PURCHASE, NY: PepsiCo has increased its Hispanic managerial representation from 9% in 2021 to 9.6%, according to an update report from its Racial Equity Journey (REJ) Hispanic Initiative.
The increase included adding 31 more associates to executive ranks, helping to exceed the 2020 goal of adding a total of 50 Hispanic associates. The Gatorade and Doritos parent company aims to increase the number to 10% by 2025.
Since 2020, PepsiCo has supported more than 500 Hispanic-owned businesses across the nation with marketing and safety essentials through its Juntos Crecemos (Together We Grow) program.
Independent, Hispanic-owned firm Boden helped PepsiCo launch Juntos Crecemos last year. In March, Boden supported the brand on its Jefa-Owned campaign.
“It is all about leveraging our resources and our brands to make a difference both at PepsiCo and within the communities we serve,” Esperanza Teasdale, VP and general manager of PepsiCo’s multicultural business unit, said via email.
PepsiCo also spent over $250 million with Hispanic-owned suppliers in 2021.
A key facet of PepsiCo’s REJ Hispanic Initiative includes community outreach. The company expanded its Uplift Community College Scholarship program from 11 cities to 20 and provided nearly 1,800 scholarships for Black and Latino students.
“We are committed to continuing to listen, and to learn from our consumers, leaders in Hispanic communities and our associates to ensure we are refining and optimizing our approach to create meaningful change,” Teasdale added.
The REJ Hispanic Initiative is PepsiCo’s five-year $172 million investment to increase Hispanic representation across the organization and its business partners, support Hispanic-owned businesses and empower Hispanic communities.
PepsiCo’s Q2 earnings exceeded analysts’ expectations. The company posted a revenue of $20.2 billion, up 5% from Q2 2021. Net income was $1.4 billion, down from $2.4 billion a year earlier.