Starbucks Corporation ( SBUX ) shares are trading higher on Friday.

Mellody Hobson, a prominent U.S. financier, is stepping down from the board of Starbucks ( SBUX ) after a distinguished two-decade tenure.

Hobson will not stand for reelection at the company’s 2025 Annual Meeting of Shareholders.

Hobson, who joined the board at the invitation of former CEO Howard Schultz, played a significant role in guiding the company through pivotal moments.

In her resignation letter to Starbucks' ( SBUX ) Executive Vice President and Chief Legal Officer Brad Lerman, Hobson expressed her deep gratitude for her time at the company.

“I want to offer a special thanks to Howard who taught me so much in all the years I sat right next to him at virtually every board meeting,” Hobson writes.

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She reflected on the privilege of working alongside Schultz, describing his leadership as inspiring and transformative. Over the years, Hobson served in various leadership positions, including Chair of the Audit Committee, Vice Chair, Chairman of the Board, and Lead Director.

With Brian Niccol now leading Starbucks ( SBUX ), Hobson feels confident in stepping away, trusting the company's future under his guidance.

“I now feel comfortable stepping away from the board and do not plan to stand for re-election. I believe it is important for Brian to have a lead director who can sit alongside him for years to come—my twenty years is already a long time,” Hobson writes in the letter.

Hobson emphasized her belief in Starbucks’ long-term potential, praising the company’s commitment to its employees, customers, and stakeholders.

Hobson remains a dedicated investor in Starbucks ( SBUX ), maintaining her love for the brand and its ongoing success.

“In two decades, I have never sold a single Starbucks ( SBUX ) share and plan to remain a steadfast investor. Although the company has had a stunning 52-year run, I strongly believe its best days lie ahead,” Hobson writes.

According to Benzinga Pro, SBUX stock has gained over 3% in the past year. Investors can gain exposure to the stock via SPDR Select Sector Fund – Consumer Discretionary .

Price Action: SBUX shares are trading higher by 1.13% to $95.50 at last check Friday.

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