The CEO of one of the world’s leading tech companies recently acknowledged a huge underrepresentation of minorities and women in his workforce and has dedicated $300 million toward closing the gap, Time reports.

“It’s time to step up and do more,” Intel CEO Brian Krzanich said during his keynote address at the Computer Electronics Show. “It’s not good enough to say we value diversity and then underrepresent women and minorities. Intel wants to lead by example.”

Krzanich also admitted that the task of achieving “full representation” of women and minorities by 2020 will be “difficult to achieve,” but noted “this is the right thing to do.”

According to PC Magazine, the multi-million-dollar investment will be used to recruit more women and minorities for engineering and computer science positions, actively support and retain those new hires and fund programs to encourage more positive diversity within the technology and gaming industries at large.

A 2013 diversity report released by the company showed that males made up 66 percent of Intel’s workforce, while women, Hispanics and Blacks constituted only 24 percent, 8 percent and 4 percent, respectively.

“We’re calling on our industry to again make the seemingly impossible possible by making a commitment to real change and clarity in our goals,” Krzanich said in a recently released statement. “Without a workforce that more closely mirrors the population, we are missing opportunities, including not understanding and designing for our own customers.”

Twitter, Facebook, Google and several other major tech companies face ongoing criticisms about their lack of diversity in the workplace and delayed disclosures of their diversity reports.

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