PepsiCo chairman and CEO Indra Nooyi and Brian Cornell, the chairman and CEO of retailer Target Corp., have announced they are to co-chair an initiative in the US aimed at achieving 50/50 gender parity. 

The New Future Fund has been set up by the Network of Executive Women and, fuelled by a US$5m capital campaign, will fund technology that delivers industry-specific data, insights as well as training to increase the representation of women in leadership positions.

“On behalf of PepsiCo, I’m proud to support the New Future Fund to make sure women are equally represented at the highest levels of our industry,” said Nooyi. “We know that when we open the doors of opportunity to extraordinary women, businesses thrive. Through the powerful partners New is bringing together, we have the chance to drive meaningful change across our industry, harnessing the talents of the best and brightest, women and men alike. This isn’t just about doing the right thing — it’s about doing the right thing for our businesses and our industry.”

The data provided through New Future Fund research will be “essential” to understanding performance and developing more effective ways to accelerate women in the retail, consumer goods and services industry, NFF said in a statement.

“Our future as an industry depends on more women in leadership roles,” said Joan Toth, president and CEO of the Network of Executive Women. “Today, PepsiCo and Target are showing their commitment to driving innovation and business growth. I’m convinced that working together, powered by the New Future Fund, we can achieve 50/50 gender parity in our leadership.”