Mellody Hobson, the co-CEO, president of Ariel Investments, and chair of Ariel Investment Trust, will receive the 2023 ELC Achievement Award during its 37th anniversary recognition gala.

The achievement award is presented to Black corporate executives “whose business career achievements highlight personal and professional excellence.”

“The mission of The ELC and its members to develop our future leaders and help them reach their highest potential is tantamount to changing the Black experience in corporate America,” Hobson said in a statement “I am pleased to receive this recognition. The mission of (The Executive Leadership Council) dovetails with my personal mission to close the wealth gap from the entry-level to the boardroom.”

In 2021, she co-founded Ariel Alternatives, a private equity firm and home to Ariel’s Project Black Fund. The $1.45 billion fund creates opportunities for minority-owned businesses of scale and seeks to provide Fortune 500 companies with diverse vendors.

Outside of her work with Ariel, Hobson serves on various professional and philanthropic boards, including chairwoman of the board of Starbucks Corp. and as a director of JPMorgan Chase.

Previously, she served as chairman of DreamWorks Animation, helping to facilitate the company’s sale in 2016. She was also a long-standing board member of the Estée Lauder Companies, a statement reads.

“Mellody’s commitment, vision and compassion are attributes that the ELC works every day to instil in its scholars and future generations of Black executives,” said ELC president and CEO Michael C. Hyter. “Her exceptional achievements are unparalleled and serve as a beacon to women in business and industry. The ELC is honoured to recognize Mellody for her outstanding contributions and shining leadership and vision throughout the years.”

As part of her community outreach, she serves as chairman of After School Matters, a Chicago non-profit that provides area teens with high-quality after-school and summer programs; vice chair of World Business Chicago; co-chair of the Lucas Museum of Narrative Art; and a board member of the George Lucas Education Foundation and Bloomberg Philanthropies. She also serves on the Los Angeles County Museum of Art (LACMA) board.

This year’s gala is expected to distribute at least $2.8 million in scholarships to ELC scholarship program awardees. Google and The Coca-Cola Company will serve as the co-lead sponsors.

The event will occur on Thursday, Oct. 5, at the Gaylord National Resort & Convention Center in National Harbor, Maryland.