Mellody Hobson Steps Down from Starbucks Board

Mellody Hobson, a prominent business leader and co-CEO of Ariel Investments, is stepping down as the lead independent director of Starbucks' board after nearly two decades of service. Hobson, who has held various leadership roles including Chair of the Board and Lead Director, will not stand for reelection at the company's 2025 Annual Meeting of Shareholders. Her departure comes as Starbucks undergoes a strategic overhaul under the leadership of CEO Brian Niccol, who Hobson expresses confidence in. Despite leaving the board, she intends to remain a committed investor, having never sold her Starbucks shares. Hobson's exit occurs amidst a broader trend in Corporate America of scaling back diversity, equity, and inclusion initiatives. She was the first African American woman to chair a Fortune 500 company during her tenure at Starbucks.