Mayor’s Racial Equity Initiative receives $3.7 million from 3 Charlotte companies
The Mayor’s Racial Equity Initiative has received $3.7 million from three Charlotte-based companies toward its $250 million goal, leaders announced this week.
The public-private partnership will receive $1.7 million from Barings, $1 million from Coca-Cola Consolidated and $1 million from steel manufacturer Nucor Corp.
In November Charlotte Mayor Vi Lyles and corporate leaders launched the initiative with four focus areas: investing in Johnson C. Smith University; increasing technology and Internet access, commitment to diversity in hiring, retention and promotion by Charlotte’s biggest employers, and the city’s Corridors of Opportunity program.
Barings’ contribution will fund multi-year scholarships, an endowed professorship and the creation of an asset management course at the west Charlotte HBCU, according to the announcement.
“We are hopeful this commitment will equip today’s JCSU students with the support and inspiration needed to take their rightful place among tomorrow’s financial leaders,” Barings Chairman and CEO Mike Freno said in a statement.
Coke Consolidated’s commitment also will support JCSU.
The recent announcement brings the committed funds to $220 million of the $250 million goal.
Some of Charlotte’s most well-known corporate and philanthropic names have already donated to the initiative, including the Duke Endowment, Bank of America, Wells Fargo and Lowe’s.
Last month initiative leaders shared details about how the four areas will be managed, describing a “decentralized approach” with separate governing boards that will vet spending proposals and track progress.
This comes after the first top leader resigned within weeks of her hiring announcement when questions arose earlier this year about her handling of fraudulent unemployment claims while director of Ohio’s job and family services department.
That position will not be replaced, the initiative’s co-chairs Malcomb Coley and Mike Lamach said.
This story was originally published May 18, 2022 at 10:31 AM.
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