Chicago businesswoman Mellody Hobson will step down from her position as lead independent director of Starbucks’ board of directors, the coffee giant said in a statement on its website. Hobson serves as co-CEO and President of Ariel Investments in Chicago.

Starbucks Corp. director Mellody Hobson said she won’t seek reelection to the board, capping a two-decade tenure that included recruiting a new chief executive officer last year to turn the company around.

(Reuters) -Coffee giant Starbucks 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.

Starbucks Corp (NASDAQ:SBUX), a prominent player in the Hotels, Restaurants & Leisure industry with a market capitalization of $107.19 billion, announced today that Mellody Hobson, a member of the company's board of directors,