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Patagonia founder gives away company to climate-change organization

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Yvon Chouinard, the founder of outdoor gear company Patagonia, has given the company away to two environmental organizations, a move he predicts will yield $100 million a year to help fund their efforts.

Chouinard said on Wednesday that he has transferred ownership of Patagonia, which he founded in 1973, to Patagonia Purpose Trust and the Holdfast Collective.in a letter posted on Patagonia's website.

The Holdfast Collective will control the bulk of Patagonia stock — about 98% — and receive all the profits that aren't reinvested in the company. It"will use every dollar received from Patagonia to protect nature and biodiversity, support thriving communities, and fight the environmental crisis," the company said.

Patagonia's leadership will stay the same, and Chouinard family members will continue to serve on the board, the companyPatagonia founder Yvon Chouinard, photographed in 2005, in front of the original Chouinard Equipment blacksmith shop located in Ventura, California, where he started his business. Patagonia started nearly 50 years ago, growing out of Chouinard's love of mountaineering and expanding into other product lines as his interests dictated.

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