Starbucks said Wednesday that Mellody Hobson will serve as the next non-executive chair of its board.
In March, Hobson will replace Myron Ullman, the former CEO of J.C. Penney. Ullman, who is retiring, has been on Starbucks' board since 2003 and served as chairman since 2018.
Hobson, who is also the co-CEO of Ariel Investments, has been on Starbucks' board for 15 years. She currently serves as a director for JPMorgan Chase and has previously been on the boards of Estee Lauder and DreamWorks Animation.
The change comes as the Nasdaq asks the Securities and Exchange Commission to approve changes that push for greater diversity on the boards of publicly traded companies listed on its exchange. Starbucks is traded on the Nasdaq, but it has long exceeded the guidelines that the exchange is proposing. If approved, the Nasdaq would require most companies to have at least one woman and at least one person who identifies as an underrepresented minority or part of the LGBTQ community on the board.
At a recent appearance at The Economic Club of New York, Hobson talked about recent developments from Corporate America to address racism and racial inequality.
"I've been saying we need less lip service, and we need more elbow grease, and so I think this time will be different because we live in a society that is holding us accountable ... I think there is no way to escape actually having real results now: people are watching," she said.
Starbucks announced the move ahead of its investor day, which is expected to be held on Wednesday afternoon. Shares of the company, which has a market value of $119 billion, have risen 15% so far this year, nearing an all-time high.