Patagonia’s billionaire owner gives away company to ‘green’ group
The owner and founder of Patagonia is giving away the company to an environmental trust and non-profit organisation.
Billionaire Yvon Chouinard (pictured), who turned the US-based apparel manufacturer into one of the world’s most successful sportswear brands, is giving away the entire business to a group set up to pump all of its profits into saving the planet.
“As of now, Earth is our only shareholder,” Chuoinard said in a letter on the Patagonia website. “All profits, in perpetuity, will go into our mission to save our home planet.”
He explained that 100% of the company’s voting stock has been transferred to the Patagonia Purpose Trust, created to protect the company’s values, and 100% of the non-voting stock to the Holdfast Collective, a non-profit dedicated to fighting the environmental crisis and defending nature.
“The funding will come from Patagonia. Each year the money we make after reinvesting in the business will be distributed as a dividend to help fight the crisis.”
The structure has been designed to avoid selling the company or taking it public.
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