Patagonia founder gives away his US$3 billion company to help climate fight
- Yvon Chouinard is transferring shares of the outdoor brand to a trust and non-profit dedicated to conservation; the firm’s profits will also be donated
- ‘Earth is now our only shareholder,’ says the businessman, who is known for his environmental stances
The founder of outdoor retailer Patagonia, known for his environmental stances, announced on Wednesday he has given away his company in an effort to do even more for the planet.
Yvon Chouinard, 83, could have sold the brand – valued at US$3 billion, according to The New York Times – or taken it public.
Instead, he, his wife and their two children agreed to transfer all of Patagonia’s voting shares, or stock that gives the holder voting rights, in the company to a trust in charge of ensuring the brand’s environmental values are respected.
All of Patagonia’s non-voting shares have been transferred to a non-profit organisation dedicated to fighting against climate change and for nature protection and conservation. Company profits will also be donated to the non-profit organisation.
“Earth is now our only shareholder,” Chouinard wrote in an open letter posted to Patagonia’s website.
“I never wanted to be a businessman,” he explained. “I started as a craftsman, making climbing gear for my friends and myself, then got into apparel.”