Rustum Southwell Retires from the Black Business Initiative
HALIFAX – The Black Business Initiative’s long-time and founding CEO is stepping aside. After leading the organization for 25 years, Rustum Southwell is retiring as of May 1.
Southwell will be replaced by Matthew Martel, who is currently the BBI’s Chief Operating Officer. The organization says it has a plan in place to ensure a smooth transition, and that Southwell will continue to support the organization as an advisor.
“Being a part of the BBI has been a very fulfilling journey,” Southwell said in an April 27 news release.
He also congratulated Martel and said he was “proud” of the BBI for “setting the standards for Black Entrepreneurship in Canada,” especially as it enters its next chapter.
For decades, Southwell and the BBI have been crucial supporters of the Black business community in Nova Scotia. But the organization recently took a major step forward when it expanded beyond the province’s borders.
That happened when the government chose the BBI as a delivery organization for the Black Entrepreneurship Program (BEP) Ecosystem in Atlantic Canada.
RELATED: Black Business Initiative Doubles In Size As It Expands Beyond Nova Scotia
The BEP is a four-year partnership between the Government of Canada, black-led business organizations, and financial institutions that gives loans and support to the Black business community.
Speaking to Huddle last year, Southwell called the expansion “an important step and almost a manifestation of the work that we’ve done over 25 years.”
In recognition of his contribution to Nova Scotia’s business community, Southwell was recently inducted into the N.S. Business Hall of Fame. He’s also been named one of Canada’s most influential black leaders.
As Southwell steps aside, Martel will guide the BBI as it begins in earnest its work outside the province.
Martel was hired as the BBI’s Chief Operating Officer in 2019. He holds a Master’s Degree in Technology, Entrepreneurship, and Innovation from Saint Mary’s University and has been described as “a serial entrepreneur.”
“I am absolutely thrilled to be leading the Black Business Initiative and I’m eager to work with the BBI team to continue our mission of promoting and supporting black-owned businesses,” Martel said in a news release. “I am confident that the organization will continue to make a real difference in the lives of black entrepreneurs and the communities in which we serve.”