Business

Starbucks names Mellody Hobson board chair

:Coffee chain Starbucks Corp on Wednesday named Vice Chair Mellody Hobson as head of its board, making her the only African American woman to chair a Fortune 500 company.

Hobson, Chairman of the Board of Directors of Dreamworks Animation, speaks during USC's Commen
Mellody Hobson, Chairman of the Board of Directors of Dreamworks Animation, speaks during USC's Commencement Ceremony at University of Southern California in Los Angeles, California May 15, 2015. REUTERS/Mario Anzuoni
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REUTERS -Coffee chain Starbucks Corp on Wednesday named Vice Chair Mellody Hobson as head of its board, making her the only African American woman to chair a Fortune 500 company.

She will replace Myron Ullman III, who is retiring in March.

Hobson, co-chief executive officer of asset manager Ariel Investments LLC, was named vice chair in 2018.

Earlier this year, the company had said it was targeting 30per cent representation of Black, Indigenous and People of Color (BIPOC) at all corporate levels by 2025.

The coffee chain is also hosting its biennial investor day later in the day.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Saumyadeb Chakrabarty)

Source: Reuters