September 25, 2022
The owners of the  billion firm, Patagonia, give it away.  for zero dollars.

The owners of the  billion firm, Patagonia, give it away.  for zero dollars.

“I never wanted to be a businessman,” said Patagonia founder Yvonne Chouinard. (file)

New York:

The founder of outdoor retailer Patagonia, known for its environmental stance, announced Wednesday that he has left his company in an effort to do even more for the planet.

According to The New York Times, 83-year-old Yvonne Chouinard could have sold the brand — which was valued at $3 billion — or made it public.

Instead, he, his wife and their two children agreed to transfer all of Patagonia’s voting shares, or stock, in the company that gives the holder voting rights, to ensure that the environmental values ​​of the brand are respected. is respected.

All of Patagonia’s non-voting shares have been transferred to a non-profit dedicated to fighting climate change and dedicated to conserving and conserving nature. Company profits will also be donated to nonprofits.

“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 out as a craftsman, making climbing gear for my friends and myself, then got into apparel.”

“As we began to see the extent of global warming and ecological destruction, and our own contribution to it, Patagonia committed to changing the way we use our company,” he said.

Founded nearly 50 years ago, Patagonia became committed to conserving nature by carefully choosing 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 a new owner would uphold our values ​​or hire our team of people from around the world,” he said in the letter.

Taking the company public would have been a “disaster”, he said: “Even public companies with good intentions are under enormous pressure to generate short-term profits at the expense of long-term vitality and ~check~ responsibility. “

Patagonia will continue to be a company that cares about its financial health and will work 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, as well as overseeing the trust and guiding the nonprofit’s philanthropic work.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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