Verizon’s Multibillion-Dollar Commitment to Inclusion and Diversity in 2014

By: Magda Yrizarry
Faces of Diversity

Verizon takes pride in our talented and diverse team. We measure our diversity and inclusion progress as we do any other business objective. Inclusion and diversity are essential to living our values, achieving our business goals and building a stronger Verizon. In an increasingly competitive global marketplace, we can only succeed when we attract and retain the best talent and when our employees reflect the diversity of our consumers and can truly unleash their full potential as part of an inclusive culture. 

This commitment also extends to our business relationships. 

I’m proud to report that in 2014 Verizon’s Treasury organization – which is responsible for corporate-wide financing – was fully engaged in advancing our company’s diversity and inclusion goals. 

Verizon’s valued partnerships with diverse financial firms helped our Treasury department manage an unprecedented level of financing activity last year.

In 2014, Verizon Treasury worked with 13 minority-, women- and veteran-owned businesses on 10 financial transactions worth approximately $38 billion.

The 10 transactions included U.S. dollar debt issuances, euro and pound transactions, and liability-management transactions. Verizon also continues to engage a diverse firm as a commercial paper (short-term borrowings) dealer.

Of course, these were not the only financial relationships Verizon had with diverse suppliers in 2014.

Verizon has a long-standing commitment to supplier diversity, purchasing $24.5 billion over the past five years from business enterprises certified as being owned by minorities, women and service-disabled veterans. Verizon is a charter member of the Billion Dollar Roundtable, a coalition of 19 corporations that spend more than $1 billion each year with diverse suppliers.

Lowell McAdam on Verizon's commitment to diverse suppliers

In addition, as of year-end 2014, Verizon Investment Management Corp. – which manages the investments of the defined-benefit pension fund for Verizon retirees as well as the Verizon Foundation – had invested or committed more than $500 million in assets to 22 minority-, women- and veteran-owned investment management firms and private partnerships.

At Verizon, we want inclusion and diversity to be reflected in all that we do. That commitment is tied to our success.

About the author(s): 

Magda Yrizarry is Verizon's chief talent and diversity officer. She is responsible for the development and implementation of Verizon's global diversity, recruitment, executive development and succession planning strategies.

Prior to her current assignment, Ms. Yrizarry was vice president - Workplace Culture, Diversity and Compliance for Verizon, responsible for strategic HR issues and policies relating to diversity, ethics, safety and workplace programs.

Ms. Yrizarry has held numerous positions of increasing responsibility including executive director for public policy and strategic alliances, responsible for Verizon's key national stakeholder relationships and outreach efforts with multicultural communities, senior citizen and disabled constituencies. Prior to that, she served as director of operations and national workforce development programs for the Verizon Foundation where she was responsible for the organization's $75 million budget and overseeing a workforce development portfolio that included scholarships, diversity initiatives and economic development projects. She joined Verizon in 1990 as a manager of educational relations with oversight of corporate responsibility and education initiatives.

Ms. Yrizarry represents Verizon on LULAC's National Education Service Centers Board and the Corporate Advisory Board of the Hispanic Association on Corporate Responsibility. She is a founding member of 100 Hispanic Women, an alumnus of the National Hispana Leadership Institute, chairperson of ASPIRA of New York and Executive Board member of the ASPIRA Association.