Starbucks leads independent director Melody Hobson to step down

(Reuters) – Coffee giant Starbucks said on Thursday that its board’s lead independent director, Melody Hobson, will step down after nearly two decades with the company.

Hobson previously served as chairman of Starbucks from March 2021 to September 2024, making her the only African woman to chair a Fortune 500 company during her tenure.

“I have never sold a single Starbucks stock in two decades and never plan to become a firm investor,” Hobson said in a Jan. 14 letter.

She announced to Starbucks earlier this week that she will not seek re-election at the upcoming annual meeting of shareholders.

The exit comes as corporate America rolls back diversity, equity and inclusion (DEI) policies meant to increase racial and ethnic representation in the workplace.

In March, Starbucks shareholders voted for an executive compensation plan that dropped bonuses tied to DEI goals.

The coffee shop chain operator is revamping its U.S. locations under CEO Brian Nichols, who is tasked with returning the company to growth amid a decline in expensive beverages in key markets such as the U.S. and China.

Since 2019, Hobson has been the CEO and President of investment management firm Ariel Investments, where she assumed her current role with Nicole last year.

Hobson will continue to serve for the remainder of her term, the company said.

Starbucks is scheduled to report first-quarter results on Jan. 28.

(Reporting by Savyatha Mishra in Bengaluru; Editing by Mohammad Safi Shamsi)