SBUX Starbucks Corporation

By Micah Maidenberg

Starbucks Corp. said investor Mellody Hobson has been appointed non-executive chairwoman of the company's board.

The Seattle-based coffee chain said Wednesday that Ms. Hobson, co-chief executive at Ariel Investments LLC, would succeed Myron Ullman III in the role. Mr. Ullman, a board member at Starbucks since 2003 and its chairman since 2018, would retire from the board next March, according to the company. At that time, Ms Hobson would take on her new role.

Ms. Hobson is among the most prominent Black investors in the U.S. She has been an independent director at Starbucks since 2005 and was appointed the board's independent vice chair in 2018, Starbucks said.

She also currently serves as a director at JPMorgan Chase & Co. and formerly was a member of the Estée Lauder Cos. board.

"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," Ms. Hobson said.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

December 09, 2020 09:26 ET (14:26 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.