Mellody Hobson started from the bottom as an intern 28 years ago; now the 50-year-old will be the co-CEO at Ariel Investments. Now that’s how you level up!
On Wednesday the firm announced the organizational change on its website, revealing Hobson will be purchasing a 14 percent ownership stake from the current CEO, John Rogers, by July 19. She will then be the largest shareholder in the firm at 39.5 percent, making her co-CEO with Rogers of Ariel.
Hobson and Rogers mentorship and working relationship began when he met Hobson at Princeton University and hired her for an internship at 17-years-old. After she graduated, Rogers hired her, and she worked with him when he founded Ariel in 1983.
“Even though I founded Ariel, it has long been Mellody’s firm too. In all the years of working together, Mellody and I have evolved into co-leaders. Her decision-making has always been through a lens of ownership and entrepreneurship,” Rogers shared in the announcement.
Hobson spent the last 19 years as President of Ariel, and this recent promotion is just one step in the “generational transition of leadership and ownership” the company has long-planned to execute.