Mellody Hobson becomes vice chairman of Starbucks

Mellody Hobson will become vice chairman of Starbucks once chairman Howard Schultz resigns later this month, Black Enterprise reports.

Hobson, president of the largest black-owned money management firm in the United States, Ariel Investments, LLC., Is currently a director on Starbucks’ board of directors. She also served on the boards of Estée Lauder, DreamWorks Animation, and Groupon, according to Fortune.

Schultz announced on Monday that he would step down as chairman of the coffee chain he has been part of for 30 years. Rumor has it he is considering running for president in 2020.

A native of Chicago, she joined Ariel Investments as an intern in 1999 and worked her way up to become president of the company, which has $ 13 billion under management.

“My life was changed by meeting her, and I don’t say that lightly,” said Sheryl Sandberg, Facebook COO, who blames Hobson for inspiring her to write her book Sit back. “She is such a big part of my journey. I think she does this for everyone. “

Former CEO of JCPenney, Myron E. Ullman, will take over Schultz as the new chairman of Starbucks.

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