Patagonia’s billionaire owner gives away company to fight climate crisis – Times of India

New York: Founders Outdoor Retailer Patagoniaknown for his environmental stance, announced Wednesday that he has left his company in an effort to do more for the planet.
Yvon Chouinard, 83, could sell the brand — valued at $3 billion — or take it public, according to the New York Times.
Instead, he, his wife and their two children put all of Patagonia’s voting shares, or stock that gives the holder voting rights, into a trust in the company to ensure the brand’s environmental values. To be respected, agreed to move.
All of Patagonia’s non-voting shares have been transferred to a nonprofit dedicated to fighting climate change and protecting and protecting nature. Company profits will also be donated to the nonprofit.
Earth is now our sole shareholder,” Chouinard wrote in an open letter posted on 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.”
He added: “As we begin to witness the extent of global warming and environmental destruction, and our own contribution to it, Patagonia is committed to using our company to transform the way we do business. ”
Founded nearly 50 years ago, Patagonia quickly became committed to protecting nature, by carefully selecting its raw materials and donating a percentage of its sales each year to environmental NGOs.
But Chouinard has decided that this is no longer enough.
One option was to sell Patagonia and donate the money. “But we could not be sure that the new owner would maintain our values ​​or employ our team of people around the world,” he said in the letter.
Taking the company public would have been a “catastrophe,” he said: “Even well-intentioned public companies are under enormous pressure to achieve short-term gain at the expense of long-term strength and responsibility.”
Patagonia will remain a company, looking after its financial health and working with the board of directors and CEO.
The Chouinard family will no longer receive any money from the company but will remain on the board, overseeing the trust and leading the nonprofit’s philanthropic work.

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