Hobson, co-chief executive officer of asset manager Ariel Investments LLC, was named vice chair in 2018.

                                     

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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