In case anyone hasn't already seen it, an important post by Nnedi Okorafor, on the design of the WFA trophy:
This is something people of color, women, minorities must deal with more than most when striving to be the greatest that they can be in the arts: The fact that many of The Elders we honor and need to learn from hate or hated us.
Do I want “The Howard” (the nickname for the World Fantasy Award statuette. Lovecraft’s full name is “Howard Phillips Lovecraft”) replaced with the head of some other great writer? Maybe. Maybe it’s about that time. Maybe not. What I know I want it to face the history of this leg of literature rather than put it aside or bury it. If this is how some of the great minds of speculative fiction felt, then let’s deal with that... as opposed to never mention it or explain it away. If Lovecraft’s likeness and name are to be used in connection to the World Fantasy Award, I think there should be some discourse about what it means to honor a talented racist.
EDIT: Alisa Krasnostein's "So, About Lovecraft"