Patagonia's FOUNDER Yvon Chouinard Give Away Company As An Environmental Legacy )
In a pledge to combat climate change, Patagonia founder Yvonne Chouinard is giving his company away. (Patagonia has donated more than $89 million to environmental organizations since 1985 by allocating 1% of sales to environmental preservation and restoration)
The billionaire who started Patagonia is contributing to a trust that will use the chance profits to fight climate change. In an open letter, Yvonne Chouinard stated that: The company will “help fight” climate change with the money it makes from reinvesting in the business.
Patagonia, which was established in 1973 in California, has hundreds of stores on five continents. Although it is best known for selling outdoor clothing, Chouinard discovered that climbing enthusiasts needed tools that didn’t organize the rocks early on.
According to Mr. Chouinard, his approach to leading his company serves as a guide for aspiring business owners. In a 2012 Wall Street Journal interview, he stated, “I never wanted to be in business.”However, I hold onto Patagonia because I can use its resources for good. It’s a way to make sure that businesses can live well.”Chouinard stated that he assumed other options, such as listening on the stock exchange or selling the company and donating all of the proceeds. In addition, he stated that he was unsure whether a new owner would uphold our values or keep our team of species employed worldwide.
At the age of 83, Chouinard collaborated with his wife, two children as well as the teams of the company to create a hierarchy that will enable Patagonia to continue operating as a revenue-generating business with proceeds going to environmental projects. According to a statement made by Chouinard, “if we have any hope of a thriving planet, much less a thriving business, fifty years from now; “It will require each of us to make the most of our available resources.”
Charles Con, Patagonia’s board chair, wrote in an opinion piece published on Wednesday in fortune magazine that Patagonia’s new proposal aims to demonstrate that corporate goals other than profit will only confuse investors.