Synchrony and the Synchrony Foundation Pledge $5 Million to Organizations Supporting Social Justice and Equity
STAMFORD, Conn., June 25, 2020 /PRNewswire/ -- Today, Synchrony (NYSE: SYF) and the Synchrony Foundation announced a commitment of $5 million to support national non-profit organizations that are working to bring about social justice, combat systemic racism, and make a difference in the lives of Black Americans. The company also recently launched a senior-level diversity and inclusion committee to drive additional measures to advance equality across all areas of the business.
"Synchrony stands united with the Black community," said Margaret Keane, CEO of Synchrony. "As we continue to listen to the experiences of our Black colleagues, friends, and leaders, this represents a step forward in our commitment to a future built on justice and equality for all. We have a lot of hard work in front of us, building on Synchrony's foundation of diversity and inclusion. The private and public sectors must come together to root out persistent disparities both in the workplace and in society to drive systemic change in our country."
In collaboration with Synchrony's African American+ Diversity Network, Synchrony selected organizations dedicated to supporting social justice, historically Black education institutions, civic engagement and criminal justice reform and will donate $1 million to be allocated to non-profits including Thurgood Marshall College Fund, National Urban League and Equal Justice Initiative.
The company will commit the remaining $4 million over the next four years to support organizations focused on addressing issues that disproportionately impact the Black community. This comes after Synchrony's multi-million dollar donation to non-profits that provide emergency assistance to minority-owned small businesses in underserved communities.
Furthering Synchrony's Commitment to Diversity and Inclusion
These efforts build upon Synchrony's ongoing commitment to diversity and inclusion within its own organization. Synchrony has the most diverse board among Fortune 200 financial services companies, which includes four minority directors and four women directors. Forty-five percent of the company's workforce is comprised of ethnically diverse employees.
Synchrony recently formed a senior-level committee led by Synchrony President Brian Doubles, together with Executive Vice President Curtis Howse, Chief Diversity Officer Michael Matthews, and other diverse leaders companywide to implement actions to further equality and advancement across all areas of our business. The committee will drive initiatives to increase diverse employee talent at all levels of the workforce; grow business partnerships with diverse suppliers, entrepreneurs, and customers; and increase our commitment to addressing deeply rooted gender and racial inequality within the communities we serve.
"Diversity and inclusion remain front and center at Synchrony," said Brian Doubles, President of Synchrony. "We recognize we can do more to move the needle. By bringing together diverse voices across the company, we will accelerate our efforts to drive meaningful action and change."
About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company. We deliver a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. Synchrony enables our partners to grow sales and loyalty with consumers. We are one of the largest issuers of private label credit cards in the United States; we also offer co-branded products, installment loans and consumer financing products for small- and medium-sized businesses, as well as healthcare providers.
Synchrony is changing what's possible through our digital capabilities, deep industry expertise, actionable data insights, frictionless customer experience and customized financing solutions. For more information, visit www.synchrony.com and Twitter: @Synchrony.
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