Jan 16 (Reuters) - Coffee giant Starbucks ( SBUX ) said

on Thursday that Mellody Hobson, the lead independent director

of its board, will depart after a tenure of nearly two decades

with the company.

Hobson previously served as the chairwoman of Starbucks ( SBUX ) from

March 2021 to September 2024, making her the only African

American woman to chair a Fortune 500 company at the time of her

appointment.

"In two decades, I have never sold a single Starbucks ( SBUX ) share

and plan to remain a steadfast investor," Hobson said in a

letter dated Jan. 14.

She informed Starbucks ( SBUX ) earlier this week of her decision to

not stand for re-election at the upcoming annual shareholders'

meeting, according to a filing by the company.

The exit comes at a time when Corporate America is scaling

back diversity, equity, and inclusion (DEI) policies meant to

boost racial and ethnic representation at workplaces.

In March, Starbucks' ( SBUX ) shareholders voted for an executive

compensation plan that dropped a bonus related to DEI goals.

The coffee store chain operator is also navigating an

overhaul of its U.S. locations under CEO Brian Niccol, who has

been tasked with steering the company back to growth after it

took a hit from falling demand for its pricey beverages in the

key U.S. and China markets.

Since 2019, Hobson has been the co-CEO and president of

investment management firm Ariel Investments and assumed her

current role along with Niccol last year.

Hobson would continue to serve through the remainder of her

current term, the company said.

Starbucks ( SBUX ) is scheduled to report first-quarter results on

Jan. 28.