(Reuters) -Coffee giant Starbucks (NASDAQ:SBUX) said on Thursday that Mellody Hobson, the lead independent director of its board, will depart after a tenure of nearly two decades with the company.
Hobson previously served as the chairwoman of Starbucks from March 2021 to September 2024, making her the only African American woman to chair a Fortune 500 company at the time of her appointment.
"In two decades, I have never sold a single Starbucks share and plan to remain a steadfast investor," Hobson said in a letter dated Jan. 14.
She informed Starbucks earlier this week of her decision to not stand for re-election at the upcoming annual shareholders' meeting, according to a filing by the company.
The exit comes at a time when Corporate America is scaling back diversity, equity, and inclusion (DEI) policies meant to boost racial and ethnic representation at workplaces.
In March, Starbucks' shareholders voted for an executive compensation plan that dropped a bonus related to DEI goals.
The coffee store chain operator is also navigating an overhaul of its U.S. locations under CEO Brian Niccol, who has been tasked with steering the company back to growth after it took a hit from falling demand for its pricey beverages in the key U.S. and China markets.
Since 2019, Hobson has been the co-CEO and president of investment management firm Ariel Investments and assumed her current role along with Niccol last year.
Hobson would continue to serve through the remainder of her current term, the company said.
Starbucks is scheduled to report first-quarter results on Jan. 28.