Patagonia founder to give apparel company to trust, direct profits toward climate crisis fight

Source: Canadian Broadcasting Corporation [Canadian state media]

“Yvon Chouinard, the billionaire founder of outdoor apparel brand Patagonia, said on Wednesday he is giving away the company to a trust that will use its profit to fight the climate crisis. Instead of selling the company or taking it public, Chouinard, who became famous for alpine climbs in Yosemite National Park and has a net worth of $1.2 billion US, is transferring his family’s ownership of the company to a trust and a non-profit organization. … The company’s voting stock is being transferred to the Patagonia Purpose Trust while non-voting stock had been given to the Holdfast Collective, a non-profit dedicated to fighting the environmental crisis and defending nature. The trust will be overseen by members of the family.” (09/14/22)