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(CNN) — Quaker Oats is retiring the more than 130-year-old Aunt Jemima brand and logo, acknowledging its origins are based on a racial stereotype.

“As we work to make progress toward racial equality through several initiatives, we also must take a hard look at our portfolio of brands and ensure they reflect our values and meet our consumers’ expectations,” the Pepsi-owned company said in a statement provided to CNN Business.

Aunt Jemima’s appearance has evolved over time. The brand’s origin and logo is based off the song “Old Aunt Jemima” from a minstrel show performer and reportedly sung by slaves. The company’s website said the logo started in 1890 and was based on Nancy Green, a “storyteller, cook and missionary worker.” However, the website fails to mention Green was born into slavery.

The company also ran racist ads for several decades, with actresses personifying the mammy stereotype. It evolved the logo over the years, and even hired singer Gladys Knight as a spokeswoman in the 1990s. Today, Aunt Jemima describes itself as brand that stands for “warmth, nourishment and trust — qualities you’ll find in loving moms from diverse backgrounds who want the very best for their families.”

“While work has been done over the years to update the brand in a manner intended to be appropriate and respectful, we realize those changes are not enough,” Quaker Oats North America chief marketing officer Kristin Kroepfl said in the statement.

After a nationwide reckoning on race following the death of George Floyd in police custody, companies are making changes.

Pepsi hasn’t yet revealed a new logo or brand name for the breakfast items. That will debut in the fall. The Aunt Jemima brand was purchased by Quaker Oats in 1926. PepsiCo bought Quaker Oats in 2001.

Aunt Jemima brand will donate $5 million over the next five years “create meaningful, ongoing support and engagement in the Black community.” Earlier this week, Pepsi announced a $400 million set of initiatives to support the black community.