This May 10, 2017, file photo shows the CBS logo at their broadcast center in New York. The former manager of a credit union that served employees of the CBS television network has been sentenced to more than 14 years in prison for a two-decade embezzlement scheme that drained $40 million from the institution and forced it into insolvency. (AP Photo/Mary Altaffer, File)
LOS ANGELES (AP) --
The former manager of a credit union that served employees of the CBS television network has been sentenced to more than 14 years in prison for a two-decade embezzlement scheme that drained $40 million from the institution and forced it into insolvency.
Edward Rostohar pleaded guilty to bank fraud in May. The 62-year-old admitted he used the money to fund a gambling habit, buy luxury cars and watches, and travel by private jet. The U.S. Attorney's Office in Los Angeles said Monday that Rostohar paid his wife a $5,000 weekly allowance and took trips with "women half his age."
The charges were announced in March, on the same day that the CBS Employees Federal Credit Union ceased operations. Its assets were assumed by University Credit Union in Los Angeles.
Pepsi soft drinks in plastic bottles are on sale at a grocery store in New York on Weds., Nov. 15, 2023. (AP Photo/Ted Shaffrey, File)
PepsiCo confirmed Friday that it's ending some of its diversity, equity and inclusion initiatives, even as rival Coca-Cola voiced support for its own inclusion efforts.
In a memo sent to employees, PepsiCo CEO Ramon Laguarta said the company will no longer set goals for minority representation in its managerial roles or supplier base. The company will also align its sponsorships to events and groups that promote business growth, he said.
Laguarta wrote that inclusion remains important to PepsiCo, whose brands include Gatorade, Lay's potato chips, Doritos, Mountain Dew as well as Pepsi. The Purchase, New York-based company's chief diversity officer will transition to a broader role focused on employee engagement, leadership development and ensuring an inclusive culture, he said.
Since President Donald Trump returned to the White House last month, U.S. government agencies, companies and schools have rushed to reevaluate policies and programs they adopted with the goal of reducing discrimination against members of minority groups, women and LGBTQ+ people.
Trump ended DEI programs within the federal government and has warned schools to end DEI programs or risk losing federal money.
PepsiCo's rollback came as Coca-Cola reaffirmed support for its DEI efforts.
In its annual report, Atlanta-based Coke warned that its business could be negatively affected if it is unable to attract employees that reflect its broad range of customers.
"Failure to maintain a corporate culture that fosters innovation, collaboration and inclusion … could disrupt our operations and adversely affect our business and our future success," the company said.
Coca-Cola has set a goal of having women in 50% of its senior leadership roles by... Read More
