The company will continue to produce outdoor clothing, camping supplies, and other goods, but now all profits will go to organisations to fight the climate crisis.
The company's voting stock will go to the Patagonia Purpose Trust, which will"protect the company's values". The non-voting stock will go to Holdfast Collective, a non-profit that will use the company's profits each year for environmental action.
A year earlier, in 2017, it even joined a lawsuit to stop the federal government from shrinking the Bears Ears and Grand Staircase-Escalante national monuments in Utah.Mr Chouinard has always been uncomfortable with the vast personal wealth his successful company has brought. Ryan Gellert, the company's chief executive told the NYT:"They felt very strongly about it. I know it can sound flippant, but they really embody this notion that every billionaire is a policy failure."
"It's been nearly 50 years since we began our experiment in responsible business, and we are just getting started," wrote Mr Chouinard.
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