In 2007, Steve Stoute reportedly sold a 49 percent share in his Translation advertising firm for somewhere between $10 and $15 million. While still serving as principle owner, Stoute, along with Translation co-chairman, Jay-Z have continued working with brands such as General Motors, Hewlett-Packard, McDonald’s and Reebok.

Over the weekend, Stoute and Queen Latifah, who has recently done some recognizable work in front of the camera and behind the scenes for Cover Girl, were both recognized for their contributions in the advertising world. Both were respectively awarded by ADCOLOR, a collective formed in 2005 that serves to promote increased diversity in the advertising, marketing and media industries.

“I felt like innovator wasn’t necessarily the right title for me,” Stoute said during his acceptance speech. “When I came in this industry, I felt like I had a sense of obligation to help change some of the images I saw on television that were not reflective of the culture we represent. I think it was honestly the moment I seen kids break-dancing for cell phones, and I was like, ‘This is really wrong.’”

Stoute credited BET Founder Robert Johnson and Sydney Poitier for being pioneers and creating opportunities for people like himself. Meanwhile, Latifah also thanked those who paved the way for her, as well as her business partner Shakim Compere.

“We’ve all kind of grown up in this business watching each other come up in the ranks,” Latifah said. “And here we are in a room together being able to celebrate each others achievements, and also be excited about the great things we hope to accomplish in the future.”