by Jeroslyn JoVonn
January 20, 2025
Mellody Hobson is leaving Starbucks director board after almost 20 years serving to to steer the espresso large.
Starbucks’ Lead Impartial Director, Mellody Hobson, is stepping down from her publish after almost 20 years with the espresso large.
On Thursday, the corporate introduced Hobson’s exit simply days after she knowledgeable Starbucks of her resolution to not search re-election on the upcoming annual shareholders’ assembly, CNBC experiences. Her departure comes months after she spearheaded efforts to nominate a brand new chief govt throughout a difficult interval for the world’s largest espresso chain.
Final summer season, Hobson orchestrated the removing of CEO Laxman Narasimhan, appointing Brian Niccol, previously of Chipotle Mexican Grill, as his substitute. Since becoming a member of Starbucks, Niccol has been tasked with revitalizing the corporate and driving development after a swift decline in gross sales in key markets, together with the U.S. and China.
“With Brian Niccol firmly on the helm (after a dogged pursuit!), I’m assured Starbucks is in wonderful arms,” Hobson wrote on Jan 14. in a letter. “Because of this, I now really feel comfy stepping away from the board and don’t plan to face for re-election.”
Hobson’s exit marks the top of an period wherein she beforehand served as chairwoman of Starbucks from March 2021 to September 2024, changing into one of many few African American girls to chair a Fortune 500 firm. Throughout her two-decade tenure at Starbucks, the corporate earned recognition for its exceptional development and dedication to social and environmental accountability.
“In 20 years, I’ve by no means bought a single Starbucks share and plan to stay a steadfast investor,” Hobson mentioned of her reported $60 million price of firm shares.
The co-CEO of Ariel Investments additionally serves on the board of JPMorgan Chase, the most important U.S. financial institution by property. Hobson’s departure comes amid company America’s sweeping rollback of variety, fairness, and inclusion (DEI) initiatives geared toward rising racial and ethnic illustration within the office.
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