Most founder step-downs follow trouble. Olamide Olowe’s, announced on September 2, 2026, followed a list of wins she posted herself: 12x revenue growth over five years, more than 10 million eye masks sold, and double-digit profitability, per AfroTech’s report of her post on X. Those figures are self-reported by the founder, and no outside source has audited them. Taken at face value, though, they describe a company that did not need rescuing. She stepped down anyway.
Olowe co-founded Topicals in 2020 with Claudia Teng, per The Industry and AfroTech, as a skincare brand for acne, hyperpigmentation and dark spots. Topicals has raised more than $22 million in venture capital, Black Enterprise and theGrio both report. It is sold at Sephora in the US, Canada and the UK, and through Beauty Hut in Nigeria, per theGrio.
The choice she made was about what the next stage needs. Olowe told Business of Fashion she wanted a partner who has “worked their way up through marketing, built a global brand,” as The Industry and theGrio quote her. Her pick was Sukiana Chancy, who joins from Fenty Beauty, where she was global general manager for skincare, hair and fragrance, per theGrio and Black Enterprise. Chancy’s earlier roles included Cay Skin, DevaCurl and The Estée Lauder Companies. Her job, in her words, is “creating more infrastructure to help amplify” the brand’s message, and the stated mandate is expansion into the Middle East, more of Africa and Europe, per theGrio.
What Olowe does next is less clear. The Industry reports she moves to Chair. theGrio, AfroTech and Black Enterprise report only that she stays involved in day-to-day operations. We have not found a primary statement that settles the title, so we are not settling it for them.
One more detail from the funding story: earlier this year, per theGrio and Black Enterprise, WNBA star Angel Reese and Nigerian singer Rema joined as investors, with Rema also a creative partner aimed at younger and male customers. A brand moving from venture rounds toward celebrity backers, and at the same moment from a founder-CEO to a marketing executive, is making a consistent bet: the product is proven, and reach is the constraint.
It is a pattern this site has followed through 2026. Joanna Griffiths left her post as Knix’s president in July, four years after selling most of the company. Jennifer Hyman stepped down as Rent the Runway’s CEO in May. Olowe’s version differs in timing: she went five years in, with the business reportedly healthy, and picked the successor herself.
The lesson is narrow. Knowing which job the company needs done next, and whether you are the person for it, is a founder skill too. Olowe appears to have answered that while the numbers were still good.
Frequently asked questions
Who is the new CEO of Topicals?
Sukiana Chancy. She joins from Fenty Beauty, where The Industry reports she was Global General Manager and Vice President for almost four years. Her earlier roles included Cay Skin, DevaCurl and The Estée Lauder Companies, per The Industry, AfroTech and Black Enterprise.
Is Olamide Olowe still involved with Topicals?
Yes. theGrio, AfroTech and Black Enterprise report that she remains involved in day-to-day operations after stepping down as CEO, and The Industry reports she becomes Chair. Reports differ on the exact title, so treat it as unconfirmed.
How much funding has Topicals raised?
More than $22 million in venture capital, according to a post by Olowe as reported by theGrio, AfroTech and Black Enterprise. Those figures, including 12x revenue growth over five years and double-digit profitability, are self-reported by the founder.