Mellody Hobson, president of Chicago-based investment firm Ariel Investments, will be moving into a role as Starbucks’s vice chair following Executive Chairman Howard Schultz‘s departure on June 26.
A Chicago native, Hobson worked her way up after joining Ariel as a college intern in the 1990s, going on to become the company’s vice president of marketing, then a senior vice president, and eventually president at the firm. Ariel’s holdings include MSG Networks, Northern Institutional Treasury Portfolio, First American Financial Corp., and Kennametal, among others.
Throughout her career, Hobson has made financial literacy and community outreach a priority. Currently, she serves as chair on the board of directors of The Economic Club of Chicago, as well as chair of After School Matters, a Chicago nonprofit that provides teens with out-of-school time programs.
Myron E. Ullman, the former CEO of J.C. Penney, will take over as Starbucks’ chair.