Jan 16 (Reuters) – Starbucks announced on Thursday that Mellody Hobson, its lead independent director, will step down after nearly two decades with the company.
Hobson, who previously served as chairwoman from March 2021 to September 2024, was the first African American woman to chair a Fortune 500 company at the time of her appointment.
“I have never sold a single Starbucks share in 20 years and plan to remain a loyal investor,” Hobson said in a letter dated January 14. She informed the company earlier this week of her decision to not seek re-election at the upcoming annual shareholders’ meeting, according to a filing.
Her departure comes amid growing corporate pushback against diversity, equity, and inclusion (DEI) initiatives. In March, Starbucks shareholders voted to drop a DEI-related bonus from the company’s executive compensation plan. Starbucks is also undergoing a transformation of its U.S. stores under CEO Brian Niccol, who is working to return the company to growth after a decline in demand in the U.S. and China.
Since 2019, Hobson has co-led Ariel Investments as president and co-CEO. She will continue in her current role through the remainder of her term.
Starbucks is set to release its first-quarter results on January 28.
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