A high-profile fundster will take over a giant coffee retailer's board next year.

Mellody Louise Hobson Ariel Investments Co-CEO, President

Today Mike Ullman, chair of Seattle-based Starbucks Corporation's board of directors, confirmed that vice chair Mellody Hobson will take over as non-executive chair in March 2021, when Ullman retires in conjunction with the firm's annual shareholders meeting. Hobson is president and co-CEO of Ariel Investments.

Howard Schulz, chairman emeritus of Starbucks, lauds Hobson as "a fearless leader defined by her grace and wisdom."

"Mellody has been a trusted advisor to me and the company for more than 20 years," Schulz states. "She has long embraced the purpose of Starbucks and, along with the leadership team, will continue to reimagine Starbucks future through the foundation of its past. My heart is full and thankful that Starbucks will have Mellody's leadership as chair."

Hobson, for her part, says she's "thrilled and honored to take on the role of chair."

Hobson first joined Starbucks' board in 2005, and she rose to vice chair in 2018. She also serves on the board of a money center bank and serves in board roles with several non-profits. Hobson also chairs Ariels' mutual funds' board. 

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