed on the American Stock Exchange. By the 1980s, Johnson Products faced increased competition, and was sold for $61 million in 1993. During the course of his career, Johnson received numerous honors, including Ebony magazine's American Black Achievement Award in 1978.
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