PepsiCo has announced commitments totaling $172 million in support of racial equity initiatives focused on Latinx businesses, communities, and employees.
The funding will advance a three-pronged strategy over five years aimed at lifting up Hispanic Americans and creating positive change for people, businesses, and communities, including efforts to raise the representation of Latinx managers and executives to 10 percent of the company's workforce by 2025, support a network of resilient Latinx-owned companies, and increase access to higher education for Latinx students.
To that end, the company will invest $87 million in its Hispanic Business Units and $50 million in efforts to support business development, provide access to capital not available through traditional sources, and provide tools that help address structural barriers to success; build on its existing plan to spend $275 million with Latinx-owned businesses by establishing relationships between those companies and PepsiCo buyers; and invest $35 million in efforts to expand its two-year/trade certificate Community College Scholarship program to include additional scholarships for Latinx students and provide scholarships for students transitioning from two- to four-year programs in the company's core headquarter locations of New York, Dallas, and Chicago.
The announcement follows a commitment of more than $400 million over five years announced by the company in June for equity initiatives focused on African-American communities.
"Over the past seven months, the COVID-19 pandemic and its economic fallout have laid bare many of the systemic inequities facing racial minorities in the United States. We've watched helplessly as the virus disproportionately claimed Black and Brown lives, and borne witness on a national scale to the pain and frustration, the outrage and indignity, endured by so many of our friends and colleagues with heartbreaking frequency," said CEO Ramon Laguarta on the PepsiCo website. "As we continue our journey to help forge a truly inclusive environment, we are going to keep listening — to leaders, communities, and all of you — and we will keep working to do the right thing."
(Photo credit: PepsiCo)