Starbucks’ lead independent director Mellody Hobson to depart
2025.01.16 17:31
(Reuters) -Coffee giant Starbucks (NASDAQ:) said on Thursday that Mellody Hobson, the lead independent director of its board, will depart after a tenure of nearly two decades with the company.
Hobson previously served as the chairwoman of Starbucks from March 2021 to September 2024 and assumed her current role along with CEO Brian Niccol last year.
“In two decades, I have never sold a single Starbucks share and plan to remain a steadfast investor,” Hobson said in a letter dated Jan. 14.
The coffee store chain operator is navigating an overhaul of its U.S. locations under Niccol, who has been tasked with steering the company back to growth after it took a hit from falling demand for its pricey beverages in the key U.S. and China markets.
Since 2019, Hobson has been the co-CEO and president of investment management firm Ariel Investments.
She informed Starbucks earlier this week of her decision to not stand for re-election at the 2025 annual shareholders meeting, according to a filing by the company.
Hobson would continue to serve through the remainder of her current term, the company said.
Starbucks is scheduled to report first-quarter results on Jan. 28.
