“As we discuss inclusion, diversity, and equity, we discover time and again that these topics are foundational to our Starbucks Mission and Values,” Chief Executive Kevin Johnson said in a statement.
The Seattle coffee-bar giant's new inclusion commitments include launching a mentorship program connecting Bipoc -- black, indigenous, and people of color -- partners to senior leaders with a focus on developing their talent.
Starbucks will also disclose data about its workplace diversity. It will set and track annual inclusion and diversity goals including achieving Bipoc representation of at least 30% at all corporate levels and at least 40% of all retail and manufacturing roles by 2025.
The company will also establish an Inclusion and Diversity Executive Council to provide internal governance toward those goals.
Additionally, building inclusive and diverse teams will be connected to the company’s executive-compensation program.
In efforts to encourage inclusion and diversity, the Starbucks Foundation is providing $1.5 million in neighborhood grants to support more than 400 local non-governmental organizations serving black communities across the country.
The foundation will also invest $5 million to launch a two-year initiative supporting NGOs that serve Bipoc youth.
In September, Starbucks shares rose after Cowen analyst Andrew Charles upgraded the chain’s stock to outperform from market perform and raised his share-price target 29% to $99 from $77.
At last check Starbucks shares were trading off 1.6% at $88.77.