Mellody Hobson is exiting her board role at Starbucks.
Hobson is well regarded for her efforts at Ariel Investments, a global value-based asset management firm, where she is responsible for management, strategic planning, and growth beyond research and portfolio management as co-CEO and president, her LinkedIn mentions.
In 2021, Hobson launched Ariel Alternatives, LLC, leading to a $1.45 billion raise for its private equity fund, Project Black. This initiative aims to support both non-minority-owned middle-market companies and those currently owned by Black and Latino entrepreneurs that generate $100 million to $1 billion in revenue, as AFROTECH™ previously reported. With funding, these companies would then be expected to transform into certified minority business enterprises of scale to serve as Tier 1 suppliers to the Fortune 500.
Hobson has also been tied to various corporate boardrooms. She was a board member of the Estée Lauder Companies and chairman of the board of DreamWorks Animation until it was sold in 2016, the Ariel Investments website mentions. For the past 20 years, she also served at Starbucks on its board of directors, wearing hats such as chair of the audit committee, vice chair of the board, and board chairman, Crain’s Chicago Business reports. As board chair, she even made history, becoming the first Black woman to served in that role at Starbucks, notes CNN Business.
Hobson’s most recent title at Starbucks was lead independent director of its board. Now, Hobson shares in a letter dated Jan. 14 that she is saying goodbye to her longstanding tenure. Hobson has decided she will not run for re-election, and her decision was not informed by “any disagreement with the company on any matter relating to its operations, policies, or practices,” per a regulatory filing.
“Although the company has had a stunning 52-year run, I strongly believe its best days lie ahead,” Hobson said, according to Crain’s Chicago Business.
Hobson also says she intends on remaining “a steadfast investor” and has always maintained her shares in Starbucks. Looking ahead, she expresses hopefulness in the future of Starbucks under the guidance of its CEO, Brian Niccol.
“I believe it is important for Brian to have a lead director who can sit alongside him for years to come — my twenty years is already a long time,” Hobson wrote in the letter. “Together, I know Brian and the Starbucks board will remain laser-focused on driving long-term value for all stakeholders — from those who wear the green apron, to the farmers who grow the highest quality coffee beans in the world, to the pension funds that support millions of retirees.”
