Chicago Native Mellody Hobson To Become Only Black Chair Of S&P 500 Company

CHICAGO (CBS) -- In a historic move, Chicago native Mellody Hobson has been named the new chair of the board of directors for Starbucks.

Hobson will become the only Black woman to be the chair of an S&P 500 company.

Right now she is the co-CEO of the asset management firm Ariel Investments and has also been a Starbucks director since 2005.

Hobson will officially begin in her new position in March.

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• Starbucks