I'd imagine that BK views the diversity initiative as one more albatross that Renee James left around his neck. Certainly the diversity initiative(s) didn't cause Intel's problems.
The way I look at it is this way: If Intel was an awesome employer and had office locations that were attractive to minorities (e.g. not Hillsboro, OR or Silicon Valley), then Intel would attract the best and brightest women and under-represented minorities. It's not though. Because BK manages by numbers / decree (vs. a coherent strategy), people make the numbers by any means necessary. Which, of course, undermines both the spirit and impact of the program. And fails to link this program (like so many others) to some coherent, broader value to the company and its employees.
It is clear that BK and the Intel board are way over their heads. Game shows, diversity program, investment announcements and all of the other tactical PR BS won't get people to refresh their PCs any faster or make up for some strategic misses. And that's why Intel's in a world of hurt today.