The founder of the outdoor brand Patagonia has relinquished his ownership in the business and directed its profits to fight climate change.
In a letter to customers, Chouinard said Patagonia is now owned by a trust that will determine the company’s direction and a new nonprofit group called the Holdfast Collective, which is dedicated to protecting nature and other environmental causes.“While we’re doing our best to address the environmental crisis, it’s not enough,” Chouinard wrote. “... Each year the money we make after reinvesting in the business will be distributed as a dividend to help fight the crisis.
In a question-and-answer section appended to Chouinard’s letter, the company said Patagonia continues to be a for-profit business as, a designation for companies that consider factors such as social and environmental impacts of their businesses. Denis Hayes, who coordinated the first Earth Day and later became the CEO of the environmentally focused Bullitt Foundation in Seattle, said Chouinard has long been a strident environmentalist willing to make bold moves and challenge convention. The Patagonia brand, Hayes noted, charges a premium, in part, because of the values it represents.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Love this.
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Patagonia Founder Gives Away $3 Billion Company To Fight Climate Change“Earth is now our only shareholder,” Yvon Chouinard wrote in an open letter. Trading has been always successful ever since I started trading all my bitcoin with tyronFXT his platform and signal are very much okay. I would advise you get in touch with him for more info tyronFXT W O W
Source: YahooNews - 🏆 380. / 59 Read more »
Billionaire No More: Patagonia Founder Gives Away the Company'Hey, friends, we just gave our company to planet Earth.' (Nice people Patagonia) vs. Right-Wing Dark Money Group Gets $1.6 Billion Donation From Tax-Dodging Business Mogul (Bad people hellbent on destroying this planet) patagonia The blood thirsty money hungry geed class gonna kill everything for centuries nytimes Okay
Source: commondreams - 🏆 530. / 51 Read more »
Patagonia Founder Gifts Entire Company to Fight Climate ChangeThe founder of Patagonia is handing over his company, valued at $3 billion, over to trusts and non-profit organizations focused on fighting climate change. True leadership by example My chin dropped! What’s the catch?
Source: RollingStone - 🏆 483. / 51 Read more »
Patagonia Founder Gives Away Entire Company To Fight Climate ChangeAll future Patagonia profits that aren’t reinvested into the company will go toward combating climate change, the company said, stripping founder Yvon Chouinard of his billionaire status. 👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼 Great article. 写7谢谢7777777777777谢谢77
Source: Forbes - 🏆 394. / 53 Read more »
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.
Source: WSJ - 🏆 98. / 63 Read more »