Serving on Starbucks’ Board of Directors since 2005, Hobson helped the coffee chain to navigate the 2008 financial crisis, the pandemic, and scale from 10,000 stores to 40,000 globally
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Hobson (pictured) was described by Starbucks CEO Brian Niccol as ‘a respected leader, steady hand and creative problem solver’ | Photo credit: Starbucks
Starbucks has announced that Lead Independent Director Mellody Hobson will retire from its Board of Directors after nearly two decades with the US coffee giant.
Hobson joined Starbucks’ Board of Directors in 2005 and has served in several capacities, including Chair and Vice Chair, working alongside five CEOs during her tenure.
In an open letter to Starbucks staff and investors, current CEO Brian Niccol described Hobson as a respected leader, steady hand and creative problem solver. He credited her with helping the business navigate the global financial crisis and pandemic, as well as ‘chart our path to incredible growth’.
Seattle-based Starbucks operated 10,200 stores across 34 markets globally in 2005. It now operates more than 40,200 outlets across 88 countries, with plans to reach 55,000 stores globally by 2030.
“With Brian firmly at the helm (after a dogged pursuit!), I am confident Starbucks is in excellent hands. For this reason, I now feel comfortable stepping away from the Board and do not plan to stand for re-election. I believe it is important for Brian to have a Lead Director who can sit alongside him for years to come – my 20 years is already a long time,” Hobson said in her resignation letter.
She went on to state that she will remain a ‘steadfast investor’ in Starbucks, having yet to sell any of her shares in the coffee chain since 2005.
Hobson has also served as Co-CEO, President, and Director of Chicago-based investment management firm Ariel Investments, LLC since 2019 and was President of Ariel Investments 2000-2019.