Synchrony Launches Latinx Executive Alliance, A Coalition Dedicated To Advancing Latinx Talent In Corporate America

Rhea-AI Summary

Synchrony (NYSE: SYF) announced the formation of the Latinx Executive Alliance, a coalition aimed at improving corporate representation for Latinx employees. This initiative responds to findings that, while the Latinx population comprises 18% of the U.S., only 4% hold executive roles in Fortune 500 companies. The alliance will hold its first virtual event, Impacto, on October 18, 2021, bringing together leaders to discuss challenges and define strategies for advancing Latinx talent in corporate America.

Positive

• Launch of Latinx Executive Alliance aiming to boost Latinx representation in leadership roles.
• First event Impacto scheduled for October 18, 2021 to address corporate challenges and opportunities for Latinx talent.
• Alignment with broader diversity and inclusion initiatives already undertaken by Synchrony.

Negative

• The initiative highlights a significant underrepresentation of Latinx talent in executive positions.

STAMFORD, Conn., Oct. 4, 2021 /PRNewswire/ -- Synchrony (NYSE: SYF), a premier consumer financial services company, today announced the Latinx Executive Alliance, a coalition of C-suite executives and business leaders from different companies, industries and sectors, dedicated to collectively helping Latinx employees advance in corporate America. The Alliance will host its inaugural, virtual event on October 18^th from 12:00 to 1:00 p.m. ET.

According to the 2019 U.S. Census, the Latinx community is the fastest-growing demographic in the U.S. and yet, a recent Corporate Governance Study from the Hispanic Association on Corporate Responsibility (HACR) reports that while the Latinx community is 18 percent¹ of the population, Latinx talent holds just four percent² of the executive leadership roles in Fortune 500 companies.

"The Latinx Executive Alliance helps to tackle the widening gap in recruiting and advancing Latinx talent across the United States," said Alberto "Beto" Casellas, chief executive officer and executive vice president, Synchrony Health and Wellness. "As senior leaders in our own organizations, it's up to us to invent, design, and purposefully act together to create greater opportunities for the many Latinx individuals who stand ready to lead."

The Latinx Executive Alliance aims to create a more diverse workforce by identifying, mentoring, upskilling and promoting the next generation of Latinx leaders. The Alliance will also help identify opportunities within organizations where diverse professional talent can have a meaningful impact and help their companies better meet the needs of their customers and communities. 

"At Synchrony, we encourage our employees to connect with organizations that provide different perspectives because we believe it can positively impact their personal and professional development," said DJ Casto, chief human resources officer at Synchrony. "When my colleagues and I looked for a professional network where C-Suite Latinx executives could collaborate, connect, invest, and support each other, we just couldn't find one. We decided right then that we would pave the path ourselves and in doing so, ensure more opportunities and better outcomes for Latinx individuals and the businesses they support."

The Latinx Executive Alliance invites business leaders and executives from all companies, industries and sectors to attend its inaugural virtual event entitled "Impacto" on Monday, October 18, 2021 from 12:00-1:00 p.m. ET. The goal of the event is to create a forum where leaders from across the Latinx community can start candidly sharing the challenges and opportunities they see in corporate America and discuss ways they, and others, can collectively support Latinx leaders on their career journey. Insights from the discussion will help shape the Alliance's long-term goals and focus. Expected attendees will include executives from Fortune 500 companies as well as medium and small businesses.  Current and aspiring Latinx professionals are invited and encouraged to attend the virtual event and can click here to register.

"Impacto" event speakers include:

• Alberto "Beto" Casellas, EVP & CEO, Health & Wellness, Synchrony
• Fernando Aguirre, Board of Directors, Synchrony
• DJ Casto, EVP & Chief Human Resources Officer, Synchrony
• Lucy Perez, Senior Partner, McKinsey
• Amber-Marie Medina, VP, Product Strategy, Hispanic Segment & Hispanic Network Development Lead, Synchrony

Today's announcement and the formation of the Latinx Executive Alliance is part of Synchrony's broader effort to support diverse communities, including the company's initial $15 million commitment to venture capital funds led by Latinx, Black, and female investing partners in May 2021, the launch of its Advancing Diverse Talent (ADT) initiative, and the Education as Equalizer initiative to expand access to higher education, skills training in high-growth fields, and financial literacy for underserved communities and its own workforce. 

For more information about the Latinx Executive Alliance and "Impacto" event, visit https://events.synchrony.com/lea-impacto or email Elizabeth Caraballo, senior vice president, diverse talent strategy, Synchrony, and program director of the Latinx Executive Alliance, at Elizabeth.Caraballo@synchrony.com.

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.

Media Contact:
Michelle Blaya
Michelle.Blaya@syf.com 
626-250-1415

¹ blog.hacr.org/hri_blog/2020-hacr-cii-report-theme?__hstc=233546881.5af375493f24a989d71b3c61134cbbcc.1632418991168.1632418991168.1632418991168.1&__hssc=233546881.3.1632418991169&__hsfp=3021193725 
² https://www2.deloitte.com/us/en/pages/center-for-board-effectiveness/articles/missing-pieces-board-diversity-census-fortune-500-sixth-edition.html

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SOURCE Synchrony Financial

FAQ

What is the Latinx Executive Alliance announced by Synchrony (SYF)?

The Latinx Executive Alliance is a coalition formed to advance Latinx talent in corporate America, addressing the lack of representation in executive roles.

When is the inaugural event for the Latinx Executive Alliance?

The inaugural virtual event, called Impacto, is scheduled for October 18, 2021, from 12:00 to 1:00 p.m. ET.

What is the goal of the Latinx Executive Alliance?

The Alliance aims to identify, mentor, and promote the next generation of Latinx leaders in corporate America.

How does Synchrony (SYF) plan to support the Latinx Executive Alliance?

Synchrony is providing a platform for collaboration and support among Latinx leaders to enhance opportunities and outcomes for Latinx professionals.

Why is the formation of the Latinx Executive Alliance important?

It addresses the critical underrepresentation of Latinx individuals in executive roles, aiming to bridge the gap in corporate leadership.