Chicago business owner Mellody Hobson will step down from her position as lead independent director of Starbucks’ board of directors, the coffee giant said in a statement on its website. Hobson serves as co-CEO and president of Ariel Investments in Chicago.

Starbucks Corp (NASDAQ:SBUX), a prominent player in the Hotels, Restaurants & Leisure industry with a market capitalization of $107.19 billion, announced today that Mellody Hobson, a member of the company's board of directors,

Starbucks Corp. director Mellody Hobson said she won’t seek reelection to the board, capping a two-decade tenure that included recruiting a new chief executive officer last year to turn the company around.