Patagonia founder and reluctant billionaire Yvon Chouinard is relinquishing his company for the greater good. There’s no scandal, no hidden agenda, and certainly no loss of profit. The company announced new leadership will be held by a trust and a group of nonprofit organizations, and all profits will be donated toward climate change initiatives.
Chouinard, who turns 84 this year, said giving away the company was the best way to ensure its values would remain intact and money would be invested in the cause. Patagonia’s stock will be owned by the climate-focused Patagonia Purpose Trust and nonprofit Holdfast Collective. “Every dollar that is not reinvested back into Patagonia will be distributed as dividends to protect the planet,” the company said in a statement.
