Prudential Continues Support of Boys and Young Men of Color in Next Phase of My Brother’s Keeper
05 May 2015 - 4:30AM
Business Wire
Lori Dickerson Fouché, CEO of Prudential Group
Insurance, to join board of My Brother’s Keeper Alliance; group
will sustain the mission of My Brother’s Keeper beyond Obama
administration
As part of the company’s ongoing support for the My Brother’s
Keeper (MBK) initiative, Prudential Financial announced its
involvement in the My Brother’s Keeper Alliance (MBK Alliance),
which President Obama announced today in Bronx, NY. MBK Alliance, a
new nonprofit organization, will continue to work toward better
life outcomes for young boys and men of color. Lori Dickerson
Fouché, CEO of Prudential Group Insurance, will sit on the board of
the MBK Alliance.
MBK Alliance will convene public, private, and nonprofit
stakeholders around MBK’s mission, building strong local community
networks to help create better life outcomes for boys and young men
of color. The organization will work to build partnerships,
mobilize new funding commitments, collect data, and offer technical
assistance for communities participating in the initiative. As one
of MBK’s anchor corporate partners, Prudential has committed a
total of $13 million in grants and impact investments to this
work.
“Communities across the country are making tremendous efforts to
close the opportunity gap and break down systemic barriers that
prevent boys and young men of color from reaching their full
potential,” said Lata Reddy, Prudential’s vice president of
Corporate Social Responsibility. “Our investments will help create
opportunities for young people to achieve financial and social
mobility.”
“I’m looking forward to representing Prudential on the board of
the MBK Alliance,” said Lori Dickerson Fouché, CEO of Prudential
Group Insurance. “As a company, we’re committed to helping all
people build brighter financial futures, and I can’t think of a
better way to extend the impact of our business for social good
than by addressing the critical issues facing boys and young men of
color.”
Prudential’s ongoing commitment includes a $3 million grant to
help establish the MBK Alliance and provides technical assistance
to the cities, municipalities and tribal nations who are involved
in MBK. The funds will support communities in building the
necessary infrastructure to improve the lives of boys and young men
of color. Prudential has also committed $10 million in impact
investments to support:
- Next generation manufacturing
facilities in traditional urban centers and other areas to create
quality employment opportunities for boys and young men of
color.
- Opportunities for entrepreneurship and
access to capital for minority communities, by investing in firms
that are focused on communities of color, as well as supporting
minority banks and other financial institutions.
- Innovative education and training
programs that help boys and young men of color build the skills
they need to obtain quality jobs.
Joe Echevarria, who will serve as the interim Executive Director
of the MBK Alliance, said, “Prudential is a significant corporate
partner for MBK. Their business expertise and commitment to opening
doors for underserved communities has been very valuable for MBK
and we look forward to their continued partnership.”
MBK Alliance aims to eliminate the gaps in opportunity and
achievement for boys and young men of color – making the American
dream available to all. In early 2014, the White House launched the
My Brother’s Keeper Initiative to engage partners and stakeholders
in that effort from both the private and public sectors. MBK
Alliance is an independent, nonprofit organization created to
advance progress in the private sector, and catalyze a national
ecosystem of support to help boys and young men of color recognize
their full potential through strategic evidence-based
interventions. MBK Alliance is a sponsored project of Rockefeller
Philanthropy Advisors. For more information on MBK Alliance, visit
www.mbkalliance.org
Prudential Financial, Inc. (NYSE: PRU), a financial services
leader with more than $1 trillion of assets under management as of
December 31, 2014, has operations in the United States, Asia,
Europe, and Latin America. Prudential’s diverse and talented
employees are committed to helping individual and institutional
customers grow and protect their wealth through a variety of
products and services, including life insurance, annuities,
retirement-related services, mutual funds and investment
management. In the U.S., Prudential’s iconic Rock symbol has stood
for strength, stability, expertise and innovation for more than a
century. For more information, please visit
www.news.prudential.com.
PrudentialDawn Kelly,
973-802-7134dawn.kelly@prudential.comorSheila Bridgeforth,
973-802-6852sheila.bridgeforth@prudential.com
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