A committee of corporate and non-profit executives, entrepreneurs and academicians selected Nooyi as the Bridge Awardee based on an examination of publicly-available data along with select qualitative attributes of the company, such as supplier and workforce diversity, it said in a media release.
"I am extremely honoured to be recognised as Chicago United's National Bridge Award recipient," said Nooyi.
"At PepsiCo we strive to create a diverse and inclusive work environment that encourages every associate to bring his or her whole self to work - not just because it's the right thing to do, but also because diversity in the workplace unleashes creativity and the power of innovation. Having people with different backgrounds and experiences gives us marketplace insights that enable us to serve our consumers, retail customers and communities. Diversity and inclusion are essential to PepsiCo's growth and are a strategic priority for our business," she added.
"PepsiCo exhibits the strategic value that resonates with Chicago United's mission to promote competitiveness through the use of corporate diversity and inclusion," said President of Chicago United, Gloria Castillo.
"We applaud Ms Nooyi and PepsiCo for leading by example and being champions of a new benchmark for diversity in management, and business partnerships. Their investment in diversity and inclusion helps to foster innovative approaches to sustain continuous growth in an increasingly competitive marketplace," she said.
The Bridge Award represents the first national award that honours a CEO who is an advocate for multiracial diversity in corporate governance and executive level management. It honours the exemplary practices of a Fortune 100 corporation, the organisation said.
In keeping with the spirit of Chicago United's advocacy for the development of multiracial leadership at all levels in business, this award brings visibility to those who have driven change and inspire others to follow.
Chicago United, the catalyst driving business leaders to maximise economic impact for all races, celebrates its milestone year under the theme "Torchbearers of the Dream: Honouring the Past, Shaping the Future", it said.
The Fifth Annual Changing Colour of Leadership Conference will feature a series of six workshop sessions that will provide participants with in-depth insights of diversity and inclusion practices that are crucial to the success of an organization.
Nationally recognised experts in the field of diversity will highlight current trends, best practices, and strategies for minority business enterprises to grow their businesses and for corporate professionals to develop multiracial leadership in their organisations.
Created in 1968, Chicago United was the first group to bring together racially diverse CEOs with a common goal of creating a stronger social and economic climate for everyone in Chicago.