company to another owner as he “couldn’t be sure a new owner would maintain our values or keep our team of people around the world employed.”, and each year the profits will be distributed to help fight the climate crisis. Chouinard told the New York Times the effort would be focused on preserving wildlands and other nature-based climate solutions. The Holdfast Collective will also be able to lobby and donate to political campaigns as a 501 organization.
“Despite its immensity, the Earth’s resources are not infinite, and it’s clear that we’ve exceeded its limits,” said Chouinard in his statement. “But it’s also resilient. We can save our planet if we commit to it.”
That’s right, but they won’t!
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Patagonia Founder Is Giving His Company Away in Pledge to Fight Climate ChangeRather than sell the company or take it public, Yvon Chouinard said the outdoor clothing brand he founded nearly 50 years ago will be owned by a trust and a nonprofit organization. Lame I read the wapo or nyt article (I forget which) and I was so impressed and grateful that I resolved to buy their products from now on; until I went to their website and remembered why I didn’t buy their stuff before. (Very pricey) Holdfast Collective, the nonprofit organization, owns 98% of the company and all of the nonvoting stock, which doesn’t give it decision-making authority. The Patagonia Purpose Trust owns 2% of the company and all of the voting stock. Voting stock matters.
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