PayPal President & CEO, Dan Schulman, sent the following email to all PayPal employees discussing the company’s $530 million commitment to support Black communities throughout the U.S. See below for related quotes and facts from yesterday's internal employee meeting.
This has been a difficult and emotional time for all of us – and a painful and devastating period for our Black colleagues. The tragic and senseless deaths of so many Black people, including Ahmaud Arbery, Breonna Taylor and George Floyd in the U.S. – and the unacceptable intolerance displayed against Christian Cooper in New York’s Central Park – have cracked open a deep and painful history of systemic racism and violence that cannot be overlooked, ignored or dismissed. While these are just a handful of examples of what we’ve witnessed in the U.S., we know similar scenes are playing out in countries around the world as we continue to witness a rise in racism and xenophobia that has been exposed by the pressures of the global COVID-19 pandemic.
The values all of us hold dear are under attack. These continued acts of racism and violence against Black people have sparked justified national outrage and created an urgent and renewed call for social justice. Let me be clear: I stand with our Black teammates and with the Black community, as does the entire PayPal community. We stand with you and we support you – and we must publicly declare that Black lives matter.
We must make it absolutely clear that we will not tolerate racism, hatred or discrimination of any kind. And we need to go further than that. It is not enough for us to condemn racism. We must be anti-racist. That means that we will take a united stand and do the necessary work to dismantle racism in all its forms. This fight for social justice, equality and inclusion continues now.
My recent conversations with members of our Amplify community, along with Diversity & Inclusion leaders and experts inside PayPal and out, have given me deeper perspective and have helped shape the actions we are taking as a company. As I just shared with you in our global All Hands, today we are announcing a set of internal and external initiatives that demonstrate our values, strengthen our commitment to Diversity & Inclusion within our PayPal community, and draw on our unique resources and capabilities to support Black businesses and communities during this critical juncture in history. I am pleased to share that all together, we will invest $530 million to advance this important work.
We are continuing to take a hard look across the company to understand how we can better support a culture of inclusion and belonging. With the attention and support of the entire Senior Leadership Team and our new Global Head of Diversity & Inclusion Kim Jenkins Manigault, we are taking meaningful steps towards building a working environment where all employees feel included, supported and safe in bringing their full selves to work:
As a company, we believe that financial health and security are essential to ensuring that everyone can live their lives with dignity and respect, and can pursue a better future for their families and communities. With this mission and our extraordinary employees and resources, PayPal is uniquely equipped to make a distinctive difference by addressing the systemic economic inequality and racial injustice that is afflicting the U.S. and many other countries across the globe.
The Black community has faced deep economic inequities for generations. The COVID-19 pandemic has only exacerbated this reality, leaving an outsized and devastating impact on Black-owned businesses and their communities. Supporting, sustaining and investing in Black-owned businesses is critical to close the racial wealth gap. To do our part, we are launching a comprehensive group of initiatives, with three separate, but interconnected, components:
This holistic program of initiatives is an ambitious but necessary commitment to do our part in what will be a long struggle ahead to fight systemic racism, discrimination and economic inequality. We will continue to speak out and stand on our values – and we will continue to invest in building just communities and economies. This is what we stand for as a company.
Thank you for joining in the hard work of pursuing social justice and affecting real change. I am proud to work with you every day.