Starbucks has had one crazy year, specifically when it comes to its social practices. The company will replace its longtime chairman Howard Schultz with business boss lady Mellody Hobson.
According to Black Enterprise, Hobson will join the few African Americans that head a Fortune 500 company. The coffee franchise is playing musical chairs with its administration. Schultz announced his departure from Starbucks Monday (June 5), the end of a position he’s maintained for 36 years.
The Chicago native’s resume is untouchable. BE reports Hobson started out as an intern and worked her way up to become the president to Ariel Investments, LLC, the largest African American-owned money manager in the U.S. She’s also the on boards for Estée Lauder, DreamWorks Animation, and Groupon.
Her civic connections also include the Field Museum, the Chicago Public Education Fund and the Sundance Institute. When she’s not running a company, she is devoted to helping her community.
Hobson and renowned film director hubby George Lucas donated $10 million to University of California’s school of film to help lift up students of color, VIBE reported in 2015. She also is a financial contributor on Good Morning America, a featured consumer finance expert on Tom Joyner’s Money Mondays radio segment and a columnist for BE. Hobson is dedicated to educating her community about financial literacy and investing.
During the recession, Hobson hosted a ABC special titled, UN-BROKE, sharing the very vital keys to financially literacy. Cameos in the informative special included Will Smith, Cedric The Entertainer and Jamie Kennedy. It’s safe to say Starbucks is in pretty good hands.
With all this newfound free time, Schultz said he’s considering a political career as well as spending personal time with his family. Former CEO of JCPenney Myron Ullman will be the next chair of Starbucks’ board with Hobson set to become the vice chair at the end of the month.