The parent of Irvine-based Taco Bell Corp. and The Habit Burger Grill revealed an initiative Thursday that will see some $100 million deployed over the next five years to programs aimed at inclusion and diversity.
Louisville, Ky.-based Yum Brands Inc. (NYSE: YUM) said the program, called Unlocking Opportunity Initiative, will be funneled into leadership training and diversity, programs for restaurant employees interested in starting their own businesses and support for small businesses and other entrepreneurs active in their respective communities.
Internally, the effort includes anti-racism training, along with more Black, Latino, women and other minority groups in executive, management, franchise and supplier positions. Yum said it’s working on specific targets it would hold itself accountable to and should have those in the next few months.
The funding will be spent globally with a focus on the U.S. initially. It’s Yum’s largest market, accounting for over 40% of its sales and half of its franchisees.
“The past few weeks have shown me the immediacy of the need to address inequality in the U.S., and I have been enlightened and humbled by conversations with many employees,” Yum CEO David Gibbs said in a statement.
Yum shares were trading down 1.7% to $85.13 on Thursday for a market cap of $25.6 billion.
