*Starbucks has named Mellody Hobson, the co-CEO of Ariel Investments, as its next board chair after the retirement of Myron Ullman.
The finance executive has served as the chain’s vice chair since 2018. Hobson’s appointment makes her one of the highest profile Black directors (and only Black female) in the U.S.
In March, Hobson will replace Ullman, who is retiring. The former CEO of JC Penny has been on Starbucks’ board since 2003 and served as chairman since 2018.
As reported by CNBC, the change comes as the Nasdaq asked the Securities and Exchange Commission to approve changes that foster diversity on the boards of publicly traded companies listed on its exchange.
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Starbucks appoints @MellodyHobson as next non-executive chair of the board, effective March 2021. Learn more: https://t.co/6p3zqeLRNH
— Starbucks News (@StarbucksNews) December 9, 2020
Hobson currently serves as a director for JPMorgan Chase and has previously been on the boards of Estee Lauder and DreamWorks Animation.
“I’ve been saying we need less lip service, and we need more elbow grease, and so I think this time will be different because we live in a society that is holding us accountable … I think there is no way to escape actually having real results now: people are watching,” said Hobson at a recent appearance at The Economic Club of New York,
In a statement about her elevated position on the Starbucks board, Hobson said. “Over nearly two decades, I have seen the company continue to elevate and transform its business — adapting to various market environments and evolving consumer trends. I look forward to working with the board and talented leadership team on accelerating our strategy, supporting our valued partners, and continuing to create significant value for all of our stakeholders.”
.@MellodyHobson talks about the “rampant” disruption across different industries: “As Wayne Gretzky said…’Go where the puck is going to be'” https://t.co/Roa09245tX | Variety #PowerOfWomen: Conversations presented by @lifetimetv pic.twitter.com/JwE3A0yWxE
— Variety (@Variety) October 30, 2020
According to a Bloomberg report, only 15 companies have a female chair, and none are Black. Hobson is the only Black woman to lead the board of directors for an S&P 500 company. She is also a board member of Bloomberg Philanthropies.
Hobson is the wife of famed film director George Lucas (Star Wars creator). The couple have one daughter.
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