Intel announced Tuesday, Jan 6, that it will set aside $300 million to promote diversity within its ranks, aimed at combating criticism often leveled at a technology industry mainly comprised of white and Asian men, according to Time.

The computer chip manufacturer also announced a plan to raise the population of women, blacks, Hispanics and other minority groups by 14% over the next five years.

“This is the right time to make a bold statement,” Intel CEO Brian Krzanich said as he announced the plan at the ongoing International Consumer Electronics Show (CES) in Las Vegas.