Patagonia’s billionaire owner gives away company to fight climate crisis
The Guardian says Setting a new example in environmental corporate leadership, the billionaire owner of Patagonia is giving the entire company away to fight the Earth’s climate devastation, he announced on Wednesday.
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 company to a uniquely structured trust and nonprofit, designed to pump all of the company’s profits into saving the planet.
“As of now, Earth is our only shareholder,” the company announced. “ALL profits, in perpetuity, will go to our mission to ‘save our home planet’.”
Chouinard, 83, worked with his wife and two children as well as teams of company lawyers to create a structure that will allow Patagonia to continue to operate as a for-profit company whose proceeds will go to benefit environmental efforts.