Mellody Hobson, Starbucks’ lead independent director and former chair of the board, announced her retirement after serving the company for the past two decades.
In a letter, Hobson shared that she is comfortable about the timing of her departure, noting that she is confident the coffee chain is in “excellent hands” with new chief executive officer Brian Niccol at the helm.
“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,” she wrote.
Hobson ceded the chair position to Niccol when he came on board in August. She played a big role in recruiting the former Chipotle CEO to lead the company — which she called “a dogged pursuit” in her letter — after an unusual streak of negative sales and traffic.
Hobson added that Starbucks founder Howard Schultz, who initially recruited her to join the board 20 years ago, made her a “bigger dreamer, more capable executive, stronger board member and better person.”
“As I was assuming the chairmanship in 2021, Howard suggested I adopt his own practice of imagining two empty seats in the boardroom: one for a hard-working partner and one for a loyal shareholder. This advice was a powerful north star that I never forgot,” she wrote.
Niccol shared that Hobson has been a “steady hand, a creative problem solver and a decisive leader – helping us navigate challenges like COVID and the global financial crisis.”
“Mellody embodies the best of Starbucks and lives our mission and values, which isn’t surprising given her role in helping build and shape the company and our culture … In everything we do, and in every decision we make, Mellody reminds us of our responsibility and our commitment to create opportunity and bridge to a better future for every partner. She knows that when we take care of our partners, they take care of our customers — and, in-turn, our business,” Niccol said.
Contact Alicia Kelso at [email protected]
