Patagonia

Patagonia, which has been a private company since it was founded in 1973, has announced plans to allocate all profits that are not re-invested back into the ...

Ayana Elizabeth Johnson, who sits on Patagonia’s board, said businesses “can’t continue to adhere to the prevailing economic model” if the climate and nature crises are to be solved and social issued tackled. Chouinard has stated that the decision to go further, creating the Trust and Collective today, was taken to frame Earth as the company’s only shareholder. Those overseeing the Trust will vote to ensure the company actions are aligned with its stated commitments on environmental and social impact.

Moving forward, Patagonia's profits that are not re-invested into the business will be donated to a group of nonprofit organizations fighting climate ...

Patagonia expects to generate and donate about $100 million annually depending on the health of the business. After informing its employees on Wednesday about this move, the company updated its website to state that "Earth is now our only shareholder." It will be overseen by members of the family and close advisors. Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality and responsibility. Another path was to take the company public. One option was to sell Patagonia and donate all the money.

Yvon Chouinard and his family are transferring ownership of the apparel company to a trust and nonprofit instead of pursuing a sale.

All future Patagonia profits that aren't reinvested into the company will go toward combating climate change, the company said, stripping founder Yvon ...

[as a billionaire](https://www.nytimes.com/2022/09/14/climate/patagonia-climate-philanthropy-chouinard.html?), he told the New York Times. “We are going to give away the maximum amount of money to people who are actively working on saving this planet.” He is no longer a billionaire. [Billionaire No More: Patagonia Founder Gives Away the Company](https://www.nytimes.com/2022/09/14/climate/patagonia-climate-philanthropy-chouinard.html?) (New York Times) [From Climber To Billionaire: How Yvon Chouinard Built Patagonia Into A Powerhouse His Own Way](https://www.forbes.com/sites/danielasirtori/2017/03/20/from-climber-to-billionaire-how-yvon-chouinard-built-patagonia-into-a-powerhouse-his-own-way/?sh=143c6a12275c) (Forbes) [Patagonia’s Billionaire Founder To Give Away The Millions His Company Saved From Trump's Tax Cuts To Save The Planet](https://www.forbes.com/sites/angelauyeung/2018/11/29/patagonias-billionaire-founder-to-give-away-the-millions-his-company-saved-thanks-to-tax-cuts/?sh=361c5e681d6f) (Forbes) His inclusion on the list “ [really pissed me off](https://www.nytimes.com/2022/09/14/climate/patagonia-climate-philanthropy-chouinard.html?),” he said, because he didn’t have $1 billion in the bank and doesn’t “drive Lexuses.” Forbes first included Chouinard in its lists in 2017 based on the value of Patagonia, not the cash in his bank account. [New York Times](https://www.nytimes.com/2022/09/14/climate/patagonia-climate-philanthropy-chouinard.html?), which first reported the news. [already donated $50 million](https://www.nytimes.com/2022/09/14/climate/patagonia-climate-philanthropy-chouinard.html?)). [$1.2 billion](https://www.forbes.com/profile/yvon-chouinard/?sh=88d49324fb5d) before he relinquished control of the company. [$100 million](https://www.patagoniaworks.com/press/2022/9/14/patagonias-next-chapter-earth-is-now-our-only-shareholder)—the organization hasn’t specified how it plans on using the money. [the company says](https://www.patagoniaworks.com/press/2022/9/14/patagonias-next-chapter-earth-is-now-our-only-shareholder) will “enshrine Patagonia’s purpose and values” and “demonstrate as a for-profit business that capitalism can work for the planet.” [an open letter](https://www.patagonia.com/ownership/) that he considered selling the company and donating the proceeds or even going public, but he decided to transfer its ownership to keep the company’s workers employed and maintain Patagonia’s values. [10-figure fortune](https://www.forbes.com/profile/yvon-chouinard/?sh=88d49324fb5d) from his outdoor outfitter empire—have relinquished their ownership of the 49-year-old company, transferring it to trusts and nonprofit organizations and pledging Wednesday to redirect Patagonia’s future profits toward [fighting climate change](https://www.patagoniaworks.com/press/2022/9/14/patagonias-next-chapter-earth-is-now-our-only-shareholder).

Yvon Chouinard, the billionaire founder of the outdoor apparel brand Patagonia, said on Wednesday he is giving away the company to a trust that will use its ...

The trust will be overseen by members of the family. Register now for FREE unlimited access to Reuters.com

The billionaire founder of the outdoor fashion retailer Patagonia says he has given away his company to a charitable trust. Yvon Chouinard said that under a ...

Mr Chouinard is not the first entrepreneur to give wealth away. Instead, the Chouinard family, which always owned the company, has transferred it to two new entities. But he said both options would have meant giving up control of the business.

Patagonia founder Yvon Chouinard, who turned his passion for rock climbing into one of the world's most successful sportswear brands, is giving the entire ...

The program has resulted in $140m in donations for preservation and restoration of the natural environment, according to the company. Chouinard’s family donated 2% of all stock and all decision-making authority to a trust, which will oversee the company’s mission and values. In its nearly 50 years in operation, the Ventura, California-based company has been known for extensive benefits for employees, including on-site nurseries and afternoons off on good surf days. “As of now, Earth is our only shareholder,” the company announced. “Instead of ‘going public’, you could say we’re ‘going purpose’,” said Chouinard. “This is another way we’ve found to do our part.”

The bold business decision enshrines a new shareholder for the famous outdoor clothing company — planet Earth — and continues the Chouinard family's dedication ...

This is the sort of bold action that could spur broader change throughout both the public and private sectors. “One option was to sell Patagonia and donate all the money. “Another path was to take the company public. Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source. "If we have any hope of a thriving planet 50 years from now, it demands all of us doing all we can with the resources we have. Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality and responsibility.”

Patagonia founder Yvon Chouinard, the businessman who 'never wanted to be', is giving away ownership of the US$3 billion ($4.45 billion) outdoor apparel ...

“We believe this new structure delivers on both and we hope it will inspire a new way of doing business that puts people and planet first.” “As the business leader I never wanted to be, I am doing my part. Ryan Gellert remains as CEO and the Chouinard family will hold their existing Patagonia board positions. Holdfast is a non-profit organisation dedicated to fighting the environmental crisis and defending nature and will be funded by profits from Patagonia. Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term viability and responsibility.” “It’s been a half-century since we began our experiment in responsible business.

Chouinard says Patagonia's non-voting stock will go to a collective that will skim every dollar of profit off the top of the business operations to invest into ...

Neither wanted the company, Patagonia’s chief executive Ryan Gellert says. [part with “virtually all” of his wealth](https://twitter.com/BillGates/status/1547235392721629185), while [Meta’s Mark Zuckerberg made a 2015 pledge to donate 99% of his Facebook shares for charity](https://www.smartcompany.com.au/startupsmart/advice/leadership-advice/startupsmart-leadership/why-mark-zuckerberg-is-giving-away-nearly-61-billion-2/). “It was important to them that they were not seen as the financial beneficiaries,” he continued. Chouinard founded Patagonia in 1973, and the avid rock climber became known as a “reluctant billionaire” as his outdoorsy store grew to a multinational company with factories in 16 countries. “We are going to give away the maximum amount of money to people who are actively working on saving this planet.” It’s an entity that will keep Patagonia honest about its socially responsible operations and profit donations, though the family will pay the equivalent of $25.9 million in taxes on the gift because the shares were donated to the trust. But in many ways, he has stayed true to his roots, from living out of his car and eating cat food in the ’60s, to not owning a computer or phone, driving a beat-up Subaru and wearing raggedy clothing nowadays. [Patagonia website](https://www.patagonia.com/home/) on Wednesday, Choiunard says the company’s efforts to address the environmental crisis were good but “not enough”. “Another path was to take the company public,” he wrote. “We needed to find a way to put more money into fighting the crisis while keeping the company’s values intact,” he wrote. Chouinard says Patagonia’s non-voting stock will go to a collective that will skim every dollar of profit off the top of the business operations to invest into projects and organisations that protect land and biodiversity. Choiunard says he considered selling Patagonia and donating all the proceeds to environmental organisations, but they were conscious a new owner may not retain Patagonia’s unique values, or its workforce.

Yvon Chouinard, along with his wife and two adult children, is transferring the company to a trust and non-profit, saying "Earth is now the only shareholder".

cofounder Michael Bloomberg has committed to helping phase out coal-fired power plants and fund clean air in developing countries. According to the Patagonia website, they have kept that commitment every year since. "But it's also resilient. In 2021, a group of nine philanthropic foundations came together with a joint commitment of US$5 billion ($7.4 billion) to protect and conserve 30 per cent of the planet by 2030. The nonvoting stock (which makes up 98 per cent of the company) has been given to the Holdfast Collective, a nonprofit dedicated to defending nature and protecting the environment. According to the New York Times, the company is valued at about US$3 billion ($4.4 billion) and makes a profit of about US$100 million ($148 million) a year.

Patagonia founder Yvon Chouinard says he will give his company over to a trust, with future profits being donated to causes fighting climate change.

"Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality and responsibility." The other option was to become a publicly traded entity. He added, "Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source.

Yvon Chouinard's dissent is a useful reminder that the days of companies justifying almost anything for profits may be numbered.

It was also outed during a royal commission and sued by the corporate regular last year for charging fees to dead customers. “Not only were huge amounts of money disguised by the casino as hotel expenses, but vast sums of cash evaded anti-money laundering protocols in numerous situations. The scope of directors’ responsibilities has moved beyond shareholders to include the environment, the well-being of the company’s staff, service to customers and responsible product sourcing. The notion that companies can justify almost anything for the sake of profits is fast becoming outmoded. He was ultimately fined $500,000 but when he left the company he remained eligible for a multi-million dollar payout. The world is no stranger to billionaire philanthropists who double as environmental evangelists but Chouinard breaks the mould.

Billionaire Yvon Chouinard is giving away 98 per cent of his company to a not-for-profit organisation that will use "the wealth Patagonia creates to protect ...

Or, as the official Patagonia website phrases it, "Patagonia's purpose is: We're in business to save our home planet. Since 1985, the company has committed 1 per cent of its total sales to fighting climate change through One Percent for the Planet, an organisation that counts Mr Chouinard as a founding member. Mr Chouinard, who has a net worth of $US1.2 billion ($1.7 billion), is transferring his family's ownership of the company to a trust and a non-profit organisation.

Patagonia handing its reins to a not-for-profit organisation is a timely reminder of the value the sector brings, says an industry expert.

The remaining 98 per cent will go to the Holdfast Collective, a not-for-profit organisation aimed at fighting the environmental crisis and protecting our biodiversity. It will also continue to donate one per cent of sales each year to grassroots environmental charities. “It’s been nearly 50 years since we began our experiment in responsible business, and we are just getting started. “It seems like [Patagonia’s change] is an idea whose time has well and truly come.” “There is virtue-seeking and moral grandstanding and you never quite know if the professed values of an organisation match its actual values. There’s a lot of integrity there.”

Outdoor clothing label Patagonia's billionaire owner, Yvon Chouinard, has given away the company to a non-profit and environmental trust.

Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality and responsibility." "Another path was to take the company public. He said option was to sell Patagonia and donate all the money.

Yvon Chouinard expects outdoor clothing group to give $100mn a year to environmental causes.

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The founder of outdoor clothing and gear retailer Patagonia is giving away his company in a bid to help fight climate change.

Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source. "It’s been a half-century since we began our experiment in responsible business. 25+ news channels in 1 place. "Each year, profits that are not reinvested back into the business will be distributed by Patagonia as a dividend to the Holdfast Collective to help fight the climate crisis," the statement said. The billionaire founder of retailer Patagonia has declared the company is "making earth our only shareholder" as it was revealed he is giving away the business to help fight climate change. The founder of outdoor clothing and gear retailer Patagonia is giving away his company in a bid to help fight climate change.

Self-proclaimed craftsman built outdoor clothing company to help climbers and offer 'enjoyable' working conditions.

We all had to come to work on the balls of our feet and go up the stairs two steps at a time. We wanted to have a job where we would be allowed to do that. He kept wearing the top – which was azure blue with two red and one yellow stripes – when back in the US, and his climbing friends asked where they could get one. Some years he spent more than 200 nights sleeping outside, and claims not to have owned a tent until he was almost 40. One year he spent weeks in the Rockies surviving on a case of 5¢ cans of tuna cat food mixed with oatmeal, potatoes, “ground squirrel, blue grouse, and porcupines assassinated à la Trotsky, with an ice axe”. While many people daydream of achieving a nine-zero fortune, for Chouinard it was a sign he had failed in his life’s mission to make the world a better and fairer place. Refusing to let it go, the reporter tried again saying Chouinard was a “very successful businessman” and “somewhere along the way you must have wanted to be a businessman”. All I ever wanted to be was a craftsman.” “I almost always got my limit of 10 lobsters and five abalone.” “Earth is now our only shareholder,” Chouinard, 83, said in a message to staff and customers. The pitons proved very popular with his friends and other climbers. “Being a dirtbag is a matter of philosophy, not personal wealth.

Also everything at Twitter is securities fraud, SPAC buyback tax and a Rick's Cabaret insider sale.