Starbucks Announces the Appointment of Mellody Hobson as Non-Executive Chair of the Board
December 09 2020 - 9:05AM
Business Wire
Currently serving as vice chair of the
Starbucks board of directors, Hobson will succeed current chair,
Myron E. Ullman, III upon his retirement in March 2021
Starbucks Corporation (NASDAQ: SBUX) today announced that
Mellody Hobson will serve as the company’s next non-executive chair
of its board of directors starting in March 2021. Hobson, who first
joined the board as an independent director in 2005 and was
appointed as the board’s independent vice chair in 2018, will
succeed Myron (Mike) E. Ullman, III. Ullman, who has served on the
board since 2003 and has served as its chair since 2018, will
retire from the board in March 2021, and Hobson will assume the
role of chair in connection with the Starbucks Annual Meeting of
Shareholders in March 2021.
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Mellody Hobson, co-CEO of Ariel
Investments (Photo: Business Wire)
“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,” said Ullman. “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."
“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,” said Howard Schultz, Starbucks modern day
founder and chairman emeritus. “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.”
In addition to serving over 15 years on the Starbucks board of
directors, Hobson is the co-CEO of Ariel Investments, LLC, a global
value-based asset management firm. In this role, she is responsible
for management, strategic planning and growth for all areas of
Ariel Investments outside of research and portfolio management.
Additionally, she serves as Chairman of the Board of the company’s
publicly traded mutual funds. Prior to being named Co-CEO, Hobson
spent nearly two decades as the firm’s President. Beyond Starbucks,
she has brought invaluable experience to boardrooms across the
nation. She currently serves as a director of JPMorgan Chase.
Hobson is also a past director of Estée Lauder Companies and served
as Chairman of the Board of DreamWorks Animation until the
company’s sale.
“I am thrilled and honored to take on the role of chair,” said
Hobson. “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.” Hobson
continued, “On behalf of the board, I would also like to thank Mike
for his strong leadership, and all of his invaluable
contributions.”
Hobson also serves as Chairman of After School Matters, a
Chicago non-profit that provides area teens with high-quality after
school and summer programs. Additionally, she is vice chair of
World Business Chicago; co-chair of the Lucas Museum of Narrative
Art; and a board member of the George Lucas Education Foundation
and the Los Angeles County Museum of Art (LACMA). She is a member
of The Rockefeller Foundation Board of Trustees and serves on the
executive committee of the Investment Company Institute.
Hobson earned her AB from Princeton University’s School of
Public and International Affairs. In 2019, she was awarded the
University’s highest honor, the Woodrow Wilson Award, presented
annually to a Princeton graduate whose career embodies a commitment
to national service. She has also received honorary doctorate
degrees from Howard University, Johns Hopkins University, St.
Mary’s College, and the University of Southern California. In 2015,
Time Magazine named her one of the “100 Most Influential People” in
the world.
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.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to
ethically sourcing and roasting high-quality arabica coffee. Today,
with more than 32,000 stores around the globe, the company is the
premier roaster and retailer of specialty coffee in the world.
Through our unwavering commitment to excellence and our guiding
principles, we bring the unique Starbucks Experience to life for
every customer through every cup. To share in the experience,
please visit us in our stores or online at stories.starbucks.com or
www.starbucks.com.
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Starbucks Contact, Investor Relations: Durga Doraisamy
206-318-7118 investorrelations@starbucks.com Starbucks Contact,
Media: Reggie Borges 206-318-7100 press@starbucks.com
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