Staffing

Starbucks names asset management CEO as non-executive board chair

Incoming non-executive Starbucks Board Chair Mellody Hobson. (Photo: provided)

December 9, 2020

Starbucks Corporation has named Mellody Hobson as it non-executive board chair. Hobson, who will take on the role in March 2021, is the co-CEO of asset management firm, Ariel Investments, and first joined the board as an independent director in 2005, according to a news release.

Hobson was named the board's independent vice chair in 2018. In her leadership role, she succeeds Myron (Mike) E. Ullman III, who has served on the board since 2003 and has been chair since 2018.

"It has been remarkable to be a part of the Starbucks board for nearly 18 years as this enduring company has grown with a mindset of prioritizing its people and its customers," Ullman said in the release. "It also has been an honor to serve as the chair of the Starbucks board, and to support and oversee the relationships of trust built with our stakeholders. With its Mission and Values as its guide, I am confident in the future of the company."

In her role at Ariel Investments, Hobson manages, develops strategy and and growth plans for all areas of the company outside of research and portfolio management. She also serves as a director of JPMorgan Chase, is past director of Estee Lauder Companies and served as board chair for DreamWorks Animation until the company's sale.

"From the very beginning, I set out to build a different kind of company- one in which all decisions were to be made through the lens of humanity," Starbucks founder and chairman emeritus Howard Schultz, said in the release. "As a member of the board for the last 18 years and board chair since my departure, Mike has been instrumental in ensuring Starbucks answers its higher calling to be a different kind of public company. I am grateful to him for all his contributions and his enduring partnership to me and to Starbucks.

"Mellody has been a trusted advisor to me and the company for more than 20 years. She is a fearless leader defined by her grace and wisdom. She has long embraced the purpose of Starbucks and, along with the leadership team, will continue to reimagine Starbucks future through the foundation of its past. My heart is full and thankful that Starbucks will have Mellody's leadership as chair."

Other members of the Starbucks Board of Directors include: Richard Allison, Roz Brewer, Andy Campion, Mary Dillon, Isabel Ge Mahe, Kevin Johnson, Jørgen Vig Knudstorp, Satya Nadella, Joshua Cooper Ramo, Clara Shih and Javier Teruel. The company has more than 32,000 stores around the globe currently.