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Ariel Investments president joins JPMorgan board

Crandall Bowles is retiring from the board of JPMorgan Chase & Co. and will therefore not stand for re-election at the company's May shareholder meeting.

Bowles is chairman emeritus of investment firm Springs Co.

The company announced that Mellody Hobson will join JPMorgan's board, effective March 21. Hobson also joins the boards of subsidiaries JPMorgan Chase Bank NA, Chase Bank USA NA and JPMorgan Chase Holdings LLC.

Hobson is president of Ariel Investments LLC and is on the boards of Starbucks Corp. and Estée Lauder Cos. Inc.