Starbucks names Mellody Hobson board chair

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(Reuters) – Coffee chain Starbucks Corp on Wednesday named Vice Chair Mellody Hobson as head if 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 30% 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.

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