Patagonia founder Yvon Chouinard says he will give his company over to a trust, with future profits being donated to causes fighting climate change.
Patagonia founder Yvon Chouinard announced Wednesday he is giving his entire company away to a trust and a nonprofit.Patagonia founder Yvon Chouinard announced Wednesday he is giving his entire company away to a trust and a nonprofit.Patagonia founder Yvon Chouinard, who has previously expressed his reluctance at amassing wealth, is giving away his company.
He added,"Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source. We're making Earth our only shareholder. I am dead serious about saving this planet."The Patagonia Purpose Trust will control all voting stock of the company , while the Holdfast Collective, a climate change nonprofit, will own all nonvoting stock .
One option was to sell it and donate the money, but Chouinard said he was concerned new owners might not hold the same values or keep the same employees. The other option was to become a publicly traded entity.
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